365Telugu.com online news,Mumbai, 27th November, 2024: The National Payments Corporation of India (NPCI) hosted an event as part of its NPCI Synergy initiative, bringing together senior leaders from Small Finance Banks (SFBs) and Payments Banks.
The event recognized the critical role these institutions play in advancing India’s digital payments landscape through innovation, collaboration, and strategic partnerships.
Dilip Asbe, MD & CEO of NPCI, highlighted the importance of collaboration in unlocking the full potential of India’s digital payment systems. “Collaboration is vital to shaping the future of digital payments in India.
This event gathered industry leaders from SFBs and Payments Banks to discuss how digital payments can reach every corner of the country. We aim to create an environment where innovation thrives, partnerships grow, and digital financial services are accessible to all.
SFBs and Payments Banks are crucial for providing last-mile connectivity, driving financial inclusion, and fostering trust in underserved areas,” said Asbe. “Through initiatives like NPCI Synergy, we are committed to driving inclusive growth and shaping the future of payments.”
The event featured insightful panel discussions. One key panel, titled “Collaborative Models in Financial Services,” focused on the role of partnerships between SFBs, Payments Banks, and NPCI in driving growth and innovation.
Representatives from Fino Payments Bank, Unity Small Finance Bank, and India Post Payments Bank participated in the discussion, emphasizing how technology partnerships can expand access to financial services and improve credit penetration in underserved regions.
Another panel, “Connecting the Dots: Expanding the Payment Ecosystem,” explored collaboration among fintech players to enhance access to digital payment services in smaller towns across India.
This panel featured leaders from NSDL Payments Bank, Jana Small Finance Bank, and Jio Financial Services. The discussion centered around reducing cash dependency, increasing merchant adoption of digital payments, and promoting financial inclusion.
Rajeeth Pillai, Chief of Relationship Management at NPCI, said, “The discussions at this event have showcased the immense potential for growth and innovation that arises when SFBs and Payments Banks collaborate.
It’s essential that we align our efforts to create seamless, scalable, and user-friendly payment solutions. NPCI is proud to play a key role in facilitating these partnerships, and we are excited to continue working with industry leaders to advance India’s digital payments journey.”