The online payments market in India is at a very exciting stage as of now; the fact that it is growing at a rate 80 per cent Y-o-Y is testament to that. And because the online payments market is still in its nascent stage in India, we are witnessing a lot of innovation in the form of new payment methods coming in and the old methods being modified to better suit the needs of the consumers. Debit cards have taken over credit cards as the preferred online payment method and while mobile payments has not taken off with the vigour that was excepted, it is gradually picking up pace.
In an exclusive interview with VCCircle, Vivek Nayak, COO, Avenues India Pvt Ltd talks about the company, challenges with OTP, online fraud and the online payments market in general.
