Monica Jasuja

UPI coming full circle with “UPI Circle “ delegated payment mechanism for the family and Household expenses it’s time each Indian has UPI account to meet their daily needs .. huge opportunity for fintechs to build products on this ! UPI will hit 500 users with 2-3 times of that as circle ⭕️ users , ONDC, UPI circle would make India proving that they can build Amazon with best payment method covering lowest economic and small expenses needs for Indians ! UPI best tool for financial inclusion creating financial translations behaviour digital footprints for possible credit inclusion at next level ! Way to go UPI - India 🇮🇳

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Govt business is the best business , govt is 40-50% partner in each enterprise even if you make loss as start up and Private business ! NCPI, CSC, are most profitable organisations , while they are tasked to do financial inclusion, imagine VC funded and listed companies payment companesies are not allowed to make money out of UPI and UPI brings profits to govt ! Debatable .. which is public and which is private for profit business ?

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'Digital payments, made through systems like the Unified Payments Interface (UPI), which allow users to transfer funds instantly by scanning a QR code, have become ubiquitous across the world's most populous country, transforming daily life. The e-payment revolution is also likely to play an important role in India's attempts to become an economic superpower. It is the planet's fifth biggest economy, and PM Narendra Modi, who is currently running for this third consecutive term, has said he wants India to be considered 'developed' by 2047. Digital payments are likely to enhance India's growth by eliminating friction, increasing efficiency, and reducing costs. UPI and the broader digitization of the economy could also increase the inclusiveness of this growth. India's push to digitize its society started about 15 years ago, but e-payments were slow to catch on. In 2016, 96% of transactions in India were still conducted with banknotes. Two events that year changed things. First, the non-profit National Payments Corporation of India (NPCI), an initiative of the central bank and a banking association, launched the payment infrastructure UPI. UPI allows users to use their phone as a virtual debit card, transferring money from almost 600 member banks and fintech companies instantly without entering bank details or paying transaction fees. Late 2016, the government scrapped two large banknotes that comprised 86% of all currency in circulation which promoted a surge in the use of e-payments. COVID-19 further boosted the adoption of digital transactions as people tried to protect themselves from the virus. Now more digital transactions are completed in India than any other country - in 2023, the number of UPI transactions topped 100 billion, aiming for 2 billion transactions a day by 2030. India's DPI has helped it achieve an 80% financial inclusion rate. Although inequality remains a problem. Now NPCI is focused on expanding overseas to make it easier for citizens working abroad to send remittances home or allow Indian travellers to pay using UPI. This year, the Eiffel Tower's website started accepting payment via UPI. UPI is a template for the world and with strong grassroots support it will dominate the South Asian nations.' https://lnkd.in/gcDWYU7K

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Fintech leaders know the existing legal framework and what can be the regulatory regime under this framework. RBI has already set the tone with draft guidelines on SROs. On their own, fintechs may develop their own codes of conduct focussing on ethical practices and customer protection. It will go a long way in creating bridges for trust between all stakeholders. Further, fintech sector not be seen two-dimensional - regulated and regulator. It will evolve into a complex industry in many ways.

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PayPal - Transforming #Digital #Payments with #Innovative #Solutions Authors: Manoj Joshi and Tushar Agrawal(Scholar Indian Institute of Information Technology Lucknow) The #BigQuestion: PayPal's dedication to #pioneering #digital #payments has set it apart with #innovative solutions and steadfast commitment to #userprivacy. How does the company intend to maintain its competitive edge in an industry characterized by swift #innovation and evolving consumer preferences? PayPal was created in 1998 by #ElonMusk, Max Levchin, and #PeterThiel in response to the demand for safe internet transactions. Thiel, who has a background in both law and technology, Levchin, a computer scientist, and Musk, a #visionary businessman, saw how #digitalpayments would transform the #worldeconomy. Their platform made online shopping more accessible to millions of people by giving them a convenient and safe means to conduct business in the digital age. The #founders formed the business to develop a new #digitalcurrency that would improve the efficiency and security of Internet transactions. It was born out of a confluence of circumstances, chiefly the founders' awareness of the flaws in the current payment methods and their desire to solve these problems with creative solutions. The original creators of what would become PayPal started as Confinity, which tried to create security software for mobile devices, but the business didn't take off. #VUCA challenges: #Volatility: Adapting to fluctuations in consumer behaviour and technological advancements, especially in the face of economic uncertainty. #Uncertainty: Navigating complex regulatory environments worldwide while maintaining a user-centric approach to data privacy and security. #Complexity: Tailoring digital payment solutions to diverse market needs, from individual consumers to multinational businesses, requires continuous innovation and agility. #Ambiguity: Anticipating and meeting the evolving expectations of users and stakeholders amidst rapid industry evolution poses ambiguous challenges. Lessons: PayPal's #strategicinnovation, #resilience, and #customer-centric focus have #positioned it as a #trailblazer in the #digitalpayments sphere. Embracing change and harnessing challenges as opportunities for growth and innovation have been #pivotal in PayPal's journey. Their success underscores the importance of #resilience, #adaptability, seizing #marketopportunities, and prioritizing user needs as core principles for sustained #entrepreneurial excellence. Singapore Management University Katyayni Joshi Ram Sharma, PhD Gil Mandelzis Ram Nidumolu, PhD Fernando G. Alberti, PhD Harvard Business School Stanford University Graduate School of Business MIT Sloan Executive Education Indian Institute of Management Ahmedabad Indian Institute of Technology, Kanpur iAccelerator CIIE, IIM Ahmedabad Indian Institute of Technology, Roorkee IIT Kharagpur - Vinod Gupta School of Management

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#Payments #Regulation in #Asia Key #isnights from CMSPI report ✅ Across #Japan, India, Singapore, and Australia card payments represent between 15% and 40% of total retail payments, and this share has been growing in some countries by 3x in just five years. ✅ Within the #card market, #regulators have enacted a variety of interventions, such as setting the maximum price of interchange, thus curtailing the effects of reverse #competition ✅ Regulators have also invested in pay-by-bank infrastructure which offers an alternative route for digital payments. In some countries, usage of pay-by-bank solutions has grown dramatically, surpassing the share of cards for retail payments in-store and online. ✅ Only Australia, one country of the four in scope, has protected surcharging rights for #merchants. In all other markets, global network prohibitions on #surcharging apply. Despite those restrictions, some countries, such as Singapore, have seen surcharging occur in certain sectors. #Digitalpayment #ecommerce #Creditcard #Debitcard #Merchant #FinTech #Finserv #Wallet #Mobile #Paytech #Dataprivacy #cybersecurity #Regtech #Australia #Singapore #india #DigitalIndia Mike Flache Francesco Burelli Tony Moroney Panagiotis Kriaris Dr. Martha Boeckenfeld Prof. Dr. Ingrid Vasiliu-Feltes Spiros Margaris Alex Jimenez Nicolas Babin Nicolas Pinto Amitav Bhattacharjee Sam Boboev Arjun Vir Singh Sanjeev Kumar Monica Jasuja Martin Moeller Enrico Molinari Dr. Khulood Almani🇸🇦 د.خلود المانع Efi Pylarinou Dan Feaheny Helen Yu Dr. Debashis Dutta https://lnkd.in/gAf4rtfB

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RBI Proposes New Framework On Additional Factor Of Authentication For Digital Payments New AFA Methods: Reserve Bank of India (RBI) proposes new AFA options for digital transactions, including PINs, passwords, cards, and biometrics like fingerprints. Draft Framework: It aims to offer more authentication choices beyond SMS-based OTPs for digital payment security. Dynamic Authentication: RBI suggests one authentication factor should be dynamically generated post-transaction initiation, ensuring it’s unique and non-reusable. Exemptions: Exemptions include small-value contactless card payments, mutual fund subscriptions, insurance premiums, credit card bill payments, and offline transactions up to INR 500. Feedback and Compliance: Feedback is sought by September 15, 2024, with compliance required within three months. This comes as digital transactions and fraud rise, with online frauds up 334% YoY in FY24 Read More: https://lnkd.in/gU3BsxGH

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Finteching in india: Wilder than the wild. Responsible lending no one wants to practise... Fintechs must shed their Wild west label to become more reliant. Some fintechs are still gunslinging in the unsecured lending market Fintechs capture 52% market share in personal loans: Report #Fintechs #india #unsecuredlending

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Financial inclusion is a critical enabler of economic development, ensuring that all individuals and businesses, regardless of their financial status, have access to essential financial services. In India, financial exclusion has long been a significant barrier to economic progress, particularly in rural areas. However, digital payment systems are now playing a pivotal role in addressing this issue, bringing millions of unbanked and underbanked individuals into the formal financial system. https://lnkd.in/g-h8h3ss

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Beyond OTP: RBI proposes new authentication measures to make digital payments more secure #rbi #digitalpayments #authentication #security https://lnkd.in/diSS-CGz

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Regulation drives innovation and change is imminent in fintech. But adaptation requires strategy. Here's my take on The RBI's new draft on Payment Aggregators: It is more than just paperwork; it's a catalyst. By mandating KYC norms and requiring authorization for both physical and online non-banking PAs, the RBI is setting a higher standard. What does this mean? 📌 𝗙𝗼𝗿 𝗣𝗔𝘀: Increased operational costs and a steeper path to merchant onboarding might seem daunting. Yes, it may limit the immediate pool of merchants. The new standards necessitate a solid compliance structure. It's a tough pill to swallow, but it ensures a safer transaction environment. 📌 𝗙𝗼𝗿 𝗠𝗲𝗿𝗰𝗵𝗮𝗻𝘁𝘀: Sweet pot of getting regulatory framework protection plus structured grievance redressal mechanism 📌 𝗙𝗼𝗿 𝗖𝘂𝘀𝘁𝗼𝗺𝗲𝗿𝘀: This is where the true benefit lies. Enhanced data security, better fraud prevention, and a streamlined grievance mechanism directly contribute to customer confidence and trust in digital transactions. The road ahead will have its challenges. However, the long-term benefits of these regulations will fortify the foundations of our digital economy, making it more robust against the risks that come with rapid growth and innovation. As leaders in fintech, how should we prepare for these changes? 𝗘𝘅𝗽𝗹𝗼𝗿𝗲 𝘁𝗵𝗲 𝗳𝘂𝗹𝗹 𝗥𝗕𝗜 𝗱𝗿𝗮𝗳𝘁 𝗵𝗲𝗿𝗲. https://lnkd.in/g3dHXCxr https://lnkd.in/gFwF-mGH 𝗪𝗵𝗮𝘁 𝗮𝗿𝗲 𝘆𝗼𝘂𝗿 𝘁𝗵𝗼𝘂𝗴𝗵𝘁𝘀 𝗼𝗻 𝘁𝗵𝗲 𝗶𝗺𝗽𝗮𝗰𝘁 𝗼𝗳 𝘁𝗵𝗲𝘀𝗲 𝗿𝗲𝗴𝘂𝗹𝗮𝘁𝗶𝗼𝗻𝘀 𝗼𝗻 𝗶𝗻𝗻𝗼𝘃𝗮𝘁𝗶𝗼𝗻 𝗶𝗻 𝗳𝗶𝗻𝘁𝗲𝗰𝗵? #dhanasekaran #fintech #belstar #mfitech #paymentaggregators

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Reserve Bank of India (RBI) report on currency and finance report lists the opportunities but flags the cybersecurity and fail of technology. Digitisation poses cybersecurity risks, challenges for regulators. #rbi #digitalpayments #digitaltransformation

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Rohit Sharma, the Indian cricket captain, has made a significant strategic investment in LEO1, an edu-fintech start-up that aims to revolutionize the financial landscape of the education sector in India. This marks Sharma's first foray into the fintech world, reflecting his interest in supporting innovative solutions that address long-standing issues within educational institutions. Check out here full story : https://lnkd.in/dU_5iUiF #RohitSharma #Indiancricketer #EduFintech #EducationRevolution #FinancialInnovation #TechInEducation #StartUpInvestment #InnovativeSolutions #EducationFinance #IndiaStartUps #BizzBuzz #BizzBuzzNews

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Quick and convenient Payment is method to sell your product and services for the customer and the merchant , ingrained in to sales process .. QR / online payment for street vending to shop and online sales , this is customer engagement model for daily purchases , selective buying by using BNPL , reward pints and More .. Now it’s time for credit providers to recognise these cash flows , create quick Merchant financing models -expand - PM Svanidhi to Mudra Loans using OCEN to ONDC .. lending Schemes supported by govt , create new credit models using technology and access to data .. Financial Inclusion is done payments are facilitated , what we need is credit inclusion ,wealth and asset inclusion for lower income groups to meet Bharat aspirational needs ! Of working , small business and GIG working class , not forgetting Indian farmer who is buyer and provider ..food, milk, Dairy , poultry and more ..

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Fintechs have innovated much before RBI Innovation HUB launched their innovations like Digital KCC for crop and dairy which was called PTP FC in 2023 evolved to be ULI in 2024 , providing DPI like ULI is like UPI, who took it to people were PayTM, Google , PhonePe of the world , like wise , before and after WhatsLoan, Digivriddhi built innovations for crop KCC and dairy loans well adopted with lot of support by RBI Innovation HUB to innovate more with access to land records , change in bank policies to adopt paperless , prenceless and branchless , underwriterless agriloans .. We would like see RBI Innovation HUB engaging with fintechs openly offering DPI under ULI to fast forward innovations in digital finance both on technology and credit models for low income groups of consumers , farmers and small businesses to meet 900 mln plus Bharat needs , so that Indian Borrower , Banks will benefit working collaboratively with Fintechs . Finternet and Fintechs are here to stay challenging status quo in banking esp in lending !

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Digital payments app Bharat Interface for Money (BHIM) will soon be available on the government-backed Open Network For Digital Commerce (ONDC) in a bid to increase its shares in the Unified Payment Interface (UPI) transactions 👇 The app will foray into the ecommerce space on ONDC via a separate division. With this, the users of the payments app would be able to shop for food and beverages, groceries, fashion, and apparel on the platform. The users of the app would be able to shop for food and beverages, groceries, and fashion on the platform, which is expected to boost BHIM’s UPI transactions. Launched in 2016 by the National Payments Corporation Of India (NPCI), BHIM is far behind in terms of UPI transactions compared to rivals like Google Pay, PhonePe and Paytm. To read more in detail, click here: https://lnkd.in/gZCitHtz #NCPI #BHIM #digitalpayments

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Explore a comprehensive & insightful panel discussion on how payments are unlocking digital acquisition and business expansion, with Amit Tyagi the Head of Fintech in NPCI Bharat BillPay (NBBL). Be there at the Payments Reloaded 2024 to experience a networking event like no other. Noopur Chaturvedi #IndustryLeaders #Innovation #DigitalTransformation

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