Page 21 - Banking Finance July 2019

PRESS RELEASE

The Economic Times Cards and Payment Summit 2019 underscored

the fintech revolution

The Economic Times Cards and Payment Summit 2019, held society - a dream or a myth’, where Manish Jain, Partner -
Financial Services, Digital Strategy and Innovation, KPMG
said, "If you look at RBI's vision document, their vision for
the future is very simple in terms of providing every Indian
with access to digital paymentsthat are safe, secure,
convenient, quick and affordable. I think that summarizes
what the whole thing in terms of what India is looking for
digital payments as a whole across the world.And from that
perspective, there are four goalposts, which were
mentioned in the document and which is about
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."
at Sahara Star, Mumbai, highlighted achieving customer
Sudipta Roy, Head - Unsecured Assets, ICICI Bank opined,
centricity with payments innovation. The power packed
"While there is a cash out when people are receiving
sessions brought innovative digital solutions to the fore and
benefits, the digital utilization to then make paymentsare
shed light on future challenges for the payments industry.
not there."
The summit began with a powerful address by Philip G
Ganesh Ananthanarayanan, COO, Airtel Payments Bank
Heasley, President and CEO, ACI Worldwide, who said,
said, "One of the reasons for digital transactions to digitally
"Once we accept the fact that digital commerce from any
grow especially in the offline space is if they're able to bring
point of the world can be sold to the rest of the world, you
down the cost of device through alternate innovations."
need to be able to deliberate highly digital fashion well.
Sajith Sivanandan, MD and Business Head- Payments and
Then this is going to have a digital payment infrastructure,
Next billion users initiatives, Google Indiaadds , "As we've
and this is going to have to be respectfulof thesovereignty
grown, services like Google Pay and others tend to extend
of those structures. We just think it's going to land up
beyond tier 1 cities. Digitizing payments is just not a metro
becoming perhaps in little ten years the most prevalent
phenomenon, a fundamental aspect of cashless society is
method of payment in the world."
that it doesn't depend on distribution but the safety and
Chief guest Shri Deepak Vasant Kesarkar, Honorable
security."
Minister of State of Finance, Planning, & Home (Rural),
"In order to change the game for India, we have to invest
Government of Maharashtra,noted,"The government of
in interoperable systems and make sure safety and security
Maharashtra has taken mini strategic initiatives to take
is at the heart of everything we do in the form of
banking and ease of payment to every citizen. The
innovation,” stated Murali Nair, VP and Head of Business
government promotes digital mediums of banking and
Development, VISA.
payments and have ensured that its people will have easy
and quick access to the government and other services. Praveena Rai, COO, NPCI said, "There is an element of
Today our efforts have made Nagpur the first city of India trust; the consumer wants to receive the item before they
where all gram panchayats are digitally connected. Such actually pay for it. This also adds on to a lot of cost to various
large-scale initiatives have contributed immensely to e-commerce players."
restructuring of financial and digital services in the
In a special address on tapping into India's digital payments
hinterland of Maharashtra."
revolution,Kaku Nakhate President and Country Head
The leaders in attendance discussed about ‘the cashless (India), Bank of America N.A stated, "The Indian industry is
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