The year 2026 will be big for India. The country is expected to break the billion transactions per day – just on UPI. Currently for the year 2022-23, the country witnessed over 105 Billion Digital Transactions – a testament to the trust placed on digital transactions by the citizens of India.
Five years ago, there were many concerns related to security and stability or surety of digital transactions – almost completely roadblocking the success and growth of the Digital Payments industry in the country.
Now, there is no stopping. Their run is non-stop.
Combined with this growth is the outbound growth of the credit card industry – and they are expected to outrun the total debit card transactions by 2024-25. Again, a testament to the replacement of debit transactions with UPI based digital solutions.
Embedded finance, digital lending based on payment transactions and offline payments will drive the next phase of growth for the payments industry – as newer use cases come in to the foray of the digital payments ecosystem. Combined with the country’s want for financial inclusion, the resilience will come to depend on trust and non-failure & fault tolerance based seamless digital transactions.
The growth of Autopay, IPO Subscriptions, BNPL, B2B payments and digital currencies continue to be considered as major stimulators disrupting the business models of the existing companies. At the same time, regulatory authorities continue to devise better policies for payments which will be monitored by the provisions of Payments and Settlement systems (PSS). Innovations in payments have driven India into a universe of growth and opportunities. The New Trends for 2024 will include:
The journey and evolution of the Payments Infrastructure in India – its Highs & Lows, the Successes and Possible Roadblocks
Explore the evolving payments landscape, understanding industry perspectives on new use cases and economic disruptions. Uncover the concept of decoupling, where payment processes operate autonomously. Financial institutions and payment services aim to seamlessly integrate solutions into daily routines, emphasizing technological advancement.
For such a new ecosystem, with fast evolving use cases – IT infrastructure is expected to be tested. Tested in extremely harsh conditions with no room to fail. How is the industry building resilience? Extending Fault Tolerance to Digital Payments.
Speakers:
With the progression in the digital payments volume and building of new use cases, there is a strong focus on making transactions and data secure against the persisting & emanating risks.
What is the cost of Payments for India – understanding and deep diving into the economic future for digital payments and UPI. What is the logical conclusion to this debate?
Collaborative efforts among banks, fintechs, and payments forge a seamless ecosystem, prioritizing personalized digital experiences, informed decision-making through analytics, fortified cybersecurity, and strategic collaborations for accelerated innovation—a recipe for a resilient and adaptable industry.
Speakers:
By Kiran Satyanarayana, Principal Solution Architect, HPE NonStop Enterprise Division
By Nalini Venkat, President – Strategic Partnerships & Head – Institutional Business, Digit Insurance
Mr. Vishwas Patel is the Executive Director at Infibeam Avenues Limited and Founder & CEO of the Company’s Payments business.
Mr. Vishwas Patel is the founder of the payment gateway brand CCAvenue, founded in the year 2001. CCAvenue is among India's top 3 online payment gateway platforms and ranks number 2 in the UAE among non-bank private digital payment companies. CCAvenue was recently honoured with the Economic Times Best BFSI Brands 2022 accolade and has been selected for the third year in a row as among India’s renowned and most trusted brands by Superbrands India.
Under his leadership, IAL has developed a full stack payments portfolio covering Payments Acquiring, Payments Issuance, Domestic and International Remittance and Assisted Commerce in financial services. He has also expanded the payments business in international markets covering UAE, Saudi Arabia, Oman, and the USA, and plans to expand in multiple geographies in the coming years to make the payments business global.
Mr. Patel has studied law and was a practising counsel at the Bombay High Court.
Mr. Vishwas Patel has significantly contributed to shaping and giving direction to the digital payments industry for nearly two decades in India.
He is currently the Chairman of the Payments Council of India, the primary industry body representing all the digital payments providers in India. PCI works closely with the regulators i.e. Reserve Bank of India (RBI), the Finance Ministry and any similar government, departments, bodies or Institutions to make ‘India a less cash society’. He also serves as a member of various RBI committees to deepen digital payments in India.
In recognition of his path-breaking accomplishments and stellar contributions as an industry leader in the Indian Fintech sector over the past two decades, he has been conferred many awards; Entrepreneur of the Year in Service Business – SaS & IT at the Entrepreneur Awards 2020, Intellectual Explorer Award 2020, Payments Entrepreneur of the Year accolade at the Payments & Cards Awards 2019, Asia Pacific Information Security Leadership Achievements Award 2007.
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