Global Fintech Fest (GFF) 2024 is presented by the Ministry of Electronics and Information Technology (MeitY), the Ministry of External Affairs, the Department of Financial Services (DFS), the Reserve Bank of India (RBI) and the 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 at a session with Ms. Praveena Rai, Chief Operating Officer, National Payments Corporation of India (NPCI) on ‘Deposit Mobilization in a Digital-First Banking Economy’, Mr. Chaudhry said, “You need to communicate to the market that you are tech-savvy and innovative, and your digital prowess is better than other institutions. Banking is a well-thought, calibrated decision, so you must ensure that when a customer is moving towards a decision, your name crops up, and when they do the analysis, you are the one chosen. We need to add a bouquet of services to the customers to cross-sell more. The more a customer is engaged, the more they will transact with you and more deposits they will keep with you.”

Speaking on consumer behavior change and trends in banking, Mr. Chaudhry added, “When people come into a digital world, they expect everything to be instant and know what is happening at every part of their banking journey, they also expect security. They believe that they deserve benefits because they are transacting. There is an expectation from the platform for the service provider. Also, people are getting wary of using these platforms because frauds are increasing. People of all ages today expect benefits, including the young and the older generation. They want to get the maximum done in the least amount of time. You have their attention span for a very limited time.”

He also remarked, “People underestimate that you need a technology stack and that requires a huge amount of investment. Digital banking requires various pieces of technology like APIs to speak with each other for business.”

Talking about Axis Bank’s vision, he added, “We would like the customer to be seen as the only customer the bank is serving and every customer to have a personalised experience with the bank. Every customer should have a unique page that opens up on the mobile app where he gets all the features. To get to that vision, we are running about 15 experiments on AI and ML.”

GFF 2024 Highlights

3 Days | 7 Tracks | 11 Stages |300+ Exhibitors| 350+ Sessions | 900+ Speakers |

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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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Global Fintech Fest (GFF) 2024 is presented by the Ministry of Electronics and Information Technology (MeitY), the Ministry of External Affairs, the Department of Financial Services (DFS), the Reserve Bank of India (RBI) and the 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).

In his keynote address, Shri Das said, “India is a fast-growing economic powerhouse with an increasingly tech-savvy population. India’s financial sector has witnessed a remarkable transformation driven by the fintech sector. Publicly available information places the number of fintechs founded in India at approximately 11,000, and the fintech sector has received investments of about USD 6 billion in the last two years alone.” The Governor proposed to highlight three major aspects: First, setting the priorities for India at 100. Second, technologies for the future and third, the regulatory architecture for fintechs.

Welcoming the RBI Governor, Mr. Kris Gopalakrishnan, Chair – GFF2024, Co-founder Infosys and Chairman, Axilor Ventures said, “The role of a regulator is enabling and enforcing, as without enabling, enforcement is not possible. I believe that RBI has done a fantastic job of working with the industry and making innovation possible and creating an economy that is inclusive, equitable and that is driven by technology.”

Around 800 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 have arrived from around a hundred countries, besides India.

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