Panel discussion: Whether Unified payment interface (UPI) National payments corporation of India (NPCI) would be the Game changer.
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00:00 Just one more aspect, since we are talking about sustainability of the business model,
00:13 we could also talk about the UPI and PCI, whether that could be a game changer, what
00:21 would happen to the business model because it has tried on convenience, if that convenience
00:26 is given to the bank customers, would they be inclined to use those mode of payments,
00:31 do we need to be having multiple payments systems, what do you have your views?
00:37 Sure UPI is going to be a game changer, the way it is pioneered by NPCI, Mr. Nandanilkani
00:44 is heading that, but I attended all the meetings of NPCI where Mr. Nandanilkani comes and he
00:49 drives it, on the April we are going to officially launch it and lot of banks are already started
00:54 that, the interoperability that is the problem and the various models were discussed, now
01:00 ultimately the four party model has been approved, this is going to be a game changer and lot
01:05 of ease, suppose any new thing coming now to me, one month back, what is UPI, I was
01:12 also wondering, now I know something about UPI, because I am a part of that now, so people
01:18 in the general, our customers, I will take our customers, public sector bank customers,
01:22 they also now I think, what is UPI, they must be reading the paper only, we have not made
01:26 them aware, so the moment this exercise goes on, definitely every bank's endeavor will
01:31 be to make the customers aware of UPI and the ease of UPI and the benefits we get from
01:36 the UPI, UPI is definitely going to be a game changer and it definitely going to ease the
01:40 payments and the interoperability is going to come there.
01:44 One more point I would like to add from the previous one, one of the point where the public
01:47 sector banks or the banks are driving the digital, may be cost, one transaction on the
01:54 bench costs 35 to 40 rupees, one mobile transaction costs 1 rupees 50 percent, that is a very
02:00 big driver for us, so try to drive.
02:04 The UPI is a game changer for sure, so just give you a very quick example of how we see
02:08 it from our perspective, you know I started talking to all of you all today with the two
02:15 sides of the coin, so it was great because even Mr. Gupta shared that while we are talking
02:22 about less cash, that is one vision, at the same time we are also putting banks new targets
02:28 for ATM rollout, so I don't know why we, you know in the same way, we spoke about and it
02:36 was great to have Mr. Sharma as a regulator talk about shared infrastructure, because
02:40 one of the challenges is industry we always faced and at its cash we have one of the largest
02:44 networks of physical outlets, the BC network, but still where we partner with banks, the
02:53 fundamental challenge came in was that ultimately I can only have one BC outlet operating for
03:00 one bank, now that was a regulatory limitation, now UPI is one way that that kind of surpasses
03:08 that limitation and further opens up that opportunity that is there for being tapped
03:15 into, so that is where even something like an interoperable system like UPI will play
03:20 the game.
03:21 Right, thanks a lot, why you would…
03:23 Let me add a point on the UPI part of it, UPI is an enabler actually, because if you
03:27 see with due respect to all the payment providers, service providers today, we do many things,
03:35 we wanted to do many things, but ultimately what happens, imagine the internet is used
03:40 only for email, I think that is what it is, today we all talk about the same money, you
03:47 know, but UPI gives you much larger, in Indian perspective, it is kind of you know, for example
03:54 a common man without much difficulty just by sending an SMS, his transaction is done,
04:00 for a biller irrespective of whatever size they are, they can come into the system, they
04:04 can make sure that the customers or consumers or even the common public is able to make
04:10 a payment to them, that is the infrastructure that they have provided, all the players,
04:15 everybody in the payment system will benefit with that UPI and ultimately the public will
04:20 also benefit, it is an excellent technology based process which is going to help all of
04:25 us at some point in time.
04:27 [Music]