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

The 15th edition of Digital Money 2023, organized by the Payments Council of India (PCI), concluded on a high note, with discussions around the landscape of digital payments in the country. The flagship conference brought together industry stalwarts to discuss and deliberate on Indias digital payments growth story and its impact across various sectors.

With the theme of this years conference being "From Innovation to Synergies", Vishwas Patel, Chairman, Payments Council of India, hailed the initiatives taken by both the public and private sectors and called the Digital Money conference a pivotal platform for shaping the industrys future. "Digital payments are driving fintech growth in India, supported by accessibility and population trends. While cash and digital payments are growing, focus on acceptance and revenue mechanisms is crucial. UPI has seen growth with the installation of over 26 crore QR codes in kirana stores. On the other hand, over 96 crore debit cards are in circulation, with 4.5 million terminals supporting 25 crore SMEs. We feel the government's support through Information, Innovation, and Taxation (IIT) has been crucial for the growth," he said.

Christophe Mariette, Commercial Director and Chairman, Lyra Network India said, "Fintech is booming in India due to the countrys robust digital infrastructure. UPI, for instance, processed a record 8 billion transactions in a month. Digital payments are crucial for cost-effective cross-border transactions, but require robust compliance and security measures. Only end-to-end solution providers can address these needs efficiently. At Lyra, we are very bold to bring UPI inference and we will demonstrate UPI for Indians during the visit of Prime Minister Narendra Modi Ji on Liberation Day. On the other hand, Central Bank Digital Currency (CBDC) has the potential to transform the ecosystem as it offers regulatory benefits. Once regulated, CBDCs like e-rupee will provide benefits of digital payments with blockchain-backed regulatory compliance."

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.