SBI's Dhananjaya Tambe on India Revival Mission: UPI payments see phenomenal growth
By MYBRANDBOOK
Due to the coronavirus pandemic, the financial behaviour of the people has gone through a significant change. As a result, a lot of changes in technology in the financial sector have been seen. On the India revival mission, it has been discussed digitisation of financial services in India because of the coronavirus pandemic.
Dhananjaya Tambe, CIO, State Bank of India, Vinay Mathews, founder and COO, Faircent, Seema Prem, CEO, FIA Global and, Adhil Shetty, CEO, BankBazaar.com discuss how the financial services in the country saw a shift in terms of the use of technology and how safe are these online payments systems.
Talking about the impact of payments in the times of coronavirus he said, “We can divide into two parts what happened immediately after the pandemic was declared and the country decided to go into complete lockdown. So the immediate fallout was that electronic payments actually declined because shops shut down malls shut down and so you couldn't use your debit card or credit card. ATMs were running but people couldn't access ATMs and you could have paid on the internet that is online payments but then the question was what would you pay for? so in the month of April, there was a sharp decline in digital payments in all the channels except a few channels such as the Aadhaar enabled payment system.”
Talking about the current trends the AEPS system has started to show some decline. And the rest of the channels such as the online payments channel has seen a significant increase.
FIA's Seema Prem said that "using the banking network to ensure direct cash benefits two customers accounts and the second is using the network of bank Mitra across the country for physical transfers. To ensure that there was an uninterrupted supply of money to people especially people you need it the most."
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