Digital Money 2023: Experts Explore Synergies to Advance India's Digital Payments Ecosystem

Noopur Chaturvedi, CEO, NPCI Bharat Billpay Ltd., praised the regulators for their support. "I am confident that we will continue to accelerate our growth over the next five years, with ecosystem partners possibly needing to invest in the platform. The regulators have provided exceptional support, with the RBI Governors announcement in the December monetary policy expanding the scope of BBPS beyond directory bill payments. We have exciting plans in the pipeline for this area, and the same settlement concept is also suitable for ONDC. Additionally, the challenge of matching buyers and suppliers is an ongoing problem that requires constant solutions," she pointed out.

"Right from the very early days at Razorpay, we have partnered with various folks especially banks, networks, regulated entities as well as the partners from the merchant side. As the ecosystem grows, partnership is going to act as an important parameter to scale," said Khilan Haria, Sr. Vice President & Head of Payments Product, Razorpay.

At a session focused on the practical implications of Central Bank Digital Currencies (CBDCs), Naveen Surya, Chairman of the Fintech Convergence Council (FCC), shared his perspective. Speaking about the "Theory and Reality of CBDC Implementation," He highlighted the critical role of collaboration between various stakeholders, including the government, the private sector, and consumers, in successfully implementing CBDCs. "The way we talk about innovation and what has happened with UPI, if we look at the next innovation from our country, it will be CBDC in the next five to seven years. The way India is a leader in fast payments, it wont be too long that India leaves behind China as well in CBDC," he said.

Digital Money 2023 showcased how innovation had scaled financial inclusion, making payments more convenient and secure. Attendees gained valuable insights and opportunities for collaboration. The Payments Council of India reaffirmed its commitment to building a more innovative, collaborative, and prosperous future for digital payments.

The premier conference brought together more than 50 speakers, including visionary founders, and stalwarts from the payments industry with over 750 delegates participating in the event.

More information on the conference may be obtained from the website: Digital Money 2023

About Payments Council of India (PCI)

The Payments Council of India (PCI) was formed in 2013 catering to the needs of the digital payment industry. The Council was formed inter-alia for the purposes of representing the various regulated non-banking payment industry players, to address and help resolve various industry-level issues and barriers which require discussion and action. The council works with all its members to promote payments industry growth and to support our national goals of 'less cash society' and 'growth of financial inclusion' which is also the vision shared by the Reserve Bank of India (RBI) and Government of India. PCI works closely with the regulators, the finance ministry and similar government departments, bodies or institutions.