2020 was a tumultuous year for every vertical. Payments was no exception. As a consequence of the economic slowdown accompanied by the global health crisis of COVID-19, the payments sector experienced its first revenue contraction in 11 years. Simultaneously, the persistence digitization of consumer and commercial transactions resulted in far greater upward momentum than expected. All-in-all, the payments industry proved exceptionally resilient to extreme economic changes even as many economies spent considerable portions of the year in lockdown.
In 2022, an array of the primary drivers will influence the payments revenue trajectory. This includes a return to global economic growth and continued cash displacement, accelerating existing upward trends in number and share of electronic transactions. However, the interest margins will remain muffled. By 2025, the payment industry is expected to reach roughly $2.5 trillion. The innovation, breakthroughs, and contractions = adjacent opportunities as big as the principal payments revenue pool. This has triggered the need for deeper partnerships between tech players and ecosystem competitors, focusing on the payments value chain elements.
These combined forces will unevenly influence incumbent players dependent on traditional revenue streams. This include consumer deposit balances, banks holding notable commercial, and card issuers. Hence, spurring a dire need to redefine payments revenue models and determine alternative paths to value.
TechCircle, in association with HPE, is organizing – “Pay-IT Conclave – Embedded Payments Imperatives” - a digital summit that will bring together industry experts and torchbearers to deliberate on the future of the payments ecosystem, the role of key industry players, challenges, and solutions, thus carving a roadmap for the future.
By Jaideep Mehta, CEO, Mosaic Digital & Head - Mint, An HT Media Group Company
By Rajesh Dhar, Sr. Director – Infrastructure Hardware Growth, HPE India
By Ravindra Pandey, Deputy Managing Director & Chief Information Officer, State Bank of India
By Dilipkumar Khandelwal, CIO Corporate Functions, Global Head of Technology Centres and CEO, Deutsche India, Deutsche Bank Group
Whether an individual or a family or a small business— achieving the best financial life is a big challenge for most customers. The journey entails innumerable small decisions over decades to lead you to a better outcome. As long as there’s friction, complexity, and lags, a lot of folks simply aren’t going to do it. But if you do that for small businesses, it completely changes the game for consumers. There are still a lot of opportunities to reduce friction in the system.
Thanks to embedded finance, food delivery apps such as Zomato and Swiggy enable consumers to make payments in a fraction of seconds without switching between apps or entering bank details. API is a science behind these integrations, enabling frictionless, faster, simpler, and more convenient experiences when and where they need them.
Speakers:
Sameer Nagar, Head - Non Stop, Mission Critical Systems, HPE India
Sourabh Tomar, Head- UPI & IMPS Product, National Payments Corporation Of India (NPCI)
Deep Agrawal, Head of Payments, PhonePe
Major Ashish Ahuja, Chief Operating Officer, Fino Payments Bank
Moderator:
Jaideep Mehta, CEO, Mosaic Digital & Head--Mint, An HT Media Group Company
The key is to be incredibly transparent with consumers about what is being shared for the particular use case they want to pursue. Outcomes regarding how long and what type of data we share are linked to what consumers want from the use case they’re pursuing. It’s the consumer’s data, so the consumer should have the choice to share that data for the use cases they want to pursue, as opposed to it being the bank’s data. It ultimately has to be in the best interest of the consumer. That said, the institutions are a crucial part of the overall ecosystem. It’s a three-sided ecosystem that has consumers, developers, and then the institutions.
The payments industry now encompasses the end-to-end money-movement process, including the services and platforms enabling this commerce journey. Apple, Google, Facebook, and Amazon are real-life examples of large tech companies that trust embedded finance in services like Apple Pay, Google Pay, Facebook Pay, and Amazon Pay. Technology acts as a data enabler and helps transport information securely between the solution providers and showcase platforms using SDKs, APIs, and connectivity as part of their technological infrastructure.
Speakers:
Rajesh Dhar, Sr. Director – Infrastructure Hardware Growth, HPE India
Moderator:
Shalil Gupta, Chief Business Officer, Mosaic Digital, An HT Media Group Company
Payment behaviour is enduring shifts—declining cash usage, adoption of instant payments, and migration from in-store to online commerce. Driven by frictionless, real-time, always-on features and integration, these shifts are changing spending patterns, creating new opportunities, and adding impetus to growth. ‘Tap to pay’ adoption is an early success story in Australia. In just a year, digital-wallet transactions grew by 90 percent. Real-time functionality is another shift that has fuelled mobile wallet adoption. In 2020, India registered 25.6 billion transactions alone ( 70% + increase as compared to
Lending services—Buy Now Pay Later, is another factor helping earn revenue in interest payments form. It is expected—by 2030, embedded finance companies, including those who pivot into this trend = $ 7.2 trillion approx market capitalization, globally. Technology helps develop plug-and-play solutions and embed them onto online platforms to improve focus on customer segments and loyalty.
By Shalil Gupta, Chief Business Officer, Mosaic Digital, An HT Media Group Company
India MSMEs is approx 6.3 crore. 30,00,822 are Udyam Registration portal registered as per the MSME Ministry data. Registered micro-enterprises = ~ 28 lakh (93%). Small enterprises = 1.78 lakh (6%). Mid-sized enterprises = 24,657(1%). The Indian MSMEs sector contributes about 29% towards the GDP via both national and international.
However, the outbreak has pushed businesses to reorient their payments operations and customer interactions. Small and medium-sized enterprises (SMEs) are increasingly aware of the available payment solutions. They are motivated to encourage the use of those that best serve their needs and their customers. However, while old tenets still hold true—scale still matters, and “owning” the customer relationship remains essential. For instance—sticking to them is no longer sufficient to ensure success. The absorption of payments into the full commercial/consumer purchase-to-pay journey has given rise to ecosystems demanding new, more robust services, for example, commerce facilitation rather than a discrete payment experience.
Speakers:
Anand Kumar Bajaj, Founder, MD & CEO, PayNearby
Ankit Bhatnagar, Head of Product, Mswipe
Santosh Kumar, Head & VP – Government Engagement, South Asia, Mastercard
KNC Nair, CIO, The Muthoot Group
Moderator:
Sumedha Bose, Assistant General Manager - Research & Solutions, Mosaic Digital, an HT Media Group Company
IT has been the backbone of financial services revolution and the most critical element of IT is the system of record which stores sensitive customer data and transactions. A system of record serves many entities in the payment value chain – banks, FinTechs, customers, regulators and software vendors. It is also relied upon by ecosystem participants such as marketers and software vendors. Sadly enough, it is also a treasure trove for the so called “bad actors” whose sole purpose is to breach the system for illicit gains. The regulators have now stepped in to ensure that the citizen data is protected from bad actors and their actions. GDPR is a great example of one such regulation that is applicable to the EU. With a similar action on the anvil in India, it is imperative that this becomes an important subject of conversations involving new age financial services in India. HPE NonStop is the platform of choice when it comes to hosting systems of record for FSI players and this talk gives an overview of how India’s FinTech industry can benefit from its vast experience.
By Prashanth Kamath, Senior WW Product Manager, HPE
By Shailesh Paul, Head, Merchant Sales & Acquiring and CyberSource, India and South Asia, Visa
By Shalil Gupta, Chief Business Officer, Mosaic Digital, An HT Media Group Company
Shri Ravindra Pandey, a post graduate in Chemistry, joined the State Bank of India as a Probationary Officer in 1985.
Shri Pandey has held various assignments in the Bank, both India as well as abroad in his career spanning 36 years.
He has extensive knowledge and leadership experience in Digital Transformation, Digital Banking, Payment Solutions, Retail, Corporate and International Banking.
In his current assignment, as the Deputy Managing Director & Chief Information Officer of the Bank, he is leading the entire IT Ecosystem of the Bank including running of the Bank’s Core Banking System, Digital Channels as well as more than 400+ applications. He is further making the Bank future proof by implementing emerging technologies like Artificial Intelligence, Machine Learning, Analytics, Robotics, Blockchain etc.
Shri Pandey has held the post of DMD (Strategy) & Chief Digital Officer of the Bank and has headed the Bank’s Jaipur Circle in his previous assignments. His international experience includes CEO, SBI Paris (France) operations.
Dilipkumar Khandelwal is the Global Chief Information Officer for Corporate Functions, Global Head of Technology Centres and Chief Executive Officer for Deutsche India, at Deutsche Bank Group.
He joined Deutsche Bank in 2019, after having worked at SAP for over 18 years. In his last role, he was President of the SAP HANA Enterprise Cloud business and Managing Director for SAP India.
Dilip is focused on delivering front-to-back technology solutions in an innovative and forward-thinking manner to drive digital transformation at Deutsche Bank. He is also tasked with improving the bank’s technical competence to provide best-in-class technology services which directly impacts the bank’s delivery to external clients and regulators.
Outside Deutsche Bank, Dilip is a member of the NASSCOM Executive Council and is on the Governing Council for International Institute of Information Technology, Hyderabad. He is also on the advisory boards of some venture capital firms and is extremely passoniate about mentoring start-ups.
Dilip is a graduate of Engineering from Mumbai University and holds a MBA from the Indian School of Business.
Jaideep joined the company in October 2017 to set the company on a new, accelerated growth path. He is an advisor to CEOs and business leaders of investment and tech ecosystem. From macro-economic trends to technology disruptions, and market and industry analysis, he has blogged, written and presented on a wide range of topics.
Prior to his current role, he was Managing Director - IDC India and South Asia. Under his leadership, IDC India was conferred the CIO Choice Award for “IT Advisor of the Year” three years consecutively in 2014, 2015 & 2016. Jaideep has been awarded the “Patrick J McGovern IDC Entrepreneur of the Year 2015” for consistent excellence in leading the South Asia team to success and “Leadership Award for Contribution to Market Research” by the World Marketing Congress in 2014.
Before IDC, he was based in London, UK and worked at Gartner for over 5 years where he was Regional VP, Sales & Business Development – EMEA and prior to that, he spent more than 2 and a half years in the Indian outsourcing sector, most notably at Zensar Technologies where he spearheaded the set up to their Financial Services practice in Europe. During the late nineties, he was in the software sector.
Jaideep is a graduate from the Shriram College of Commerce, Delhi University and holds an MBA degree from the Manchester Business School, UK. He enjoys reading, the occasional game of tennis and driving to remote parts of Indi
An IIM-A alumnus and a Chartered Accountant, Anand Kumar Bajaj is the Founder, MD & CEO of PayNearby. With over 21 years of experience in Digital Payments and Mobility, Anand holds six patents in banking technology and has worked earlier with YES Bank, ICICI Bank, and Ernst & Young. Previously, he was the President and Chief Innovation Officer at YES Bank, where he led several high-impact programs in digital payments. At PayNearby, Anand steers the company’s strategic direction and growth, and he, along with his team, is committed to enabling the reach of digital payments and financial services at the first mile by empowering retailers.
KNC Nair has been in the IT profession for over 4 decades, spearheading digital transformation and technology-driven innovations in the banking and financial services domain.
As CIO, he has been spearheading the e-transformation in the Muthoot Group which has 5000+ branch network and 35,000+ employees. He is also the current CEO of Muthoot Systems & Technologies Pvt Ltd, Infopark, Kochi, and the software development subsidiary of the Muthoot Group. Prior to this, he was the Chief Knowledge Officer in Enzen, Bangalore for 4 years heading its BFSI Consulting, Knowledge management, software quality assurance & process excellence.
KNC was CIO of the Federal Bank for over a decade and transformed the traditional bank into a leader in technology infusion. While in the Bank, he pioneered the deployment of rural ATMs starting in Kerala in early 2000 which was followed by all banks to provide customer convenience and reduce transactions cost.
He served the Reserve Bank of India (RBI) for 12 years in the areas of financial software systems development, Rural Credit Information Systems, Statistical Analysis, and Securities Trading. He was selected to the Indian Statistical Service (ISS) in 1980 and served in a couple of Govt. of India Ministries in New Delhi working in statistics and computer related areas for 4 years.
KNC started his long career in IT as a Systems Analyst in the Bhabha Atomic Research Centre (BARC), Bombay in 1978.
KNC has also served the following Committees as a member.
1. RBI Working Group on Critical Infrastructure Protection
2. RBI Working Group for Business Rules formulation for RTGS
3. IBA Committee on Computerisation in the banking industry.
4. Member of Board of Information Systems Audit & Control Association (ISACA), Cochin Chapter.
Major Ashish is responsible for developing and executing innovative solutions for Fino Payments Bank. In addition to overseeing in house offerings, Ashish manages corporate partnerships and alliances to strengthen the product and service portfolio of the bank.
He is also entrusted with the task of ensuring accessibility of the bank’s products across multiple platforms – digital as well as physical. For smooth and seamless service delivery to customers, clients and merchants, Ashish is also responsible for the cohesive functioning of Products, Technology and Central operations.
Earlier, he successfully managed Fino’s corporate business and retail initiative of Money Marts. An Indian Army veteran with over 27 years of experience that includes military service, banking, corporate business, channel management, retail and more, Ashish’s strength lies in successfully executing complex projects.
Over the years, Ashish has represented Fino in multiple businesses and government forums on financial inclusion, digital payments, direct benefit transfer (DBT) and Aadhaar enabled payment systems (AEPS) amongst others.
Ashish is a fitness buff and enjoys squash and golf in his spare time.
Deep Agrawal is Director and Head of Payments at PhonePe. He oversees the entire Payments suite of offerings across the PhonePe ecosystem. He joined PhonePe two years ago.
Prior to this, Deep was Executive Vice President, Digital Banking at YES BANK where he was responsible for the YES BANK’s emerging payments area with a special focus on launching innovative products catering to various segments of customers across Corporate and Retail use cases. He was responsible for the creation of the Go-to-Market strategy and then launching and scaling products and businesses such as UPI, Bharat Bill Pay (BBPS), IMPS, Aadhaar Enabled Payment System (AePS) to industry-leading positions. He has worked on innovative programs such as YES SIMsePAY and YES Money which have contributed significantly to the Financial Inclusion agenda. These businesses have received several awards from notable entities such as Nasscom, Finnoviti, SKOCH, Golden Peacock, NPCI and MasterCard. He has represented YES BANK at Steering Committees of NPCI and at other industry forums such as IBA which help shape the entire digital payment ecosystem of the country.
He holds an MBA from Narsee Monjee Institute of Management Studies and a B.Tech degree in Computer Science Engineering from Vishwakarma Institute of Technology.
Ankit has over 15 years of experience in BFSI and specialises in Banking Technology Management. He has worked across Banking and Fintech Industry in several roles across Business, Product Development and Project Management. He co-founded Payso, a Payments Fintech Company specializing in QR Payments which was acqui-hired by Mwipe. He also led the Product and Innovation, Transaction Banking Group at Kotak Mahindra Bank as the Vice President.
Prashanth is a Senior WW Product Manager at Hewlett Packard Enterprise, managing a portfolio of NonStop OS, Virtualization and Security. In his role Prashanth owns the strategy, roadmap, customer satisfaction and ecosystem enablement for the portfolio. He has done post graduate diploma in software enterprise management from IIM Bangalore and has a Bachelor’s degree in Electronics & Communication from NIT Surathkal. Prashanth is with HPE for 11 years and has prior experience in communication software engineering.
Current Position and Responsibilities
Shailesh Paul is Vice President and Head of Merchant Sales & Solutions India and South Asia. He is responsible for leading Visa’s merchant acceptance strategy, Visa’s merchant, acquirer and payment facilitator partnerships as well as the CyberSource business in the subcontinent.
Previous Positions
Shailesh joined Visa in 2006 and until recently led Merchant Partnership Development & Co-brands for Asia Pacific, based in Singapore. He was previously Head of Product Development, Asia Pacific at Visa and was the regional lead for core product development & specialized sales. Prior to that at Visa, Shailesh was Regional Director, Debit Products for Southeast Asia & Australia. Shailesh joined Visa from Standard Chartered Bank where he was Head of Credit Cards and Personal Loans, Qatar and held various management positions in India.
Other Information
Shailesh holds an undergraduate business degree and MBA, both from India. His international career spans leadership positions in Asia Pacific, India and the Middle East. He is a regular contributor and participant at industry platforms as a speaker and panelist in many industry and public forums which include Mapic India (India Retail Forum) 2019 and 2021, ET Cards & Payments Summit 2019, TechCircle Pay-IT Conclave 2018 and 2020, to name a few.
Shalil is responsible for research, events and training business that assists clients in improving their capabilities in key process areas. Before this, Shalil was ‘AVP, Research and Consulting’ at IDC India. He has an extensive senior level experience in the ICT industry that enriches his strategic engagements with companies. A much-sought-after speaker at international forums, Shalil also invests his time in leading innumerable focused group discussions in India. With his specialization in the BFSI sector, he covers an array of topics including emerging technologies, digital enterprises, industries and IT sourcing and servicing in his speaking engagements.
Shalil's role extends beyond delivering qualitative research content, and includes preparing forward-looking assessment and analysis and sharing market insights and predictions with senior management teams. He has worked in India, London, Edinburgh, Ireland, Western Europe, Hong Kong, Singapore, Malaysia, and Taiwan. During his time in these organizations, he has driven the development of enterprise level technology strategies, managed large transformation and IT programs, and played a leading role in a post-merger IT integration of two banks in the United Kingdom.
A graduate of Computer Science, Shalil holds a postgraduate (MBA) degree from the Indian Institute of Foreign Trade (IIFT), a leading business school in India.
Sumedha is the Product Lead of Sales Edge, India’s only Growth Acceleration Platform. She is also responsible for c-suite research programs such as CFO research, CEO Research, and other CXO research conducted to understand the technology landscape of India. She is well established as a sought-out advisor to many industry technology provider leaders across multiple functions such as marketing, sales and product solution development helping them understand the nuances and deal with the dynamism of the market at large.
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