FIAKS Community participated in the discussions:
- Mr Sunil Kulkarni, Joint Managing Director, Oxigen Services (India) Pvt Ltd
- Mr Jitendra Gupta, Founder, Citrus Pay & Managing Director -PayU India
- Mr Sanjay Swamy, Managing Partner & Co-Founder, PRIME Venture Partners
- Mr Vishal Kanvaty, Senior Vice President – Product & Innovation
- Mr Aneesh Khanna, Executive Vice President, NSDL Payment Bank Ltd
- Mr Subhobrata Sengupta, General Manager, International Attraction & DIY Events at Bigtree Entertainment Pvt Ltd.
- Mr Aditya Soni, Business Leader-Payments, Fintech & Giftcards, Flipkart
- Mr Rahul Dayal, Senior Vice President & Head-Business Solutions Group Liabilities , cards & BI, RBL Bank
- Mr Abhishek Mody, Associate Director-Payment & Digital Initiatives, IDFC Bank
- Mr Abhishek Arun, Vice President, Paytm
- Mr Raghu Veer Dendukuri , Product Owner, Intandemly
- Mr Rishi Prakash Mantri, Senior Vice President (Digital Payment – Solurtions & Design , YES Bank
- Mr Vikas Pahwa, Vice President Transaction Banking, Citi
- Mr Prasanna Divekar, Former Vice President & Head NRI Business, HDFC Bank
- Mr Vineet Tewari , Executive Director , Payza
- Mr Dhruv Shankar, Head Digital, Standard Chartered Bank
- Ms Aishwarya Jaishankar, Head ,Payments-CMS Product, Kotak Mahindra Bank
- Mr Abhishek Mody, Associate Director-Payment & Digital Initiatives, IDFC Bank
- Mr Ruchir Inamdar, Co-Founder, Quikepic Technologies Pvt Ltd
- Mr Vikas R Panditrao, Advisor, Forum of Industry Academic Knowledge Sharing(FIAKS)
- Several CEO/CXO/Founders from FIAKS Community participated in the discussions
Who will benefit the most by interoperability and who will be losing big time is the question that was discussed heavily in the FIAKS community. Isn’t this a loss-making proposition for the banks who own the CASA (Current Accounts and Savings Accounts) but wallets through interoperability feature that will start debiting bank accounts for purchases? For example, by using a Freecharge wallet, one can debit his or her account in SBI bank and make the bill payment. Another important question is – How do Banks see this?
Let’s begin the discussion by clearly understanding what interoperability means –
– Wallet to Wallet transfer
– Wallet to Bank transfer
– Wallet being able to issue cards without Banks
A member of the community starts off this discussion by stating that banks do not understand how UPI will take away their fee-based income. Banks are going to lose the CASA base. Wallets will be a clear winner here if they play it well. Even the dependency on banks for Card issuance has completely gone. Clearly, all wallets will be winners & banks will lose out.
An expert disagrees with these statements and puts forward their own pointers. He says that if interoperability is allowed, wouldn’t floats of wallets take a hit? Secondly, in a digital savings account, 40-50% were salaried. Primary accounts of these people will always be a bank account. The need to park money in wallet has gone away now In fact, between UPI and wallet interoperability, I see a death kneel for wallets. Payment banks also haven’t taken off as expected.