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If Conversational Commerce is the next big thing in Indian Commerce, 'Conversations Payments' are the next big thing to rock the BFSI and Fintech verticals in India.   In 2024, WhatsApp is shifting its focus to conversational commerce, tapping into the substantial digital user base in India. Insights reveal that out of the 850 million internet users in India, 650 million are active on social media, but only 400 million shop on e-commerce sites. However, an intriguing statistic shows that 300 million users are actively transacting using UPI payment apps. This presents Meta with a unique opportunity to engage a transactional audience that is not yet proficient with e-commerce platforms. Let's look at AI’s Impact on the BFSI Sector -  The Indian government is aggressively positioning India on the global AI map. The Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI) are considering the introduction of ‘conversational payments’ via UPI, leveraging AI-powered systems to enhance security. This development is poised to revolutionize the payments landscape. With AI integration, India's banking, financial services, and insurance (BFSI) sector stand to benefit significantly. Key applications include fraud detection and prevention, compliance and risk management, customer service, and cybersecurity can be addressed more accurately as per AI experts. However, there are challenges ahead for Gen AI adoption - While there are promising developments in AI applications within the Indian banking sector, achieving enterprise-scale adoption will be challenging. The path forward is fraught with obstacles and will require continuous innovation and adaptation. 2024-25 in the Banking Tech and AI space is something we are looking at closely. As tech builders in the banking and fintech business, Cheggout stands with, and supports the vision of Digital India, to take Indian technology and practices to the World. #banking #fintech #msme #largecap #finance #bnpl #mutualfunds #indianbanking #groupm #dentsu #madison #interactiveavenues Satyen Kishan Sudhi Hegde Ramjee Kumar Gupta #mumbai #delhi #bangalore #chennai #hyderabad #payments Amazon Flipkart Myntra

The financial sector is often considered the lifeblood of any nation, and banks are the heart that keeps this system pumping. In countries where economies have collapsed, the initial symptoms of downfall are typically the disintegration of their monetary systems. This has been evident in Pakistan, Sri Lanka, Bangladesh, and Nepal, all of which experienced severe turmoil and uncertainty post-pandemic, primarily due to their depleting foreign reserves. In stark contrast, India’s banking sector not only remained resilient but also thrived, reporting a record net profit exceeding Rs 3 lakh crore in FY24. Specifically, private sector banks contributed Rs 1.78 lakh crore, while state-owned lenders posted Rs 1.41 lakh crore in profits during the financial year. The intriguing question arises: How did India manage to navigate through such intense socio-economic challenges and still achieve substantial growth? Was there a strategic framework guiding this resilience? The unequivocal answer is Yes. The government implemented a robust 4R strategy, encompassing: - Recognizing Non-Performing Assets (NPAs) - Resolution and Recovery - Recapitalizing Public Sector Banks (PSBs) - Reforms in the Financial Ecosystem This comprehensive approach allowed for early intervention to address financial distress. By promptly identifying and addressing NPAs, the strategy ensured that problematic assets were either rehabilitated or written off. The resolution and recovery mechanisms facilitated the efficient handling of distressed assets, bolstering the financial health of the sector. Recapitalization injected much-needed capital into PSBs, enhancing their capacity to withstand economic shocks. Finally, systemic reforms, including investments in cutting-edge banking technologies, fortified the overall financial infrastructure. This timely and well-coordinated intervention enabled India to weather two lockdowns, withstand the global ramifications of the Russia-Ukraine conflict, and maintain stability amid worldwide economic turbulence. While neighboring economies faltered, India's strategic foresight and resilient banking sector ensured not only survival but also significant growth during a period of global financial instability. #banking #bankingsector #growth #success #india #mumbai #delhi #chennai #pandemic #economiccrisis #economicgrowth

Dear Fellow Mumbaikars, This year, we take immense pride in acknowledging that 23 crore registered voters between the age of 18 to 29 years have received this tremendous opportunity to cast their votes and make their voices heard. Maharashtra has approximately 9.5 crore registered voters. Every single vote and every single Mumbaikar's opinion matters! 🚀 Let's make our voices heard! 🎯 Hope you are ready to Vote today #jaihind #india #democracy #elections2024 #socialimpact #global #economy #growth #development #culture #people #viral #technology #digital #socialmedia #mondaymotivation #mumbai #cheggout

As of April 2024, the Unified Payments Interface (UPI) network has expanded significantly, with 518 banks now participating, up from 414 banks in the same period last year—a growth of 41% in under 11 months. This increase in bank participation correlates with a surge in customer transactions. Data shows that UPI transactions have surpassed the 100 billion mark for the first time, reaching 131 billion, compared to 84 billion in 2022-23. The total transaction value also hit a record high of nearly Rs 200 trillion, up from Rs 139.1 trillion in the previous fiscal year. Are we approaching a plateau in this growth trajectory? According to a report in today's Economic Times, the growth momentum is unlikely to slow down. The article highlights the National Payments Corporation of India (NPCI)'s partnership with Sarvatra Technologies, a Pune-based tech firm, to facilitate UPI-based payments for regional and cooperative banks. This strategic collaboration aims to extend UPI services deeper into rural India. The NPCI's aggressive expansion into India's hinterlands is driven by the Reserve Bank of India's (RBI) support for Direct Benefit Transfer (DBT) schemes. These schemes enable direct payments from the government to beneficiaries via UPI, bypassing multiple intermediaries. This direct approach enhances transparency and reduces the risk of fraud, as each account is linked to an Aadhaar card. UPI's growth trajectory remains robust in 2024, with no signs of slowing. The integration of cooperative banks into the UPI ecosystem is expected to unlock further opportunities in rural areas. Nationalized banks, with their extensive reach, are also enhancing their technological capabilities to manage the anticipated increase in transaction volumes. Source - https://lnkd.in/dmXJefsR #upi #banking #india #bharat #ecommerce #cheggout #economictimes #et #npci Satyen Kishan Sudhi Hegde Ashish Mohagaonkar Naina Kalra Ramjee Kumar Gupta Muralidhara Prasad Subramanya Kamath #mumbai #bangalore #delhi

In 1952, during the inaugural Lok Sabha elections, less than 50% of the population had the privilege to vote. In complete contrast, the 17th Lok Sabha elections in 2019 witnessed a historic surge in voter turnout, with 67% of the electorate exercising their democratic right. Can we do better this time? Your vote isn't just a mark on a ballot; it's a voice that reverberates through the corridors of power, influencing policies and shaping our collective destiny. So, as we stand on the precipice of another pivotal moment in our democratic journey, let's not squander the opportunity to make our voices heard. Don't miss the opportunity. Exercise your right. Go Vote! #yourvotematters #vote #india #democracy #rights #constitution #bharat #mumbai #bangalore #delhi #hyderabad #cheggout

We are proud to unveil a strategic partnership with Sense Digital Media, a pioneering force in the realm of media expertise. By joining forces, we look forward to unlocking a host of new possibilities for our clients and stakeholders. Thank you for your continued support and trust in Cheggout. We are confident that together with Sense Digital Media, we will redefine what's possible in our industry and beyond. ------------------------------------------------------- https://lnkd.in/dnNrUsZp

India's foremost banking institutions, spanning both private and public sectors, are intensifying efforts to bolster their stake in the Unified Payment Interface (UPI) domain, presently monopolized by industry giants - PhonePe, Google Pay, and Paytm. Equipped with requisite TPAP licenses, these banks are enhancing their mobile applications to cater to a broader clientele base, encompassing both existing customers and non-patrons. SBI is poised to unveil an upgraded YONO 2.0 platform, designed to cater to a diverse user spectrum, irrespective if they have an account or not. This upgraded application will serve as a comprehensive marketplace, offering banking services alongside a plethora of products. ICICI Bank's InstaBIZ app is geared towards extending mobile banking amenities to customers across all banking networks. Leveraging the account aggregator network, ICICI aims to deliver bespoke solutions to a wide demographic. Yes Bank has debuted the intuitive Yes Pay Next app, facilitating seamless transactions across various channels, ensuring compatibility with all major banking platforms. This eagerness among banks to make inroads into the unified payments interface (UPI) payments segment stems from the surge in UPI transactions observed in recent years. NPCI reported transaction volumes surpassing 12 billion, with a transaction value exceeding Rs 18 trillion by December 2024. It's evident to banks today that securing a foothold as a primary payment application can serve as a gateway to cross-selling ancillary products such as loans and insurance. The RBI's latest report on banking trends underscores the rapidly growing adoption of digital payment channels, eclipsing traditional instruments like cheques and demand drafts. UPI, in particular, commands a lion's share of transaction volumes, signaling a seismic shift in payment preferences. Presently, PhonePe reigns supreme in the UPI segment, commanding a 47% volume market share. However, regulatory intervention by NPCI, mandating a cap of 30% on market share for payment apps, necessitates a more equitable distribution. This regulatory directive paves the way for new entrants to vie for a slice of the burgeoning UPI ecosystem, ushering in a new era of competition and innovation. #upi #sbi #yesbank #icici #npci #googlepay #gpay #phonepe #paytm #groupm #dentsu #ipg National Payments Corporation Of India (NPCI) Sudhi Hegde Satyen Kishan Muralidhara Prasad Ramjee Kumar Gupta

In September 2023, JioMart partnered with us to run an exclusive campaign promoting their 5-day sale on PSU bank apps. Here's a sneak peek at what JioMart achieved from this approach. Read the full story: https://lnkd.in/gxyyxVPY

Which Indian PSU bank has the maximum number of branches and ATMs? Find out. Read the full blog here: https://lnkd.in/g2XWgrkP #PSUbank #bank #topbank #banking

We looked at the public banks in India to find out their market reach, physical reach via branches and ATMs and the number of customers actively using their mobile banking and internet banking services. The numbers are astonishing but not that surprising. Read the full article here: https://lnkd.in/g2XWgrkP #banks #banking #topbanks #PSUbanks #rbi #bankreport #bankcustomer #digitalbanking #mobilebanking #internetbanking #publicbanks #PSUbanks