Business News | Instant Payments, Accessible Payments, Universal Payments: The Future of Digital Payments
Get latest articles and stories on Business at LatestLY. The Asian payments system has been growing exponentially over the past few years in terms of revenue growth and is one of the largest contributors to the global payments revenue.
New Delhi [India], December 16 (ANI/SRV): The Asian payments system has been growing exponentially over the past few years in terms of revenue growth and is one of the largest contributors to the global payments revenue.
One of the major challenges in Asian payments business was including the unbanked or those with less income to use digital payment platforms plus increasing merchant acceptance, and gaining a settled adoption level on a global scale. On the 10th December 2021, Sapphire Connect concluded the 2nd Annual PayGround - New Age Payments E-Summit 2021 | Asia Edition centered on the theme "Instant. Accessible. Universal." and witnessed the leaders from the digital payments industry across Asia share their views as they chart the future roadmap that will enable easy adoption at large. Parallelly, it hosted, a dedicated Parallel Track on Cyber Security centered on the theme "Trends | Threat | Result".
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The summit witnessed more than 30+ speakers and over 800+ attendees across the Asia Region.
Streamlining what digital economy all about, UIDAI, Assistant Director General, Deepali Sharma, said that, "The recipe for a great digital economy is primarily to have a very enabling policy and secondly a supportive regulatory environment. However, a major support is needed from identification, inclusion in financial sector through bank accounts, a host of payments methods which are available for individuals to adopt and finally digital adoption by the end users."
With governments and regulators playing a significant role in encouraging digital payments and directing innovation pathways in the way business is conducted. An Exclusive panel for Governor's on the topic "Building cashless societies of the future by boosting financial inclusion: The Role of Regulators" was held. We had Mamerto Tangonan, Deputy Governor, Payments and Currency Management Sector (PCMS), Bangko Sentral ng Pilipinas, express Philippine's vision, he said, "We have a digital payments roadmap from 2020 to 2023 with an objective to achieve digital payments share of total retail payments transaction volume of 50% by 2023 and around 70% of adult public will hold at least one transaction account." R A A Jayalath, Assistant Governor, Central Bank of Sri Lanka, said, "Sri Lanka had already initiated the digital ID environment and we are the first country to start the National Identity Card structure in 1970 but still it was not materialized until the last year."
Speaking on the topic "The evolution of Digital Payments: Shaping the Future" we had Bhavesh Gupta, Chief Executive Officer - Lending Business, Paytm highlight the 3 drivers of innovation, he said, "India is arguably the most innovative market of payments in the world. To drive innovation, you need 3 things - regulatory framework, railroads on which stats can be built like UPI, digital wallets and the third is the need of startup ecosystem which can work on both".
In addition to this, the event touch based upon various other topics such as 'Real-Time Cross-border Payment: Need for Faster Payment Services and Lower Transaction Fees to enable New Growth Opportunities'; 'Inspire, Measure and Improve Customer loyalty by delivering value with instant payments'; 'Transforming business models: From vertical B2B business to omni-channel B2C ecosystem' and much more. Other speakers who graced this event with their presence were Murali Ramakrishnan, MD & CEO, South Indian Bank; R M Vishakha, MD & CEO, IndiaFirst Life Insurance and member - Thought Leaders of India; Jitesh Malik, Director, Digital Payments & Loyalty Program, Prudential; K V Dipu, President, Bajaj Allianz General Insurance; Nishchal Adhikari, Director, Payment Systems Department, Nepal Rastra Bank; Steven WONG Weng Leong, Chief Digital & Global Banking Strategist, China Construction Bank (Malaysia); Parthasarathy P, EVP - Chief Security Officer , First Abu Dhabi Bank; Saurabh Dalmia, Head - Cash Management, Bank of Baroda; Bertram Dsouza, EVP - Head Digital Banking, Kotak Mahindra Bank; Dharmesh C Desai, EVP & Head- NRI Business & Global Remittances, IndusInd Bank; Gauri Prosad Sarma, Chief General Manager, Punjab National Bank and many more.
Adding to this Rishi Kapoor, Associate Partner & Business Head, Sapphire Connect, says, "With the surging demand of digital both online and offline payments has transformed the way we transact. Businesses have started to digitize their operations to capture additional revenue through digital payments, as consumers rely on it due to the ease and convenience it offers. The demand for quick, efficient and low-cost payment experiences will further encourage innovation as we see that with the emergence of real-time payment rails. At the 2nd Annual PayGround - New Age Payments E-Summit 2021 we shed some light on customer expectations when it comes to digital payments, and plugged any knowledge gaps so we can further encourage the growth of a robust and secure payments ecosystem in ASIA."
To know more visit: Sapphire Connect
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