Digital Payments Adoption Witnessing Organic Growth For First Time
02nd, December 2020 - News
India is a unique market where all types of payment methods are exploding simultaneously. Speaking at the 13th Digital Money Conference, organised by the Payments Council of India (PCI), Sameer Nigam, Founder, and CEO, PhonePe, during a discussion with P. Vasudevan, Chief General Manager, Department of Payment and Settlement Systems, Reserve Bank of India and Naveen Surya, Founder & Director, So Hum Bharat Digital Payments & Chairman, Fintech Convergence Council (FCC), said India is a unique market where all types of payments methods are exploding simultaneously.
He said that for the first time, there is an increase in the organic adoption of digital payments. He was of the view that demonetisation created an artificial boost but during Covid, the adoption has become more systemic. He commented that UPI has lowered barriers to entry and India is adopting and encouraging the adoption of digital payments like no one. With India adding 100 million new customers into the payment system every year, the number will only grow further. “It will see a tipping point in 2022” he commented. Between demonetisation and COVID-19, Sameer believes that what should have been a 10-year cycle has been compressed into a six to seven-year cycle. “I genuinely believe digital payments will reach 500 million people by 2022-end.”
In his comments, Sameer further said that NPCI can help define the standards of global payments interoperability if it shares its UPI tech standards, and rapidly integrates with other banks and networks globally.
P Vasudevan said that the payment system is looked at as a public good distribution system. “So, if India has reaped the benefits, we have moved from being one of the best to the best in the globe in terms of the retail payments system. Let us use this opportunity to make this public good to be used and leveraged by the global community as well.”
Earlier in the day, Loney Antony, Vice Chairman, Hitachi Payments Services and Co-Chairman, Payments Council of India, in his inaugural address said that this annual conference has been the largest annual gathering of Fintech and Digital Payment players, enablers, and supportive financial institutions in India which was focused on the multi-channel approach & other emerging trends instigating unified and seamless customer experience in regard to Digital Payments. “It is an apt platform for industry stalwarts to collaborate, regulators to lead initiatives & experts to provide insights that will drive the growth of the Digital Payment industry”, he said.
The Payments Council of India (PCI) is holding its 13th edition of the Digital Money conference on the 1st and 2nd December 2020. The conference is being held virtually and has more than 150 speakers and participation from over 2000 delegates in the payment space. It will have representatives from the regulators, industry members, and emerging payment players.
The theme for the conference this year is ‘Ushering into a new decade - Reassess | Renovate | Reimagine | Ramp up.’
The Conference will include many speakers from the Reserve Bank of India such as Shri T. Rabi Sankar, Executive Director, Smt. Sushmita Phukan, General Manager, Financial Inclusion and Development Department. In addition to this the conference will see discussions on several critical topics capturing the industry by Mr. Prashant Kumar, MD and CEO, Yes Bank, Mr. T.R. Ramachandran, Group Country Manager -India & South Asia, Visa, Mr. H Srikrishnan, MD & CEO, Jio Payments Bank, Mr. Tobias Puehse, Vice President, Innovation & Customer Solutions the Asia Pacific, Mastercard, Ms. Praveena Rai, COO, NPCI, Mr. Vishwas Patel, Chairman Payments Council of India (PCI) and many others.
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