{"id":4524,"date":"2021-10-08T11:10:49","date_gmt":"2021-10-08T05:40:49","guid":{"rendered":"https:\/\/cashfree.com\/blog\/?p=4524"},"modified":"2023-01-03T14:28:28","modified_gmt":"2023-01-03T08:58:28","slug":"keeping-india-ahead-in-digital-payments","status":"publish","type":"post","link":"https:\/\/blogrevamp.cashfree.com\/keeping-india-ahead-in-digital-payments\/","title":{"rendered":"Contactless Payments Will See Widespread Adoption In Coming Years:  Reeju Datta"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a8f1b86a1a34\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #364250;color:#364250\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #364250;color:#364250\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a8f1b86a1a34\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/blogrevamp.cashfree.com\/keeping-india-ahead-in-digital-payments\/#Making_a_Business_Case_For_UPI_Payments\" >Making a Business Case For UPI Payments<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/blogrevamp.cashfree.com\/keeping-india-ahead-in-digital-payments\/#Legacy_Banks_Vs_Challengers\" >Legacy Banks Vs Challengers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/blogrevamp.cashfree.com\/keeping-india-ahead-in-digital-payments\/#How_Do_Fintech_Players_Define_Success\" >How Do Fintech Players Define Success?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/blogrevamp.cashfree.com\/keeping-india-ahead-in-digital-payments\/#The_Next_Big_Thing_In_Digital_Payments\" >The Next Big Thing In Digital Payments<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/blogrevamp.cashfree.com\/keeping-india-ahead-in-digital-payments\/#Open_Banking_Transforming_Digital_Payment_Industry\" >Open Banking Transforming Digital Payment Industry<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/blogrevamp.cashfree.com\/keeping-india-ahead-in-digital-payments\/#Open_Banking_For_Decision_Making\" >Open Banking For Decision Making<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/blogrevamp.cashfree.com\/keeping-india-ahead-in-digital-payments\/#Open_Banking_For_Transaction\" >Open Banking For Transaction<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n\n<p class=\"wp-block-paragraph\">India is slowly proving itself to be a leader in digital payments innovation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In fact, the UPI infrastructure has become a prime example in the field of finance interoperability. (<em>Even<\/em><a href=\"https:\/\/www.businesstoday.in\/latest\/trends\/story\/india-is-a-great-example-bill-gates-lauds-upi-payment-other-digital-innovations-280860-2020-12-08\"><em> Bill Gates agrees<\/em><\/a><em>!)<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, there is still a long way to go.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A group of panellists, including our Co-founder, Reeju Datta, gathered on a roundtable to discuss exactly <strong>this<\/strong>.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img data-recalc-dims=\"1\" fetchpriority=\"high\" decoding=\"async\" width=\"770\" height=\"403\" data-attachment-id=\"4586\" data-permalink=\"https:\/\/blogrevamp.cashfree.com\/keeping-india-ahead-in-digital-payments\/innovation-digital-payments-reeju\/\" data-orig-file=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2021\/10\/innovation-digital-payments-reeju.jpg?fit=1200%2C628&amp;ssl=1\" data-orig-size=\"1200,628\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"innovation-digital-payments-reeju\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2021\/10\/innovation-digital-payments-reeju.jpg?fit=770%2C403&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/cashfree.com\/blog\/wp-content\/uploads\/2021\/10\/innovation-digital-payments-reeju-1024x536.jpg?resize=770%2C403&#038;ssl=1\" alt=\"digital payments innovation in india\" class=\"wp-image-4586\" srcset=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2021\/10\/innovation-digital-payments-reeju.jpg?resize=1024%2C536&amp;ssl=1 1024w, https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2021\/10\/innovation-digital-payments-reeju.jpg?resize=300%2C157&amp;ssl=1 300w, https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2021\/10\/innovation-digital-payments-reeju.jpg?resize=768%2C402&amp;ssl=1 768w, https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2021\/10\/innovation-digital-payments-reeju.jpg?w=1200&amp;ssl=1 1200w\" sizes=\"(max-width: 770px) 100vw, 770px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The Global Fintech Fest (conducted between 27-30 September 2021) brought together this group of seasoned experts to share their views on one of the most pressing questions of our times.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>How can we ensure that India stays ahead in the digital payments field?&nbsp;<\/li>\n\n\n\n<li>How will fintech and bank collaborations evolve?&nbsp;<\/li>\n\n\n\n<li>And most importantly, what will be the next big innovation prompting widespread adoption?<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Sounds interesting?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Well, wait till you have a look at the discussion points!&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Making_a_Business_Case_For_UPI_Payments\"><\/span>Making a Business Case For UPI Payments<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">UPI payments have <a href=\"https:\/\/timesofindia.indiatimes.com\/business\/india-business\/upi-most-preferred-digital-payment-mode-among-consumers-worldline-india\/articleshow\/82080348.cms#:~:text=NEW%20DELHI%3A%20Unified%20Payments%20Interface,PPIs)%20at%2026%20per%20cent.\">evidently taken over all other forms of payments<\/a> in India.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/blogrevamp.cashfree.com\/contact-sales?utm_source=blog&amp;utm_medium=gff_digital_payment_innovation_blog\"><img decoding=\"async\" src=\"https:\/\/lh6.googleusercontent.com\/Vh7FGPeQuvs98u5SrG9fv7iseVrsIWy6lxB3Z5TXwROFwH30Kq-afcCfaZgdY_vvXWMKuSUOLgr8jjVAkNitpH9XhD11jKK5BEGV45_Y0ySlZtpAW-AwwoWUPtgBLwUis3tdn4rU=s0\" alt=\"UPI payments for businesses\"\/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Having said that, it\u2019s only fitting to ask the next big question.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">How can we build a business case for UPI payments?&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Well, for a <a href=\"https:\/\/cashfree.com\/blog\/payment-aggregator\/\">payment aggregator<\/a> and banks, revenue is dependent on the number of transactions. So, <strong>building a business case is directly proportional to the number of UPI transactions<\/strong> and digital financial penetration in the country.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But, how do we achieve that? Experts bring out some interesting ideas:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Linking UPI with credit<\/li>\n\n\n\n<li>Utilising UPI for cross-border remittances<\/li>\n\n\n\n<li>Faster UPI payment processing time&nbsp;<\/li>\n\n\n\n<li>Contactless payments using UPI as the payment mode<\/li>\n\n\n\n<li>Increasing interoperability of payment infrastructure.&nbsp;<\/li>\n\n\n\n<li>Omnichannel UPI payments: online and offline payments (digitizing COD order into <a href=\"https:\/\/blogrevamp.cashfree.com\/payment-links\">payment links<\/a>)<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/blogrevamp.cashfree.com\/contact-sales?utm_source=blog&amp;utm_medium=gff_digital_payment_innovation_blog\"><img decoding=\"async\" src=\"https:\/\/lh6.googleusercontent.com\/RPAjJTXSksTg8tc7XW7zK36POb0MnGWKxvjlrtE3Ry-SSSMfitG5uaf4P2Fc3RPauQ8zv8GSKIF7WXzasGjD9sp8ESA43Ch7PijhtMABkkhzcAIzi0zs8urOGVs6xiLGJrywxSfT=s0\" alt=\"payment links\"\/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">However, any discussion on <a href=\"https:\/\/cashfree.com\/blog\/upi-payments-for-businesses\/\">UPI payments for businesses<\/a> <em>(or any digital payment mode, for that matter) <\/em>isn\u2019t really complete without weighing in on the players.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Legacy_Banks_Vs_Challengers\"><\/span>Legacy Banks Vs Challengers<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Historically, traditional banks have held a monopoly over financial products and services.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, fintech players and <a href=\"https:\/\/cashfree.com\/blog\/banking-as-a-service-baas\/\">Banking as a Service<\/a> platforms have truly transformed the game.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Experts discuss the future roles and responsibilities of these players in the UPI ecosystem.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here is a quick run-through:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Fintech-Bank partnerships are here to stay<\/li>\n\n\n\n<li>Financial inclusion should be one of the major goals of these partnerships<\/li>\n\n\n\n<li>Banks have the mantle of spreading awareness of financial products and services<\/li>\n\n\n\n<li>There\u2019s a need to encourage fintech serving niche and unbanked sections of society<\/li>\n\n\n\n<li>Prevalent need for innovation in the B2B space&nbsp;<\/li>\n\n\n\n<li>Internal efficiency of legacy bank systems must be prioritized<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">it is important to note that Indian regulatory authorities have been very encouraging of Bank-Fintech partnerships.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In fact, RBI\u2019s recent move (<a href=\"https:\/\/www.rbi.org.in\/scripts\/BS_PressReleaseDisplay.aspx?prid=52218\">Regulatory Sandbox on Cross Border Payments<\/a>) has further cemented their resolve to bring banks and private players into the discussion.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, as technology evolves, the responsibilities of private fintech players are evolving as well. In such a situation, what would the success criteria for fintech players look like?<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_Do_Fintech_Players_Define_Success\"><\/span>How Do Fintech Players Define Success?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Fintech in itself is a rather universal term.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It is an umbrella term for <a href=\"https:\/\/cashfree.com\/blog\/third-party-payment-processor\/\">third party payment processors<\/a>, payment gateways, BaaS platforms, B2C financial services, payment apps and so much more.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, here are some success criteria that may be applicable for most players in the ecosystem.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Successful Bank-Fintech partnerships<\/li>\n\n\n\n<li>Excellent customer experience for merchants and end-customers<\/li>\n\n\n\n<li>Sachetizing payment solutions for every financial need of customers<\/li>\n\n\n\n<li>Finding use cases for fintech products and personalizing them for certain sections<\/li>\n\n\n\n<li>High customer trust and robust data privacy systems<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Next_Big_Thing_In_Digital_Payments\"><\/span>The Next Big Thing In Digital Payments<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Yes, India is currently leading the world in digital payment infrastructure.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But it\u2019s only natural to ask: <strong>what will be the next big move with widespread adoption in the digital payment space?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Well,&nbsp;here is what experts have to say. <\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Contactless Payments<\/li>\n\n\n\n<li>Prepaid Payment Instruments (PPIs) as a proxy for bank accounts&nbsp;<\/li>\n\n\n\n<li>Affordable payment stack (EMI)<\/li>\n\n\n\n<li>Buy Now Pay Later as a payment mode<\/li>\n\n\n\n<li>Upgraded backend systems for faster payment processing<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Needless to say, all the major upcoming innovations are planned out on the basis of the open banking infrastructure.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Experts shared their thoughts on the same as well.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Open_Banking_Transforming_Digital_Payment_Industry\"><\/span>Open Banking Transforming Digital Payment Industry<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/cashfree.com\/blog\/open-banking-api\/\">Open banking APIs<\/a><strong> <\/strong>help in democratizing customer banking information. In turn, it can be used to increase customer satisfaction with financial products.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Experts agree that the use of open banking can be categorized into two major buckets.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Open_Banking_For_Decision_Making\"><\/span>Open Banking For Decision Making<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Open banking can help account aggregators and fintech gets access to customer data. This may help in offering:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Competitive pricing<\/li>\n\n\n\n<li>Simplified view of customer financial details&nbsp;<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Open_Banking_For_Transaction\"><\/span>Open Banking For Transaction<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Neobanks or payment services providers (PSP) could use open banking to create curated sachetized solutions for customers.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">From the customer\u2019s POV, these curated solutions will be available on single platforms. However, on the back-end, neobanks, fintech and banks will collaborate to provide these solutions.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s safe to say that the future of banking and financial services is very exciting.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The proactive collaborations between banks and private players are encouraging. Furthermore, the Indian regulatory authorities are further motivating players to embrace innovation.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Needless to say, we can expect some big changes in the digital payments space.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">After all, it\u2019s not just about pushing India ahead in digital payments.<strong>&nbsp;<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>It\u2019s about ensuring that we stay ahead.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>India is slowly proving itself to be a leader in digital payments innovation. In fact, the UPI infrastructure has become a prime example in the field of finance interoperability. (Even Bill Gates agrees!) However, there is still a long way to go. A group of panellists, including our Co-founder, Reeju Datta, gathered on a roundtable<\/p>\n","protected":false},"author":17,"featured_media":7161,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_themeisle_gutenberg_block_has_review":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1,2157],"tags":[2107,1381],"class_list":["post-4524","post","type-post","status-publish","format-standard","has-post-thumbnail","category-all","category-events","tag-experts-speak","tag-payment-solution"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Contactless Payments Will See Widespread Adoption In Coming Years: Reeju Datta<\/title>\n<meta name=\"description\" content=\"A group of industry leader gathered to discuss payments innovation. Read on to know more about the next big thing in digital payment space!\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cashfree.com\/blog\/keeping-india-ahead-in-digital-payments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Contactless Payments Will See Widespread Adoption In Coming Years: Reeju Datta\" \/>\n<meta property=\"og:description\" content=\"A group of industry leader gathered to discuss payments innovation. 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