Several Founders, Co-Founders, CXO Bankers, CXO Fintech professional & people participated in the e-Panel discussions:
- Many CEO/CXO Bankers & Fintech professionals and Founders on FIAKS Forum who participated in the discussions had requested to remain anonymous
- Mr. Kamonasish Aayush Mazumdar, Founder & CEO at Foodieverse
- Mr. Sunil Kulkarni, Joint Managing Director, Oxigen Services (India) Pvt Ltd
- Mr. Ravi Shankar, Co-Founder and CEO, Active Intelligence Pte Ltd.
- Mr. Ishan Vaish, India Partnership Manager, Apple
- Mr. Hemal Shah, Technical Product Manager, Mastercard
- Mr. Prasad Likhite, Director at ACI
- Mr. Raghu Veer Dendukuri, Product Owner, Intandemly
- Mr. Abhishek Mody, Associate Director-Payment & Digital Initiatives, IDFC Bank
- Mr. Ashutosh Khetan, AVP Product & Portfolio (Payments), HDFC Bank
- Mr. Vikas R Panditrao, Co-founder, Forum of Industry and Academic Knowledge Sharing (FIAKS)
Google announced that it is bringing tokenization of debit cards and credit cards in India. It was discussed as an innovation that they are bringing in India.[1] To this news an intellectual from our community said “It is interesting that almost all announcements on GPay are basically a branding of what PhonePe has been doing for a while – the PhonePe in-app model is exactly what has been announced as Spot And the one wallet concept is what PhonePe has been doing from day one as a Payments container with UPI + Cards + Wallets (including third party wallets). In fact, GPay has been following rather than leading in terms of product in India except with scratch cards. Again it is an interesting coincidence that PhonePe announced PhonePe Switch the same day that GPay announced Spot.
This sparked off a debate in the FIAKS community and raised some crucial questions on GPAY.
Question1: GPay model is different in the USA. Did India do a mistake by opening its door too wide?
Question2: Customers, of course, will use GPay more. Banks will be terrible losers as they are not seen in the payment experience.
Question3: Without Payment license, how does an over the top service provider get to control so many transactions? While a payment gateway has to comply with capital plus regulator reports.
Question1: GPay model is different in the USA. Did India do a mistake by opening its door too wide?
- Firstly, you can’t call innovation as opening door too wide. They are charging Re. 1 for each transaction. So, they can easily be called merchants rather than processors here and the maximum that can be said is that they have pushed the envelope which is the crux of innovating.
- India is not making any mistakes. In fact, India is leading the world to show how to strike fine balance between user experience and security/customer protection or prevent large market share to one player so that they do not become a systemic risk to the payments system.
- India is much ahead in terms of open banking. We need this environment as our payment infrastructure is not as good as the US or any advanced countries. Also, visa checkout or tokenization is a natural progression for anybody in the Payments space so it is definitely not game-changing.
Question2: Customers, of course, will use GPay more. Banks will be terrible losers as they are not seen in the payment experience.
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