• About
  • Advertise
  • Privacy & Policy
  • Contact Us
Saturday, December 9, 2023
DATAQUEST
  • Home
  • News
    NavIC

    Qualcomm and ISRO Announce Move to Boost NavIC Adoption for Mobile and IoT Solutions

    Global Partnership on Artificial Intelligence

    Narendra Modi Announces Global Partnership AI Summit 2023, Responsible Development and Use of AI to be Focal Point

    Windows 10

    Microsoft Windows 10 Will Not Be Available for Free After This Date

    Deepfakes

    Indian Government Commits to ‘Zero Tolerance’ Against Deepfakes and False Information

    Apple

    Apple Appeals for Exemption from Uniform Charging Port Rule

    Google Gemini

    Google Gemini: Multimodal AI Powerhouse That May Offer Stiff Completion to ChatGPT

    Trending Tags

    • election update
    • trump news
    • United Nations
    • whitelisting
  • Business Technologies
    Robotics

    How has 2023 been for robotics, automation, and warehousing technology?

    Gen AI

    Survey reveals 92% of Indian organizations perceive GenAI tools as a potential security threat

    semiconductors

    Global semiconductor industry anticipated for robust recovery with estimated growth of 13.1% in 2024

    Cloud Outages

    Cloud Outages – More than a Flat Tyre

    AWS

    From the Strip to the Sphere, AWS is getting there

    Drone

    Upcoming trends for the drone industry

    Trending Tags

    • Nintendo Switch Pro
    • ClickShare CSE-800
    • Mark Zuckerberg
    • Silicon Valley
    • internet
  • DQDeepTech
    Careers in Blockchain

    Explore Thriving Career Opportunities in Blockchain: Discover the Essential Skills

    Dr. Akhilesh Gupta

    Dr. Akhilesh Gupta unveils quantum leap in computing: Revolution in communication and security

    Union Bank of India

    Must-Have Python Apps to Help With Ideal Tech Jobs

    Skills

    Essential Skills for Navigating the Uncharted Future

    quantum computing

    Strengthening the quantum computing ecosystem in India

    customer experience

    A “bettaverse” can deliver superior customer experience and more! 

  • Leadership Insights
    • Interview
    • Opinion
    • Editors Blog
    • Features
  • Annuals
    A long legacy

    A long legacy of engaging with CIOs

    Sandeep Dutta and Ajay Vij

    DQ Top 20 Rank 7- Rank 7 – Accenture India, Concerns over revised guidance

    Google

    DQ Top 20 Rank 20 – Google India Driving Growth through Advertising Space Reselling 

    Genpact

    DQ Top 20 Rank 19 – Genpact Transformation Happening Here? 

    Oracle

    DQ Top 20 Rank 17 – Oracle India Business Surges, spearheading Cloud Revolution across Sectors 

    Microsoft

    DQ Top 20 Rank 16 – Microsoft India Robust Outlook Amid Driven by Hybrid Work and Cloud Adoption 

    Trending Tags

    • Data Loss Prevention 2.0
    • Technology product Development
    • Internet access in developing countries
    • Unilever Ventures
  • DQ40Years
  • Events
    PIWOT

    PIWOT Cultivating Innovation, Technology, and Collaboration for Tomorrow’s World

    Hexaware

    Hexaware Technologies Expands UK Presence in Birmingham with New Facility

    Eventus Security

    Eventus Security Expands Global Presence with New Cyber Defence Centre in Ahmedabad

    Ransomware Is the Main Threat Report

    Ransomware Is the Main Threat: Report

    Sindhu Gangadharan

    Gen-AI will be transforming our world: Juergen Mueller, CTO, SAP SE

    SAP

    AI definitely does not make the developer jobs go away: SAP

    Trending Tags

    • Revenue Analytics
    • fraud prevention
    • Seven Pillars of Digital India
  • Business Solutions
    IoT

    Communication, connectivity, and networking technologies that will transform businesses in 2024

    Datacenter

    Guardians of data: How India’s Data Protection Act is shaping the future of datacenters?

    Web3

    How Web3 leverages AI to solve real-world problems?

    Artificial Intelligence

    Revolutionizing Travel and Hospitality: The Unprecedented Impact of Artificial Intelligence

    AWS

    From the Strip to the Sphere, AWS is getting there

    Cyber

    The Cyber Shields of Tomorrow

    Trending Tags

    • More
      • Tech4Growth
      • DQConclave Event Site
      • TechSchools Event Site
    No Result
    View All Result
    • Home
    • News
      NavIC

      Qualcomm and ISRO Announce Move to Boost NavIC Adoption for Mobile and IoT Solutions

      Global Partnership on Artificial Intelligence

      Narendra Modi Announces Global Partnership AI Summit 2023, Responsible Development and Use of AI to be Focal Point

      Windows 10

      Microsoft Windows 10 Will Not Be Available for Free After This Date

      Deepfakes

      Indian Government Commits to ‘Zero Tolerance’ Against Deepfakes and False Information

      Apple

      Apple Appeals for Exemption from Uniform Charging Port Rule

      Google Gemini

      Google Gemini: Multimodal AI Powerhouse That May Offer Stiff Completion to ChatGPT

      Trending Tags

      • election update
      • trump news
      • United Nations
      • whitelisting
    • Business Technologies
      Robotics

      How has 2023 been for robotics, automation, and warehousing technology?

      Gen AI

      Survey reveals 92% of Indian organizations perceive GenAI tools as a potential security threat

      semiconductors

      Global semiconductor industry anticipated for robust recovery with estimated growth of 13.1% in 2024

      Cloud Outages

      Cloud Outages – More than a Flat Tyre

      AWS

      From the Strip to the Sphere, AWS is getting there

      Drone

      Upcoming trends for the drone industry

      Trending Tags

      • Nintendo Switch Pro
      • ClickShare CSE-800
      • Mark Zuckerberg
      • Silicon Valley
      • internet
    • DQDeepTech
      Careers in Blockchain

      Explore Thriving Career Opportunities in Blockchain: Discover the Essential Skills

      Dr. Akhilesh Gupta

      Dr. Akhilesh Gupta unveils quantum leap in computing: Revolution in communication and security

      Union Bank of India

      Must-Have Python Apps to Help With Ideal Tech Jobs

      Skills

      Essential Skills for Navigating the Uncharted Future

      quantum computing

      Strengthening the quantum computing ecosystem in India

      customer experience

      A “bettaverse” can deliver superior customer experience and more! 

    • Leadership Insights
      • Interview
      • Opinion
      • Editors Blog
      • Features
    • Annuals
      A long legacy

      A long legacy of engaging with CIOs

      Sandeep Dutta and Ajay Vij

      DQ Top 20 Rank 7- Rank 7 – Accenture India, Concerns over revised guidance

      Google

      DQ Top 20 Rank 20 – Google India Driving Growth through Advertising Space Reselling 

      Genpact

      DQ Top 20 Rank 19 – Genpact Transformation Happening Here? 

      Oracle

      DQ Top 20 Rank 17 – Oracle India Business Surges, spearheading Cloud Revolution across Sectors 

      Microsoft

      DQ Top 20 Rank 16 – Microsoft India Robust Outlook Amid Driven by Hybrid Work and Cloud Adoption 

      Trending Tags

      • Data Loss Prevention 2.0
      • Technology product Development
      • Internet access in developing countries
      • Unilever Ventures
    • DQ40Years
    • Events
      PIWOT

      PIWOT Cultivating Innovation, Technology, and Collaboration for Tomorrow’s World

      Hexaware

      Hexaware Technologies Expands UK Presence in Birmingham with New Facility

      Eventus Security

      Eventus Security Expands Global Presence with New Cyber Defence Centre in Ahmedabad

      Ransomware Is the Main Threat Report

      Ransomware Is the Main Threat: Report

      Sindhu Gangadharan

      Gen-AI will be transforming our world: Juergen Mueller, CTO, SAP SE

      SAP

      AI definitely does not make the developer jobs go away: SAP

      Trending Tags

      • Revenue Analytics
      • fraud prevention
      • Seven Pillars of Digital India
    • Business Solutions
      IoT

      Communication, connectivity, and networking technologies that will transform businesses in 2024

      Datacenter

      Guardians of data: How India’s Data Protection Act is shaping the future of datacenters?

      Web3

      How Web3 leverages AI to solve real-world problems?

      Artificial Intelligence

      Revolutionizing Travel and Hospitality: The Unprecedented Impact of Artificial Intelligence

      AWS

      From the Strip to the Sphere, AWS is getting there

      Cyber

      The Cyber Shields of Tomorrow

      Trending Tags

      • More
        • Tech4Growth
        • DQConclave Event Site
        • TechSchools Event Site
      No Result
      View All Result
      DATAQUEST
      No Result
      View All Result
      Home Interview

      Digital payments feasibility – close to seven million transactions in a day

      Minu SirsalewalabyMinu Sirsalewala
      January 16, 2023
      in Interview
      0
      Narendra Babu

      Narendra Babu

      The OND quarter witnesses a festive season in most parts of the world. We have seen a surge in liberal spending as the market is opening up and people are gearing up to spend on Luxury and travel. Even post-pandemic, digital payments continue to be the go-to payment option for shoppers. Consequently, payment platforms and gateways focus on devising ways to handle the expected surge in the volume of transactions.

      In times like this, most fintech players rely on a combination of a robust technological infrastructure that can manage the pressure and meticulous planning to offer a seamless payment experience both for users and merchants alike.

      In an exclusive interaction with Minu Sirsalewala – Executive Editor – Special Projects, Dataquest, Narendra Babu, Chief Technology Officer, PayU shares his views on what it means for Payment gateway platforms like PayU to have the capability to handle the growth in volume and ensure performance. The Wibmo collaboration, PayU’s tech growth strategy, and trends leading the payment segment.

      Narendra Babu, comes to PayU with over two decades of experience in driving digital transformation strategies and building next-generation software products. Previously, he was with Walmart Labs Technology, India, where he led the supply chain businesses, building and leading large teams across India and the US. Prior to joining Walmart Labs, Narendra spent a decade at Google and Microsoft serving in multiple technology leadership roles. Find below the excerpts.

      With the pandemic behind us and markets opening up there has been a visible spike in liberal spending during the festive season – what it means for Payment gateway platforms like PayU?

      The pandemic accelerated digital adoption, but post-pandemic we see the preference for digital is still strong. For example, in the festive season of 2022, our platform saw a 64% increase in expenditure & 31% increase in the number of transactions vis-à-vis the festive period in 2021.

      We also mapped the overall pandemic impact on Indians’ adoption of digital payments. Looking only at the festive periods, there’s been a 245% increase in expenditure & 130% increase in the number of transactions between the ‘normal’ period of 2019 & post-pandemic period of 2022.

      How does technology ensure the smooth and secure handling of the surge in the volume of transactions? What have been the highest transactions processed in a day?

      We processed 11 million transactions in one day –our highest single-day transaction. We were the trusted tech partner handling first-day sale surge of marquee brands.

      PayU can manage high volumes thanks to its dynamic routing algorithm which chooses the most optimized route to perform a given transaction, keeps continually improving it by using historical & real-time data, and in conjunction with dynamic scaling capability, it is able to deal with huge traffic spikes. Our application architecture is designed and deployed in a way to factor these kind of surge scenarios. Therefore, PayU has the most stable and scalable platform in the country, preferred by brands during high volume festive season sales. We also harness and apply ML learnings qualitatively, using descriptive, diagnostic, and predictive analytic tools. Prescriptive analytics of previous years can provide valuable lessons in preparing for upcoming and ongoing festive season sales.

      How do you ensure a seamless payment experience both for users and merchants alike?

      We undertake a series of Load Testing Simulation and Actual Load Stress as well as Throughput, Latency and Efficiency analysis. This ensures glitch-free payment experience on the days of the sale. PayU’s war room preparations involve all teams – sales, operations, engineers, SRE’s, everyone –which ensures that our merchants & their customers get a glitch free payment experience & tractions can increase exponentially during festive times seamlessly. We optimize decision making on transaction routing through ML, ensuring a transaction success rate that is 2-3% better than the industry average.

      In addition, we have a host of features and an exhaustive list of payment options that ensures smooth payment & checkout service which merchants can offer customers all year. For instance, we have smart checkout options like Token Hub, Native OTP, optimized payments for apps with PayU SDKs & Web Checkout services which allow merchants to accept digital payments from 150+ methods & get industry best success rates. With features like Checkout For Bharat, customers can see checkout page in their local language, boosting sales.

      How is PayU Token Hub ensuring compliance and ease of use?

      With Token Hub, we have successfully tokenized more than 60 million cards to date. PayU and Wibmo (a PayU owned company) built Token Hub to help merchants comply with government regulations on tokenizing debit and credit cards without compromising customer convenience.

      Entities other than card networks and card issuers would not store debit or credit card data with themselves, but with Token Hub, popular payments use cases including EMI, subscriptions, instant refunds and offers engines which rely on card numbers can continue seamlessly. PayU has integrated some of the largest merchants in the country.

      The fintech industry is grappling with some major challenges like data security, regulatory and compliance laws, lack of skilled tech expertise, user retention, and seamless user experience. What doggs your organization the most?

      Regulation and compliance with laws is not a problem for PayU; we are fully compliant with all Indian laws. We welcome governmental initiatives which strengthen confidence in digital payments in the country. Testament to this is CoFT regulation. This regulation challenged the entire Payments ecosystem in the way Cards were managed. PayU was pioneer in providing the complete solution to the merchants both from tokenizing and token processing of transactions. PayU is proud in the way this was rolled out to our merchants with no disruption to their business. Compliance is a must-have for fair play and ensuring the customer is protected. Our challenge is to keep up to date w.r.t the changes in policies, we have our compliance team engage with all the stakeholders by doing trainings, open offices, etc on a regular cadence. Also, our SDLC life cycle also includes security & compliance steps, so every feature request is getting built allowing Engineers to factor these as part of design and development.

      With increasing frauds and scams being reported, what is your perimeter security like? How do you ensure stringent security hygiene at your organization?

      PayU has followed highly detailed ISO 27001 certification validation process which verifies the effectiveness of our internal security operations, secure software development practices and product capabilities. Our ISO/IEC 27001 security compliance is regularly validated by an independent internationally recognized third-party auditing authority after a rigorous assessment of our information security management system and related business processes.

      PayU India is ISO 27001:2013 Certified – a gold standard in security recognized worldwide.

      PayU’s integration with Wibmo helps in the provision of unique One-Step TM frictionless device fingerprinting, authentication via downloadable apps, and fraud detection behavior modeling to PayU’s customers. Our proprietary risk engine is designed for evolving fraud threats, and we use third-party risk engines, including those from specialist sector-focused risk firms. Advanced rules based on multiple parameters can be processed by the in-house risk management engine. PayU leverages its PCI-DSS certification & has deployed SHA512 and 2048 SSL Key encryption algorithms and benchmarked risk assessment processes to prevent fraud among merchants. At PayU, we test which attributes are most relevant, create compound signals to identify and block fraud & constantly tweak algorithms.

      What are the business implications for platforms like PayU with the evolving threat landscape due to digitization, increased cyber-attacks, frauds and scams?

      Business implications of fraud for any organization is data theft/loss, monetary damages (something which the Data Privacy Bill addresses), and reputational damage. In general, for any platform like ours, risk can come from a customer being defrauded or when a fraudulent merchant attempts to cheat a customer.

      We are PCI-DSS certified to handle sensitive payments data of merchants and their customers and have best-in-class encryption algorithms (SHA512 and 2048 SSL Key) and benchmarked risk assessment processes to prevent frauds amongst merchants. PayU also has its own proprietary risk engine, developed globally for the PayU platform and now uses best in class third party risk engines (including from schemes and specialist sector focused risk firms).

      What are the tech trends dominating the payments segment, and what can one look out for in the coming year?

      Some trends which we can expect to go big next year include accelerated progress in Web3.0 & adoption of the metaverse by brands, bridging the digital and physical worlds. We will probably also see the increased interface of payment systems & wearables & greater investments by companies in sustainable technology. Going Digital first is no more a luxury but a necessity for any Business, this trend will continue in the post-COVID world as well. This is evident from the fact of the increase in adoption of Omni-channel Businesses where the boundaries between physical and digital worlds are slowly fading away.

      What is PayU’s tech growth strategy for India and how will it further its business?

      PayU over the years has built a very competitive Payment Aggregator system, Marquee merchants who run big sale events rely on PayU PA system for being very stable, highly scalable, and also compliant with regulations and Indian laws. In coming years, you would see more focus towards the SMB business, Keeping the technology as independent and Anything as a service will help us build/stitch products together at a much faster pace. You would also see PayU adding more value to the merchants in other Payment opportunities – Lending / Current Accounts / Recon / Offer Engine etc and be the one-stop shop for addressing all the financial problems for our merchants – This is possible because systems were designed and built for scale in a loosely coupled manner.

      Narendra Babu

      Chief Technology Officer, PayU

      By Minu Sirsalewala

      minus@cybermedia.co.in

      Tags: DQTOP20
      Previous Post

      AI trends in 2023: What to expect from the thriving field in the year to come

      Next Post

      AI workload will be a heavily integrated technology aspect of 5G: Sanjay Lodha, Netweb Technologies

      Related Posts

      Prof. P.J. Narayanan
      Interview

      IIIT-Hyderabad has the largest group in AI and machine learning in India: Prof. P.J. Narayanan

      December 7, 2023
      Data Regulations Compliance
      Interview

      In the realm of data protection, compliance is the floor, not the ceiling

      December 6, 2023
      Sanjay Chowdhry
      Interview

      Building a digital legacy: Sanjay Chowdhry, CIO, Hamdard Laboratories (India)

      December 6, 2023
      IT
      Interview

      Flexiple sources talent, evaluates, and gives handpicked matches for each role: Karthik Sridharan

      December 5, 2023
      DPDP 2023
      Interview

      Data protection regulations are not just about compliance; they’re a catalyst for ethical data stewardship

      December 4, 2023
      Professor Laxmidhar Behera, Director, IIT Mandi
      Interview

      Navigating challenges in pioneering technologies: Prof Laxmidhar Behera, Director, IIT Mandi

      December 4, 2023
      Next Post
      Sanjay Lodha

      AI workload will be a heavily integrated technology aspect of 5G: Sanjay Lodha, Netweb Technologies

      Ritesh Jain

      Our secret sauce is our risk models

      FreedomGPT

      Why ChatGPT is a Double Edged Sword for Cybersecurity Industry

      Leave a Reply Cancel reply

      Your email address will not be published. Required fields are marked *

      • Trending
      • Comments
      • Latest
      Hybrid Cloud

      Run complex workloads with ease: Switch to Lenovo Hybrid Cloud solutions

      August 18, 2023
      DRDO

      DRDO CEPTAM 2022 Notification: 1901 New Vacancies Announced, Salary up to Rs 1,12,400

      August 26, 2022
      IIT Madras

      IIT Madras Invites Applications for Two Year Artificial Intelligence Fellowship with Stipend of Rs 40,000

      August 18, 2023
      WhatsApp no valid QR code

      Here’s How to Activate a Banned WhatsApp Number

      January 14, 2020
      WhatsApp no valid QR code

      Here’s How to Activate a Banned WhatsApp Number

      1652
      Exams in India

      CBSE Board Exams 2021: Students Request Indian Government to Cancel Board Exams Due to Rising COVID-19 Cases

      893
      Delhi Schools

      CBSE Board Exams 2021: Do Not Postpone or Cancel Board Exams, Say Section of Students

      577
      Online courses

      AWS Announces Free 12-week Course on Cloud Computing for Unemployed People Interested in Cloud Careers

      510
      Semicon

      Navigating the future: Comprehensive look at semiconductor industry predictions for 2024

      December 8, 2023
      IoT

      Communication, connectivity, and networking technologies that will transform businesses in 2024

      December 8, 2023
      PIWOT

      PIWOT Cultivating Innovation, Technology, and Collaboration for Tomorrow’s World

      December 8, 2023
      NavIC

      Qualcomm and ISRO Announce Move to Boost NavIC Adoption for Mobile and IoT Solutions

      December 8, 2023
      Semicon
      Features

      Navigating the future: Comprehensive look at semiconductor industry predictions for 2024

      Semiconductors have emerged as one of the crucial components that underpin modern-day society owing to their presence in products we ...

      December 8, 2023
      IoT
      Business Solutions

      Communication, connectivity, and networking technologies that will transform businesses in 2024

      The way business is conducted is undergoing a revolution due to digital technology. We are on the verge of entering ...

      December 8, 2023
      PIWOT
      Events

      PIWOT Cultivating Innovation, Technology, and Collaboration for Tomorrow’s World

      "Thought Leaders, Innovators, and Industry Titans Gather to Forge the Future at PanIIT Conference" The PIWOT Conference 2023 marks a ...

      December 8, 2023
      NavIC
      News

      Qualcomm and ISRO Announce Move to Boost NavIC Adoption for Mobile and IoT Solutions

      In a significant stride towards advancing India's space technology, Qualcomm Technologies and Indian Space Research Organisation (ISRO) have announced that ...

      December 8, 2023
      Global Partnership on Artificial Intelligence
      News

      Narendra Modi Announces Global Partnership AI Summit 2023, Responsible Development and Use of AI to be Focal Point

      Narendra Modi, Prime Minister of India has extended an invitation through a LinkedIn post to the global community for the ...

      December 8, 2023

      Industry Insights

      Semicon

      Navigating the future: Comprehensive look at semiconductor industry predictions for 2024

      December 8, 2023
      PIWOT

      PIWOT Cultivating Innovation, Technology, and Collaboration for Tomorrow’s World

      December 8, 2023
      Generative AI

      AI and sustainability driving changes in technology adoption and talent development in Asia Pacific and Japan in 2024

      December 4, 2023
      Theres a rat under the hood

      There’s a rat under the hood

      December 2, 2023
      Load More
      DATAQUEST

      Launched in 1982 as India’s first IT print publication, Dataquest is known as the “Bible of Indian IT.”
      Features business technologies, enterprise tech, cloud, hybrid multi-cloud, data management, security, IT Infrastructure, emerging technologies, analysis of market trends, a new development in the IT industry and needs of corporate users, Jobs, Deep Tech, interviews of CEOs / CIO's / MDs, and Annual surveys.

      Category Links

      • Annuals
      • Business Solutions
      • Business Technologies
      • DQDeepTech
      • Editors Blog
      • Events
      • Features
      • Interview
      • Module
      • News
      • Opinion

      Newsletter

      Subscribe to our mailing list to receives daily updates direct to your inbox!

      *Invalid email address.
      • About
      • Advertise
      • Privacy & Policy
      • Contact Us
      • PCQuest
      • DataQuest
      • Voice&Data
      • CIOL
      • DQ Channels

      © Copyright © 2023 Cyber Media (India) Ltd. All rights reserved.
      Reproduction in whole or in part in any form or medium without written permission is prohibited.

      No Result
      View All Result
      • Home
      • News
      • Business Technologies
      • DQDeepTech
      • Leadership Insights
        • Interview
        • Opinion
        • Editors Blog
        • Features
      • Annuals
      • DQ40Years
      • Events
      • Business Solutions
      • More
        • Tech4Growth
        • DQConclave Event Site
        • TechSchools Event Site

      © Copyright © 2023 Cyber Media (India) Ltd. All rights reserved.
      Reproduction in whole or in part in any form or medium without written permission is prohibited.