India’s emerging international finance tec-city Gift City, Ahmedabad today witnessed ‘Fintech Festival India’, the largest fintech event in the country organized by Constellar Exhibitions (a subsidiary of TEMASEK and Singapore Press Holdings which organizes Singapore FinTech Festival) and supported by Niti Aayog and six central government ministries.
On the sidelines of the event, a white paper on ‘Digital Payments: Innovation and Trends’, published by FFI’s Knowledge Partner – Ernst & Young (EY), was also unveiled today in front of the august gathering. The white paper deep-dives into global trends transforming payments space, emerging trends in payment industry, success story of India’s UPI, challenges and way forward for the industry.
The whitepaper highlighted that security breaches continues to remain the biggest concerns while using digital systems. Cyber frauds are jeopardizing customer trust on digital means. Users need to be careful and more responsible while dealing with data in banks, FinTechs etc. Adequate investments into security technology along with stricter laws are the pre-requisite for the prevention of cyber frauds.
The whitepaper also discussed the other challenge of MSMEs not being motivated to adopt digital payment modes and avoid being part of the formal financial and tax regime to escape paying merchant discount rate (MDR). Despite the wide acceptance of digital platforms, a greater amount of trust lies in cash payments as compared to cashless. There is lack of awareness on the part of both customers as well as merchants. While customers are unaware of the benefits of digital systems and have high security concerns, merchants hardly fail to question the reliability of the digital system itself, often leading to disputes, especially in the small merchant community who are reluctant to deliver products basis a payment approval paper slip or an SMS. Digital inclusion along with digital literacy is the key to winning this battle of trust, empowering a digital economy.
The daylong conference in Ahmedabad was also attended by some well-known stalwarts such a Sameer Mahajan, Director, Stride Ventures; Anil Pinapala, Member at FACE and Founder & CEO, Vivifi India Finance; Subramanya S V, Cofounder, Fisdom; Naganand Doraswamy, Managing Partner & Founder, Ideaspring Capital; amongst others.
Baldeep Singh Pahwa, Country Head & General Manager, Constellar, said, “India’s FinTech ecosystem is pivotal to realizing our goal of a $5 trillion economy. Fintech Festival India has played a quintessential role in bringing all the key stakeholders to discuss industrial challenges and policies, also enhancing collaboration and innovation within the industry. We look forward to some insightful discussions ranging from Embedded Finance, Internet of Things, Metaverse, Big Data, Web 3.0 among others in our upcoming events.”
Fintech Festival India is the country’s largest FinTech confluence to be held till March 2022. It will witness participation from over 500 Indian and global leaders and 12,000+ delegates. FFI will see participation from Brazil, Israel, UK, Russia, Canada, Finland, Japan, Singapore among others.
The conferences are being supported by Government of India’s Ministry of Finance, Ministry of Electronics & Information Technology (MeitY), Ministry of Small & Medium Enterprise (MSME), The Agricultural and Processed Food Products Export Development Authority (Ministry of Commerce and Industry), Broadcast Engineering Consultants India Limited ( A Government of India Enterprise – Under Ministry of Information & Broadcasting) and Startup India (Department for promotion of Industry and Internal Trade & Invest India). It has also received support from the Government of Tamil Nadu, Government of Karnataka and Electronics Corporation of Tamil Nadu Limited (ELCOT).
Fintech Festival India is being conducted in physical and digital format through 10 Micro Experience Conferences in Hyderabad, Bengaluru, Delhi, Guwahati, Chennai, Mumbai, Gift City (Ahmedabad) and Pune. The festival will end with a 3-day mega event in New Delhi from March 9 – 11, 2022.
The next Micro Experience will be held in Bengaluru on 28th January 2022. In addition to the government, FFI which aims to unleash the power of FinTech across the country, has also drawn interest from industry including Indian insurance behemoth Life Insurance Corporation (LIC) and World Trade Centre Mumbai among others.