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Investment discussions at GFF-2023 surpass impressive $2 bn

 The Global Fintech Fest (GFF), which spanned three days and featured a truly global audience, proved to be a resounding success. More than 65,000 delegates from over 100 countries participated in the event, which boasted 900 speakers (with 25% being women), over 30 speakers representing various nations, and over 100 regulatory dignitaries. Additionally, the event featured 300+ expos and drew in 300+ investors, including Angels, VCs, PE Funds, and more.

Emerging as the world’s largest thought leadership platform, the Global Fintech Fest 2023 concluded here on September 7, with a promise to return in the 5th edition October 8 – 10, 2024, with an even larger agenda. The three-day conference brought together on one platform policymakers, regulators, bankers, industry captains, academicians and professionals of the fintech landscape from all over the world.

Not only insightful speaking sessions, but GFF 2023 was also abuzz with a plethora of other activities including a huge exhibition, numerous investment pitches, master classes and workshops.

During the event, NPCI notably launched a series of RuPay Prepaid Cards in partnership with multiple issuer banks and fintech players. SBI Nation First Transit Card enables cashless travel in metros, buses, and other transit modes with the ease of tap and pay. SBI’s newly launched card is a RuPay NCMC Prepaid Card that will facilitate the seamless and convenient customer commuting experience and ensure easy digital ticketing fare payments in metro, buses, water ferries, parking, etc., through a single card. Individuals can also use this card for making retail and e-commerce payments.

Dinesh Kumar Khara, Chairman, State Bank of India, stated, “At SBI, we constantly strive to make banking and everyday life simpler for our customers. The Nation First Transit Card, powered by RuPay and NCMC technology, is set to revolutionize the commuting experience and is aligned with the national vision of “One Nation One Card”. We are proud to introduce a card that not only eases the lives of our customers but also contributes to the growth of our country.”

To provide simple, secure, safe, and interoperable recharge for customers, NPCI and Indian Highways Management Company (IHMCL) has launched a mechanism to include an easy recharge QR on FASTag. The UPI QR code will be included on the non-adhesive end of the tag so that the customer can recharge by simply scanning the QR code on the tag using any UPI app while sitting inside the comfort of their vehicle. NPCI also demonstrated interoperable AePS transactions authenticated via facial identity-based authentication.

NPCI also introduced Aadhaar-based dual authentication services for AePS to support Self-Help groups (SHGs), for easy and assisted interoperable banking transactions using authorized signatories’ biometric authentication. Similar to SHGs, Joint Liability Groups (JLGs), and other such joint operation accounts can be supported for basic banking transactions using dual authentication. NPCI unveiled the “OTG Ring,” the first contactless payment wearable ring made in India. Notably, they can also be enabled for National Common Mobility Card (NCMC) customers and used for various open-loop transit programs.

Users will now be able to transact by entering just the beneficiary’s mobile number and bank name. With the introduction of the simplified journey by NPCI, customers can directly transfer up to 5 lakhs without adding the beneficiary. NPCI has also introduced credit card bill payments using IMPS Virtual Number.

GFF 2023 was supported by the Ministry of Electronics and Information Technology (MietY), the Department of Economic Affairs (DEA), Ministry of Finance, the Reserve Bank of India (RBI), and the International Financial Services Centres Authority (IFSCA) and was organized by the Payments Council of India (PCI), Fintech Convergence Council (FCC), and National Payments Corporation of India (NPCI).Among the leading international agencies which partnered with GFF 2023 are the World Bank, the Global Knowledge Partnership on Migration and Development (KNOMAD), the Consultative Group to Assist the Poor (CGAP), and Women’s World Banking. Australia, Brazil, the United Kingdom, Germany and Israel were the Country Partners of GFF 2023.

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