The first edition of Minds Konnect brought together industry experts to discuss the way forward for UPI transactions in India and globally
Mindgate Solutions, a provider of payment technology and transaction processing, hosted a panel discussion addressing the pathway to make real-time unified payment interface (UPI) payments ubiquitous on Tuesday. The event took place in the presence of chief experience officers (CXOs) and thought leaders from the banking industry to discuss the growth of UPI transactions in India and the road ahead for digital innovation.
The panel discussion was moderated by Guhan Muthusamy, co-founder and software architect, Mindgate Solutions, focused on the topic of ‘How to Make Real-Time Payments Ubiquitous?’ and explored the challenges and opportunities presented by the rapid growth of UPI transactions in India.
The panelists included National Payments Corporation of India (NPCI) chief operating officer, Praveena Rai, State Bank of India's chief general manager (CGM) for digital transformation and e-commerce, Sandeep Ubali and Ramesh Laxminarayan, chief information officer (CIO) and group head for information technology at HDFC Bank. They were joined by Mahesh Ramamoorthy, CIO of Yes Bank, South Indian Bank's CIO's Sony A and Jeremy Wilmot, senior advisor of ACI Worldwide.
“UPI is deeply ecosystem-driven and tech-driven driving transformation of the payment industry in India. To drive UPI growth of users and usage, it is critical to continue to innovate with applications such as RuPay credit cards linked to UPI, UPI Lite and several such. The technology stack to ensure a seamless user experience is crucial," said Praveena Rai, COO of NPCI.
"UPI has been a game changer in the payment industry by bringing technology to the forefront and allowing ecosystems to grow without any inhibitions. One KPI month-on-month we focussed is UPI Technical decline and it has yielded great results and customer satisfaction irrespective of issuing or acquiring transactions," added Ramesh Laxminarayan, CIO and group head-IT, HDFC Bank.
The company's solutions, including mobile-based collections and payment platforms like Real-time Payments (RTP) and UPI, currently process over 3.5 billion RTP transactions per month.
The panel discussion highlighted the challenges faced by financial institutions in adopting real-time payments and how Mindgate Solutions has been instrumental in addressing these challenges. The panel also discussed how the use of digital platforms like UPI is going to change the way payments are made in India, and how this will lead to an increase in banking transactions and digital commerce.
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