News Corp VCCircle Payments Summit
What’s next post demonetization: A hybrid payments industry?
2016 will forever be remembered as the year of demonetization, it is also the year, e- payment service providers found their place in wallets of majority of Indian consumers.
The facts show that in the month following demonetization, between November 8, 2016 and December 7, 2016, the value of transaction for mobile wallet services like Oxigen, Paytm and MobiKwik increased to INR 1.9 billion from INR 520 million, an overall increase of 267 percent. The number of daily transactions increased to 6.3 million from 1.7 million during the same period.
The impact of demonetization was not just limited to e-wallets; digital currency start-ups have witnessed an increase in enrolment and price. According to Forbes magazine, bitcoin prices of start-ups like Unocoin and BTCXIndia, increased by 20 per cent and 40 per cent respectively.
Although government sponsored payment platforms, are not as popular as private payment platforms with urban masses, never the less, they too showed an increase in usage during the weeks after demonetization. Till November 2016, UPI, the mobile payments platform and USSD, had 300,000 transactions amounting to INR 900 million and 7,000 transactions, amounting to INR 7.3 million respectively. According to data released by RBI, UPI based transactions increased to 1.4 million, amounting to INR 4.8 billion and USSD recorded 60,000 transactions in December 2016, amounting to INR 66 million.
The key question here is – while demonetization gave the required push to create a hybrid economy enabling both cash and digitalized cash, is India ready for such a hybrid? Understandably, the industry still requires significant investments in infrastructure and technology, but still hurdles like mass acceptability, usage and adaptability are the key concerns. Security and consumer grievances are also a huge challenge which the country is still grappling with.
For the 6th edition of VC Circle Network’s Techcircle Payments Forum 2017, will seek to focus on these issues and offer thought leadership to this dynamic industry.
09.00am - 09.45am
Registrations & Networking
09.45am - 10.05am
Opening Remarks by VCCircle
10.05am - 10.20am
Report Launch: Top trends in payments
10.20am - 10.50am
Keynote Address: The India Stack story: Building a ubiquitous e- payments systems in India
A set of open API’s which will help drive the digitalization of services in India is commended by almost all leaders of the country. However, still in the initial stage, the India stack will need multiple iterations before it reaches and delivers citizens on all levels. A part of India stack also covers the payments to make India a cashless economy. While the vision is ambitious, what are some action points such as creation of backend infrastructure, driving participation of private parties, ensuring security measures, creation of hybrid ecosystem and forming new regulatory guidelines; all helping in realizing this vision.
10.50am - 11.10am
Special Address: Post budget analysis: Decoding what the 2017 -18 budget means for Payments/fintech sector
11.10am - 11.30am
11.30am - 12.30pm
Panel 1: Riding the payment tide right: An entrepreneur's checklist to building a sustainable business
Over the past year, some of the initiatives taken by the government of India like UPI and demonetization has impacted the players of payments ecosystem in a big way. On one hand while the services have started reaching out to the non-metro cities, the profit margins on other hand, for startups in this space, have also multiplied. The competition understandably has also increased and so have consumer concerns. Further, there has to be undivided focus on innovation, value prepositions and investments. So what is the current and future checklist for the payment entrepreneurs that keep them ahead of the race and leverage this cashless wave?
12.30pm - 01.00pm
Special Address: Six months of demonetization: Impact on the payment startups and future outlook
Data from ministry of electronics and information technology shows that the number of daily transactions through e-wallet services such as Oxigen, Paytm, FreeCharge and MobiKwik has shot up from 1.7 million — recorded on November 8 when demonetization was announced — to 6.3 million as of December 7. With approximately 261% rate of growth, these mobile wallet companies have witnessed an explosion in expansion. However, what is next for them? Do they move into mainstream banking system and enable lending? How are consumer engagement, concerns and security issues being handled?
01.00pm - 02.00pm
02.00pm - 03.00pm
Panel 2: Investment forecast 2017: Opportunities and challenges for investors
Bill Gates recently suggested the Indian e-payment market is very interesting and he would like to invest in this space. Infact, this is the scenario with multiple leading angel, VC and PE investors as the e-payments growth has caught investor attention by storm, more so, with the demonetization. However, there is also challenge of what’s ahead, driving RoI through singularity in product and regulatory framework. Given the space presents plethora of opportunities and challenges in equal proportions, what are investor sentiments? What are the growth drivers? What are some of the rational approaches against the me-too funding?
03.00pm - 04.00pm
Panel 3: Creating a hybrid integrated model of payments: Collaboration of government, startups, banks and service providers
Non-banking payment service providers in the form of financial technology startups and established non-payment technology giants have caused disruption and disintermediation in discrete parts of banking. The banking fraternity too has joined hands with Fintech players and offering value added services. The government lastly is focusing on creating a cashless and transparent economy. A unique value chain can be created which is integrated, secure and seamless if all the stakeholders come together. However, what are some of the challenges?
04.00pm - 04.15pm
04.15pm - 04.45pm
Special Address: How blockchain is changing money and business?
According to a report by a technology giant, Banks and other financial institutions across globe are adopting block chain technology "dramatically faster" than initially expected, with 15 percent of top global banks intending to roll out full-scale, commercial block chain products by 2017. A latest report states that Indian banks are too heading towards adopting block chain technology among a suite of services. What are some expectations from the startups and how do investors weigh in?
04.45pm - 05.15pm
Fireside Chat: Consumers and security
Let us not forget the key element of this entire payment industry – consumer, its concerns and its safety. What are some key strategies to retain consumer in such a competitive industry, how are consumer grievances handled across the horizon of financial services industry and most importantly, how are players ensuring safety of financial transactions?
End of conference
Date: April 19, 2017
PayU and Citrus Pay are the leading online payment service provider in 16 high growth markets, dedicated to creating a fast, simple and efficient payment process for merchants and buyers. Our various payment methods and PCI certified platforms are designed to meet every consumer’s needs. In India, PayU and Citrus cover nearly 60% of the entire e-commerce and processes over 40,000 crores of Digital payments in India annually. PayUBiz is the industry leading payment service provider and its clientele includes the likes of Jet Airways, Amazon, Airtel, Snapdeal, Jabong, Ola, Bookmyshow, Insurance companies and many more. PayU India also has under its aegis PayUmoney, the fast, easy and secure payment solution which can be used by anyone who wants to collect payments in India (be it Individuals, brick & mortar businesses, startups, Freelancers, Schools, Hotels, Utility companies, Residential societies, Telcos, Insurance companies, traders, retailers etc). The