Bengaluru, September 02, 2024 – “Your innovation, your engagement with every section of society, your imagination with newer ideas and the passion that the fintech sector brings to the table is truly envious. Almost reminds me of that old Onida ad: ‘Owner’s pride, neighbour’s envy’ – and I think that’s India’s fintech story,” said Shri Piyush Goyal, Union Minister of Commerce and Industry, addressing a gathering of fintech leaders and professionals at the Global Fintech Fest 2024. 

Recognizing the contributions of the fintech sector to the India-story, he said, “India is a country which is growing at 7-8%. In fact, in USD terms, we are growing at about 10% that means we are doubling our GDP every 7 years. The fifth largest economy, poised to become third largest as per IMF estimates in the next 3 years. A country on the move. And friends, I must acknowledge, a lot of that forward movement, a lot of this success story rests on the wonderful work that the Fintech sector has done. Your contributions particularly during the Covid pandemic kept the wheels of the economy moving rapidly.”

“The last decade has been transformational for India. The Jan-Dhan Yojna which was launched 10 years and two days ago in 2014 with the idea of taking financial inclusion across the country to every single family has reached over 530 million accounts. Every willing adult in the country today proudly has a bank account of his own. The poor and less privileged sections of the society who are beneficiaries of the government’s affirmative actions are able to receive the money in their bank account without any middle man or any corruption through a completely honest mechanism and the direct benefit transfer which rests on the JAM trinity – the Jan-Dhan, Aadhar and mobile phone have been saturated throughout the country so that every person has his own identity,” Shri Goyal remarked.

Global Fintech Fest (GFF) 2024, is presented by the Ministry of Electronics and Information Technology (MeitY), Ministry of External Affairs, Department of Financial Services (DFS), Reserve Bank of India (RBI) and International Financial Services Centres Authority (IFSCA) and jointly organised by the Payments Council of India (PCI), the National Payments Corporation of India (NPCI), and the Fintech Convergence Council (FCC)

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Each section of the pavilion has been meticulously designed to provide an immersive experience, allowing delegates from around the world to engage with the latest advancements in digital payments and understand NPCI’s transformative impact on the fintech landscape.

A Journey Through Innovation: NPCI Pavilion Highlights

The pavilion features distinct zones dedicated to UPI, RuPay, NPCI Bharat BillPay, and NPCI International, each offering a deep dive into the future of digital transactions. These zones are experiential hubs where attendees can witness the power and potential of NPCI’s innovations.

• UPI Zone: Demonstrating innovations like UPI Circle, wherein UPI users can delegate payments to their trusted secondary users, and enhanced credit features on BHIM app, this zone allows visitors to interact with cutting-edge payment solutions. The UPI ATM, a key attraction, offers a glimpse into the seamless integration of cash deposits and withdrawals with UPI, revolutionising traditional banking interactions.

Developed by NPCI, Unified Payments Interface (UPI) is a real-time payment system that facilitates Person to Person (P2P) and Person to Merchant (P2M) transactions.

• RuPay Zone: Designed as a bus to symbolise the mobility and accessibility of RuPay’s offerings, this zone features NCMC technology along with a dispensing machine where visitors can seamlessly get their RuPay NCMCs issued. Furthermore, attendees can acquire any in-trend payment accessories that go beyond the traditional card as a form factor directly from the RuPay On-The-Go (OTG) vending machines, showcasing the ease and convenience of RuPay’s latest innovations.

Developed by NPCI, RuPay is a global card network from India with wide acceptance at Shops, ATMs, and e-commerce in India and abroad.

• NPCI Bharat BillPay and NPCI International Zones: These areas highlight NPCI’s commitment to expanding the reach of digital payments, both within India and internationally. NPCI Bharat BillPay demonstrates the next generation of bill payment solutions like Bharat BillPay for Business, while NPCI International showcases how India’s digital payment infrastructure is making waves globally.

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The Global Fintech Fest (GFF) 2024 is presented by the Ministry of Electronics and Information Technology (MeitY), Ministry of External Affairs, Department of Financial Services (DFS), Reserve Bank of India (RBI) and International Financial Services Centres Authority (IFSCA). The conference is jointly organised by the Payments Council of India (PCI), the National Payments Corporation of India (NPCI), and the Fintech Convergence Council (FCC).

Speaking about how the fintech sector could grow in a manner that was responsible ensuring that social objectives were met, Shri Rabi Sankar said, “The SROs will have to play a leading role and they should work constantly and consistently in a way that is favorable to competition. Competition is essential to make markets effective and efficient, and an important indicator of market integrity is price efficiency. Cost efficiency should be driven by technology. SROs can play a role in removing inefficiencies through the use of technology.”

“One major function that an SRO is intended to do is to facilitate honest two-way communication between the regulator and the industry,” he added.

Shri Rabi Sankar spoke on the role that SROs could play in the growth of the fintech sector by establishing codes, standards, voluntary compliance mechanisms, ensuring growth while minimizing potential risks and negative outcomes.

“Fintech industry in India is in the early stages of development. Fintechs or technology innovators are and will continue to transform the financial ecosystem,” he said.

Speaking about the India model of digitisation, Shri Rabi Sankar said, “While public goods will continue to be created in the public sector, private sector will play a more important role in the area of innovation.”

Over 1000 speakers, including policymakers, regulators, senior bankers, industry captains, and academicians, from India and various other countries are addressing more than 350 sessions over three days of the conference. Delegates are participating over 70 countries, besides India.

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RBI Deputy Governor launches include UPI Interoperable Cash Deposit at ATMs

Bengaluru, 30 August 2024: The Reserve Bank of India (RBI) Deputy Governor Shri T. Rabi Sankar today announced the launch of product offerings aimed at transforming the ATM infrastructure in the country. Unveiled in association with National Payments Corporation of India (NPCI) at the Global Fintech Fest (GFF) 2024, the initiatives include UPI Interoperable Cash Deposit (UPI-ICD) and banks showcasing Digital Banking Units (DBUs).

The introduction of UPI ICD allows customers to deposit cash at ATMs operated by banks and white label ATM operators (WLAOs) using UPI to their own bank account or any other bank account without the need for a physical card. These ATMs are cash recycler machines which are used for both cash deposits and withdrawals. Leveraging their mobile numbers linked to UPI, virtual payment addresses (VPA) and account IFSCs, customers can now do cash deposits, making the process more seamless, inclusive and accessible. Consumers will be able to access these features as the banks gradually roll them out.

ATM machines with open architecture can host bank apps positioning them as DBUs offering cash deposits, withdrawals and other banking services such as opening bank accounts, applying for credit cards, initiate fixed deposits, applying for safe deposit lockers, etc.

Additionally, today at the GFF 2024, Shri Vivek Deep, Executive Director, RBI announced rebranding of Bharat Bill Payment System (BBPS) to Bharat Connect. This is an important step to refresh and strengthen BBPS brand. Bharat Connect embodies NPCI Bharat BillPay Limited’s (NBBL’s) values and vision for stakeholders and customers, going beyond a bill payment system to create an ecosystem that connects individuals and businesses, through an integrated platform.

The launches took place in the presence of Shri Ajay Kumar Choudhary, Non-Executive Chairman and Independent Director, NPCI.

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GFF 2024 is presented by the Ministry of Electronics and Information Technology (MeitY), Ministry of External Affairs, Department of Financial Services (DFS), Reserve Bank of India (RBI) and International Financial Services Centres Authority (IFSCA). The conference is jointly organised by the Payments Council of India (PCI), the National Payments Corporation of India (NPCI), and the Fintech Convergence Council (FCC).

Among other speakers at the session were Mr. Kris Gopalakrishnan, Chair – GFF2024, Co-founder Infosys and Chairman, Axilor Ventures; Mr. G Padmanabhan, Former Executive Director, Reserve Bank of India, and Ex-Chairman, Bank of India and Mr. Vishwas Patel, Joint Managing Director, Infibeam Avenues & Chairman, Payments Council of India.

“Globally while addressing the equality debate, there is significant interest around ‘inclusivity’, and we also need to be worried about the lack of significant progress on the sustainable development, and hence we need to think if fintech technologies will bring about the change in an accelerated manner. For a long time, India has been a ‘rule taker’, and we just abided by the western nations. But in the fintech revolution, India has an eminent role to play in ‘rule making’, as most of the digital technologies are made in India, and India should be at the forefront of taking the lead,” added Shri. Ravi.

Talking about how the next 10 years will look like and the future of the fintech industry, Mr. Gopalakrishnan, said, “Indian fintech industry has come a long way, combining emerging technologies, business models, innovation, and Digital Public Infrastructure. New technologies are emerging such as IoT, AI, ML, ChatGPT, voice recognition, etc., and every evolution of technology will require responses and how the fintech industry navigates this and maintains momentum. There is global collaboration to look at how we can leverage this new technology, and what we have been able to achieve in India. There is discussion around the responsible use of technology, ethical growth and the need to build trust with all stakeholders, and collaborations across borders with governments and we look forward to all these discussions.”

In his opening remarks Mr. Padmanabhan said, “The greatest achievement of Global Fintech Fest is bringing every stakeholder together to network, which is crucial for the development of any ecosystem.”

Concluding the inaugural session, Mr. Patel, said, “This event is an extraordinary gathering of visionaries and leaders who are seeking a future in financial technology. GFF has grown to be the largest fintech conference in the world and it is a testament to the vibrant community that drives innovation and transformation.”

The session also saw the launch of the report “Building Bridges for the Next Decade of Finance”.

Around 800 speakers, including policymakers, regulators, senior bankers, industry captains, and academicians, from India and various other countries will address more than 350 sessions over three days of the conference. Delegates are expected from over 100 countries.

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