If it were to follow India’s lead and subsidize FedNow payments, handle push and pull payments, and promote FedNow as a debit card alternative for a variety of consumer payments, FedNow could ultimately challenge the popularity of debit and credit cards in the US as the UPI has in India.
Recent innovations, like personalization, are being tested by Google in India and, based on past updates, could serve as a preview for what’s in store for the US. Samsung Pay. After years of strong growth, Samsung Pay is set to approach stagnation as its advantages diminish. Samsung Pay sits atop the Android wallet ecosystem with its vast reach.
The test that TikTok faced in 2020 ended up being different from what we had predicted; the app was banned in India, and it spent the latter part of the year fighting efforts to ban it in the US (something that will continue into 2021).
For example, Future Generali India Life Insurance saw a 30% reduction in man-hours saved thanks to its chatbot application to its front office. Chatbots can also help insurers better retain customers by providing a more seamless digital experience: 67% of US homeowners insurance customers outlined customer service as the principal driver of policyholder loyalty, per a recent J.D. Power survey.