Digital Payment: India needs competition, cost, convivence and confidence to succeed

Philip G Heasley, President and CEO, ACI Worldwide, said, “Once we accept the fact that digital commerce from any point of the world can be sold to the rest of the world, you need to be able to deliberate highly digital fashion well. We just think it’s going to land up becoming perhaps in little ten years the most prevalent method of payment in the world.”

Philip G Heasley, President and CEO, ACI Worldwide

 

Mumbai:

The Indian industry is rapidly adopting technology in payment system primarily through mobile wallet apps and now various APIs, said Kaku Nakhate President and Country Head (India), Bank of America N.A stated.

 

Many banks including Bank of America  independently or in partnership have developed technology to digitize the entire payment cycle, thereby reducing the working capital cycles, enabling cheaper credit to intermediaries and overall reducing the cost of inventory management, a real good cost efficiency for our country ,said Nakhate while addressing  The Economic Times Cards and Payment Summit 2019, held in  Mumbai recently.

 

 “I believe India is at an inflection point of digital revolution where fintech is impacting at various sub sectors like lending, life insurance, remittances, investments in mutual fund etc,” said Nakhate

 

The summit, addressed by the leaders in the digital payment sector, highlighted achieving customer centricity with payments innovation. The power packed sessions brought innovative digital solutions to the fore and shed light on future challenges for the payments industry.India’s payments sector is laying greater emphasis on providing improved services to customers and upgrading legacy technology infrastructures to enhance the overall experience, said professionals from the Indian payment industry.

 

Philip G Heasley, President and CEO, ACI Worldwide, said, “Once we accept the fact that digital commerce from any point of the world can be sold to the rest of the world, you need to be able to deliberate highly digital fashion well. We just think it’s going to land up becoming perhaps in little ten years the most prevalent method of payment in the world.”

 

Deepak Vasant Kesarkar, Minister of State of Finance, Planning, & Home (Rural), Government of Maharashtra,noted,“The government of Maharashtra has taken mini strategic initiatives to take banking and ease of payment to every citizen. The government promotes digital mediums of banking and payments and have ensured that its people will have easy and quick access to the government and other services. Today our efforts have made Nagpur the first city of India where all gram panchayats are digitally connected. Such large-scale initiatives have contributed immensely to restructuring of financial and digital services in the hinterland of Maharashtra.”

 

Sajith Sivanandan, MD and Business Head- Payments and Next billion users initiatives, Google India observed  "As we’ve grown, services like Google Pay and others tend to extend beyond tier 1 cities.Digitizing payments is just not a metro phenomenon, a fundamental aspect of cashless society is that it doesn’t depend on distribution but the safety and security.”

 

Discussed about the cashless Indian society – a dream or a myth, where Manish Jain,Partner – Financial Services, Digital Strategy and Innovation, KPMG said, “From Indian perspective, there are four goalposts: competition, cost, convivence and confidence.So I think if we cover all these points, digital payments will be definitely a success, and it is the India model that the entire world will look at.”

 

Ganesh Ananthanarayanan, COO, Airtel Payments Bank said,``One of the reasons for digital transactions to digitally grow especially in the offline space is if they're able to bring down the cost of device through alternate innovations.”

 

 “In order to change the game for India, we have to invest in interoperable systems and make sure safety and security is at the heart of everything we do in the form of innovation”,statedMurali Nair, VP and Head of Business Development, VISA.

 

Praveena Rai, COO, NPCI said, "There is an element of trust; the consumer wants to receive the item before they actually pay for it. This also adds on to a lot of cost to various e-commerce players.”


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