FinTech Festival India, the country’s largest FinTech event is underway with its digital edition between March 1 and 3, 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.
Speaking on the second day of the conference, Suhail Sameer, CEO, BharatPe, said, “If the BNPL ecosystem is targeted well towards the population who still don’t possess credit cards, it is a massive opportunity, and we can leapfrog the number of cards present in the country given the fact that there are 2.5 million card terminals as compared to 25 million QR code terminals.”
“One of the challenge that BNPL solves is accessibility to smaller but frequent loans, which banks do not cater to as there is a high cost of underwriting, process, and infrastructure.” He added.
On financial inclusion, Mr. Sameer further added, “Last five to six years have laid down the backbone of financial inclusion in the country; UPI has reached everywhere, digital banking licenses are being talked about. The combination of credit on UPI, BNPL, branchless banking will drive the next big leap on inclusion… I do see credit inclusion at a minimum, investment product inclusion at a minimum likely to go multiple fold over the next four to five years.”
Talking about the success of Buy Now and Pay Later model over credit cards, Vikas Bansal, Director, Amazon Pay India, said, “Buy Now and Pay Later model is online and it’s completely embedded into the purchase and retail journey of consumers. It is completely digital and instead of paperwork, one can sign up in less than 60 seconds. Finally people who could not be underwritten earlier because of data are now getting into the credit fold owing to BNPL. It’s good for customers as one can now get into the credit system early and build the credit profile.”
The three day digital conference is being attended by some well-known stalwarts such as Suhail Sameer, Chief Executive Officer, BharatPe, Sonal Kapoor, Director – Financial Services, Flipkart, Vikas Bansal, Director, Amazon Pay India, Sabyasachi Goswami, Chief Business Officer, Perfios and Siddharth Dhamija, Chief Growth Officer, Signzy; amongst others.
The digital conference will be followed by the Physical Edition from 20th to 22nd July, 2022 at Pragati Maidan, New Delhi.
FinTech Festival India is the country’s largest FinTech confluence. It is witnessing participation from over 500 Indian and global leaders and 12,000+ delegates. Representatives from Brazil, Israel, UK, Russia, Canada, Finland, Japan, and Singapore among others also attended.
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).
Earlier FinTech Festival India organized physical and digital format Micro Experience Conferences in Hyderabad, Bengaluru, Delhi, Chennai, Mumbai, Gift City (Ahmedabad) and Pune.
In addition to the government, FFI which aims to unleash the power of FinTech across the country, has also drawn interest from industry including Powered By sponsor CoinSwitch Kuber, Gold Sponsors Life Insurance Corporation of India (LIC), Bharat Pe, MoEngage & Rapyder Cloud Solutions, Silver Partners Amber Group, CM.COM, Dubai International Financial Centre (DIFC) Authority, Nucleus Software, SafeXpay & Zimperium, Sales Acceleration Partner Vymo, Payments partner In-Solutions Global Ltd., Identity verification partner IDFy, Bronze partner Morningstar and Digital Edition Partner JuicyScore.