About This Event

Banks  today  are  virtually driving electronics payments using  a variety  of hitherto  unknown  channels like mobile banking,  wallets, cardless payment system and social media  banking.  Non-bank  payments companies are  now active  in the domain  adding  a thrust  to the digitization efforts. These entities  are gaining  credence and  popularity  in the  payments ecosystem at  an  unrivalled  speed. The  scenario becomes challenging with more number of banks  will be there  to take on the existing  ones and each one  of them  promising  better products, innovative  delivery mechanisms and  cost-effective solutions. While cash  cannot be  wished  away  anytime  in the  near  future, there  has  been a marked preference among  bank customers, especially among  the young generation, for the digital – banking  through smart phones, through the internet,  through e-tailing and through instruments like cards.

The payments system in the country has seen several promising  concepts in the recent days:

• The unified payments interface, conceived by NPCI is expected to facilitate transfer of funds and may
  payments instantly across multiple banks  without the need of a mobile phone or account number
• The new payments banks that are expected to hit the banking system shortly will bring banking to
  the millions of unbanked people, especially in the rural areas
• The  ever  increasing mobile  penetration and  the  prevalence of internet is expected to  create a e-commerce environment in the  country  as customers would prefer  an online  mode  rather  than  a physical payments system
• Non-banking  operators  are  marking  their  presence  in  mobile  wallets  and  traditional  banks  are
  lagging  behind IMPS, which has made remittances simpler and faster
• The operationalization of Bharat Bill Payments System is expected to standardize the bill payments
  market  in the country

That all these developments were  not even  at a conceptual stage a couple  of years  ago  signifies that the payments system is poised for an eventful onward journey. While what could be in store in the years ahead is anybody’s guess, there  are some  indicators:

• Cardless payments may be a possibly in the immediate future
• Mobile phones could become a replacement for cards
• Online payment systems may well become the new checkout standard
• There could be newer methods in authentication – not just biometrics, but one may be able to have  a voice authentication
• Payments on delivery may become a norm in e-commerce
• There could well be digital currencies

PayNext  is  an  event   for  payments system stakeholders  to  assess the level  innovation  in the  payments system across the  world, the new  systems that  are  becoming norms  and  the  changing customer expectations from banking  and payments. While banks  are investing hugely  in technology and  creation of digital channels, they  are  also confronting the  specter of non-banking companies emerging in the payments scenario. Payments is now a critical factor  for the  banks  in their strategy formulation. PayNext is a platform to discuss this emerging landscape.