Visa’s Post

India's 𝐝𝐢𝐠𝐢𝐭𝐚𝐥 𝐠𝐫𝐨𝐰𝐭𝐡 𝐢𝐬 𝐬𝐡𝐚𝐩𝐢𝐧𝐠 𝐭𝐡𝐞 𝐟𝐮𝐭𝐮𝐫𝐞 𝐨𝐟 𝐨𝐮𝐫 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐬𝐞𝐜𝐭𝐨𝐫, and it's going to play a huge role in helping us achieve 20𝐱 𝐠𝐫𝐨𝐰𝐭𝐡 𝐛𝐲 2047 Think about this: back in 2016, we had just 1 million UPI transactions. Fast forward to May 2024, and we hit an incredible 14.03 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐭𝐫𝐚𝐧𝐬𝐚𝐜𝐭𝐢𝐨𝐧𝐬 𝐢𝐧 𝐣𝐮𝐬𝐭 𝐨𝐧𝐞 𝐦𝐨𝐧𝐭𝐡! This isn't just numbers it's proof that digital payments have taken off in a big way, and this momentum will help the fintech market grow to $2.1 trillion by 2030. One of the key reasons behind this success is India Stack, a brilliant set of digital tools (APIs) that lets governments, businesses, and startups build on our public digital infrastructure. It’s making everything from payments to services faster and easier for everyone. And don't forget Aadhaar, our world's largest biometric ID system, with 1.3 billion people enrolled, or the Jan Dhan Yojana, which has helped over 529 million people open bank accounts and become part of the formal financial system. This digital push is opening up financial services to millions of people who didn’t have access before. With more people being able to save, borrow, and invest, we're setting the stage for massive growth in the financial sector growth that will help India reach its $30 trillion economy goal by 2047. All of this digital progress is helping us build a strong, resilient financial system that’s ready for the future. 𝐓𝐡𝐞 𝐫𝐢𝐬𝐞 𝐨𝐟 𝐔𝐏𝐈, 𝐟𝐢𝐧𝐭𝐞𝐜𝐡 𝐢𝐧𝐧𝐨𝐯𝐚𝐭𝐢𝐨𝐧𝐬, 𝐚𝐧𝐝 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐢𝐧𝐜𝐥𝐮𝐬𝐢𝐨𝐧 𝐚𝐫𝐞 𝐤𝐞𝐲 𝐭𝐨 𝐮𝐧𝐥𝐨𝐜𝐤𝐢𝐧𝐠 𝐭𝐡𝐚𝐭 20𝐱 𝐠𝐫𝐨𝐰𝐭𝐡. The best part? We’re just getting started! There’s so much more potential to tap into as we move toward a brighter, digitally-driven future. #DigitalIndia #Fintech #UPI #IndiaStack #FinancialInclusion #Aadhaar #FutureOfFinance #Growth #Innovation #India2047

Unleashing India's Digital Power: Key Trends and Challenges Ahead India stands at the forefront of the global digital economy, with a promising future driven by government initiatives and the surge in digital payments. As we pave the way for India's digital transformation, it's crucial to address key trends and challenges to unlock this immense potential. 🚀 Trends Driving India's Digital Growth: Preference for Digital Payments: 65% of Indians now prefer digital payments over cash, signaling a significant shift in consumer behavior. Market Projections: India's digital payments market is projected to soar to $1 trillion by 2025, showcasing the vast opportunities in the digital realm. Government Initiatives: Initiatives like the Unified Payments Interface (UPI) have revolutionized digital payments, making them more accessible and convenient for all. 💡 Strategies to Fuel India's Digital Revolution: Infrastructure Development: Investing in robust high-speed internet and digital infrastructure is paramount to support the growth of digital payments and e-commerce. Digital Literacy Campaigns: Educating the masses about the advantages and security of digital payments is essential to drive widespread adoption. Fostering Innovation: Encouraging innovation in the fintech sector will lead to the development of cutting-edge digital payment solutions, enhancing efficiency and accessibility. #IndiasDigitalFuture #DigitalPayments #EconomicGrowth #Fintech #India

🌟 Exciting news! Shahmir Khaliq recently shared insights on India's trajectory to becoming one of the top three services markets for Citi. As the economy continues to grow and digital adoption accelerates, India presents tremendous opportunities for innovation in financial services. Citi is committed to enhancing its offerings to cater to the evolving needs of Indian consumers and businesses. Let’s embrace this journey and work towards a more connected financial future! #Citi #India #FinancialServices #GrowthOpportunity #CitiIndia #CitiCareers

Witnessing the Global Fintech Fest was a revelation. The surge in innovative solutions, from secured credit cards to streamlined payment processes, underscored the rapid evolution of India's financial landscape. Yet, one trend which stood out the most is the remarkable rise in self-monitoring consumers. Over 119 million Indians are now proactively monitoring their credit scores, a 51% increase from last year. This surge, driven by a growing understanding of credit's role in personal finance, is a powerful indicator of India's maturing financial ecosystem. What does this mean for India's growth trajectory? Empowered Consumers: Credit-aware consumers make informed financial decisions, leading to better borrowing habits and reduced delinquency rates. Inclusive Growth: As more Indians gain access to credit, it fuels economic activity and drives job creation. Strengthened Financial Infrastructure: The increased demand for credit products and services is driving innovation and enhancing the overall financial ecosystem. Key takeaways: GenZs are smarter than you think – Younger generations are demonstrating exceptional credit awareness, setting a positive precedent for future financial behaviour. Women lead the charge – A significant increase in credit-monitoring by women underscores their growing financial independence and empowerment. Beyond Metros – Smaller cities and towns are witnessing a surge in credit adoption, indicating a more inclusive financial landscape. As India strives to achieve its $5 trillion economy goal, the growing credit awareness among its citizens is a promising sign. As an organisation which has been working to bring more inclusivity into credit access in India, this surge in the nation's financial literacy means a huge validation for our long held vision and dream. Needless to say, we left feeling inspired, exhilarated and more driven than ever before.. #GFFMumbai #Fintech #ZET #GlobalFintechFest #FinancialServices #Fintech #FintechInnovation

Did you know❓ 💰↘️ India has the largest Remittance Inflows in the world, which stands at US$125 billion in 2023. This is projected to reach US$135 billion in 2024, as per latest estimates by World Bank. We are double the country at number two on the list, which is Mexico at $67 Billion. ↖️💰Non-business Remittance Outflows also crossed US$27 billion in 2023, growing at ~40% over the previous year. 🧑🏽🎓📖 Last year 750,000 students left India to study abroad. This is a major trend that we’ve been observing, impacting remittances sent abroad in the form of educational fees, rent, and monthly upkeep by their parents. 👨🏽💼💹 When these students start working and earning in the countries they emigrate to - they start to send remittances inwards, and the cycle continues. This goes on to reinforce the great potential that lies in cross border remittances and payments. Technological innovations like UPI Pay-Now being launched across countries like Singapore and France are further helping in making this more efficient and bringing down transaction costs. Earlier this month, I had the pleasure of being invited to speak at the Bharat Fintech Summit 2024 brought to life by Sameer Singh Jaini and the amazing The Digital Fifth team, that’s been doing such great work in educating India on the FinTech sector. It was a fun freewheeling conversation that we had in the panel for “CrossBorder Payments: Strategies for CrossBorder Success”, moderated by Mr. A.G. Ramakrishna, Chief Product Officer, CARD91. We broke down the trends and challenges of this exciting sector jointly with friends and industry leaders Mr. Subhrajit Basu, Regional SVP, APAC - Discover Financial Services, Mr. Sanjay Tripathy, Co-Founder & CEO, BRISKPE and Mr. Shebin John Samuel, Head of Digital & Data Business, DBS Bank, India. What we all concluded on was that while India has done an amazing job in the domestic payments segment, there is a huge scope to bring the same ease and efficiency in cross border payments by leveraging tech and global experiences.

#Payment_System_Digital_Transformation Digital Transformation in the payment system has been the most challenging and critical task. But the evolution in the operational structure has been exceptional. The ongoing digital transformation has encouraged regulators, innovators, and providers to focus on cyber and data security. India today is the world’s largest digitally connected democracy, with 830 million Internet users. Digital transactions have grown manifold in recent years, making India the undisputed leader in real time digital payments #Impact_in_the_Indian_Market #India's digital transformation has been remarkable, with improved connectivity and technological capabilities leading to increased digital access and inclusivity for its citizens. #Initiatives such as the Digital India program, Pradhan Mantri Grameen Digital Saksharta Abhiyan (PMGDSA), and Unified Payments Interface (UPI), etc. have played a significant role in transforming India into a digitally empowered society and a major player in the digital economy. #Initiatives like the Common Service Centers (CSCs) have provided services such as e-governance, education, healthcare, and banking to underserved communities in rural areas. #Indian_data_protection_roadmap #India_has_passed the Landmark Digital Personal Data Protection Bill 2023 to ensure the safety and trustworthiness of the digital world. #The_Bill_aims_to_safeguard personal data from misuse and enable the flow of global tech-based investments, making the sector a key driver in India's journey towards becoming a USD 5 trillion economy. #The_bill_ushers_in_a_new_era_in_India’s digital development journey, one which recognises the value and centrality of personal data in today’s globally interconnected digital economy and also takes cognizance of the need to safeguard such personal data from misuse. India has emerged as a leader in the creation of digital assets, which can serve as an example to many other nations. Going forward, the emerging Fin-Techs will play a key role in the further growth of digital transactions by enabling transparent, secure, swift and cost-effective mechanisms benefiting the entire digital payments ecosystem. #digitalbusinesstransformation #operationalexcellence #innovaciónfinanciera #paymentsolutions #paymentsinnovation #paymentsecurity #fintechinnovation #indianeconomy #indiangovernment #pmmodiji

#India does as many cashless payments in a month, as much #America does in three years, says EAM #Jaishankar External Affairs Minister #SJaishankar drew an analogy between India's growth in #digitalpublicinfrastructure and the #UnitedStates' cashless transactions. Speaking to the Indian community in #Nigeria, Jaishankar highlighted the #transformation of India in the last decade, including its ability to deal with challenges, improve the lives of its citizens, and make a strong economic performance. He praised India's response to the Covid pandemic and its role in manufacturing #medicines for the world. Jaishankar also emphasized India's position as the fastest-growing #economy and the increased flow of investments into the country. #fintech #growth #grow #kudos #India #bharat #narendramodiji #DPI #tech #infra #UPI #narendramodi #digitalisation #digitalization #payments

The Role of Digital Payments in India's Growing Economy India’s digital payment landscape has seen exponential growth, driven by technological advancements and a push towards a cashless economy. With platforms like UPI leading the charge, digital transactions in India crossed a remarkable milestone of ₹15 trillion this year. This shift is not only making financial services more accessible but is also helping bridge the gap between urban and rural India. As more businesses embrace digital payment solutions, the economy is becoming more transparent and inclusive. The Government’s initiative to promote digital literacy and secure payment systems is empowering individuals and SMEs to contribute to the formal economy, thus fostering economic growth. How do you think digital payments will continue to shape India’s financial future? Let's discuss! #DigitalPayments #Finance #IndianEconomy #CashlessIndia #Fintech

#India Leading the Charge Towards a #Cashless #Economy The Extinction of #Cash: India at the Forefront In an increasingly digital world, the shift away from cash transactions is a global phenomenon, but no country is making this transition as rapidly as India. The recent data from The Global #Payments Report 2024 highlights a dramatic drop in India's cash share of #transaction value, projecting a decline of 61 percentage points from 2019 to 2027. This is the largest decrease among all surveyed countries, underscoring India's rapid adoption of digital payment methods. What's Driving This Change? Digital Payment Initiatives: Platforms like #UPI (Unified Payments Interface) have revolutionized transactions in India. Their ease, #speed, and security have led to widespread adoption, making #digitalpayments an integral part of everyday life. As they leave digital trails in the financial world, they are increasingly becoming inclusive with access to the world of #banking and #finance. #Government Policies: The Indian government's proactive measures, including the landmark demonetization move in 2016, have significantly accelerated the shift towards digital transactions. Initiatives promoting #financialinclusion and #digitalliteracy have further supported this trend. Technological Advancements: The proliferation of #smartphones and affordable # internet has made digital payment solutions accessible to a vast segment of the population. #Fintech companies have developed user-friendly #applications that cater to a wide range of #consumers, from #urban centers to #rural areas. Looking Ahead: India's trajectory towards a cashless economy shows no signs of slowing down. Continued efforts to enhance digital infrastructure and financial inclusion are expected to sustain and even accelerate this momentum. #Compliance and #Economic Implications: Enhanced #Compliance: The decline in cash transactions will likely lead to better compliance with #tax #regulations, as digital payments are easier to #track and #audit. This can help reduce the shadow #economy and increase tax #revenues, and formalize the economy more, making room for more effective policy making. #Economic Benefits: A cashless #economy can improve #efficiency, reduce the #costs associated with handling cash, and enhance security by mitigating theft and fraud risks. India's rapid transition to a cashless economy is a testament to its technological advancements and forward-thinking policies. By continuing to embrace digital payment solutions, India is setting a global benchmark and paving the way for a more compliant, efficient, and inclusive financial ecosystem. THE NEED OF THE HOUR. As we move further into the digital age, the extinction of cash transactions in India could serve as a blueprint for other nations aiming to achieve similar transformations. Visual Capitalist

Two weeks ago, I wrapped up a whirlwind trip to India, and one question kept popping up: why am I so excited about the future of payments there? Here's what I discovered: 🚀 🔢🏗️ 1. India's Payments Revolution Goes Way Beyond UPI: Yes, UPI is a game-changer, but the sheer scale of innovation across all fintech verticals is mind-blowing. 2. Cash? Not Quite: The global perception of India being cash-dependent is outdated. Digital payments are everywhere, from airports to local shops in Delhi. 3. Infrastructure Boom Fuels Fintech Need: Don't be fooled by some outdated narratives. Modern airports, highways, and the massive Fintech Festival showcase India's massive infrastructure investment. This creates a huge demand for B2B and trade payment solutions, not just consumer-focused ones. Plus, with more businesses setting up shop in India, cross-border payments will continue to soar. Now, let's talk about EPAA:🌏📈🔌 We bring APAC's payments policy, regulation, and innovation together, fostering collaboration and knowledge-sharing across borders. This keeps our members ahead of the curve. We provide regional expertise on policies and platforms to key hubs in Asia, with a strong focus on emerging powerhouses like India. We bridge the gap between the reality of Asian fintech and the outdated narratives often portrayed globally. I'm thrilled to explore this further and see how it can benefit the entire payments ecosystem in APAC and beyond. Monica Jasuja Linda Stanojevic Sally Sternecker Vanshika Gilhotra Deepali Naair MANNOJ VARMA Vishal Dubey Arif Khan Prachi Dharani Kamal Narang Shrikant Patil Kalpana Ajayan Sharat Chandra Kanv Pandit Carrie Kwan Suman Bhowmick Rahul Bhargava Sonal kapoor Aishwarya Nitin Palande Jaishankar Shalini Gupta Prasanna Lohar Pratyush Prasanna May Lam 林希文 Carrie Suen Nigel Lee Kanv Pandit Dr Brad Pragnell Amira Karim Holly Dorber Jan McGrath Mary Ann Francis 🌟Dr. Kishan Srinivas Ritesh Shukla Abhishek Varshney #IndiaFintech #APACFintech #PaymentsInnovation #EPAA