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Somya Patnaik

Somya Patnaik

Senior Product Manager, Real-Time & Digital Payments

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Somya Patnaik

Somya is an experienced Product Manager whose expertise in the digital payments domain includes Unified Payments Interface (UPI), cards, point of sale (POS), mobile wallets, mobile banking and QR code-based payment solutions. As Senior Product Manager at ACI Worldwide, Somya is responsible for the real-time payments and SWIFT gpi products for ACI in India and other emerging ASEAN markets.

More articles by Somya Patnaik

  • Digital Payments Overlay Services

    Digital Payments Overlay Services: Accelerating Real-Time Payments Growth

    Tuesday, February 04, 2020

    The global real-time payments landscape is transforming every day, as the world moves toward payments that offer a multitude of digital payment overlay services that drive consumer experience and adoption. But what are digital payment overlay services? They are ancillary services that often ride the real-time payments rails, and can be flexible, nimble drivers of innovation. These digital services – piggy-backing on the standard real-time payments rails – not only add value to core payments, but also bring about convenience and ease of use for all participants in the payments ecosystem.

  • Indias Unified Payments Interface

    India’s Unified Payments Interface: Breaking the Billion Barrier

    Tuesday, October 15, 2019

    September brought about quite a stir in the Indian payments ecosystem, with three years passing since the launch of UPI (Unified Payments Interface), and the realization that UPI is closing in on a significant milestone: one billion transactions per month. In September 2019, UPI clocked 955 million transactions, amounting to 1.61 trillion rupees (INR), demonstrating the extent to which Indian consumers have exuberantly welcomed real-time payments.

  • UPI shift to digital payments

    How UPI is Driving India’s Shift from Cash to Digital Payments

    Wednesday, July 03, 2019

    The Indian economy has traditionally been heavily dominated by cash, while experiencing low adoption of various online payment systems including National Electronic Funds Transfer (NEFT), Real Time Gross Settlement (RTGS) and inter-bank mobile payments. The dominance of cash is evidenced by the ratio of cash withdrawals at ATMs vs debit card usage at Point of Sale (POS)—ATM transaction volume is more than 2x greater than POS.