india-fintech-forum-concludes-ifta-2021-with-focus-on-financial-inclusion-and-emerging-technologies

India FinTech Forum concludes IFTA 2021 with focus on financial inclusion and emerging technologies

 

India FinTech Forum’s IFTA 2021 saw 34 innovative product demos over 3 days with the felicitation of Stockal as Fintech Startup of the Year and IDfy as Fintech Scaleup of the Year. IFTA 2021 saw the participation of senior representatives from Gujarat International Finance Tec-City (GIFT City) and Tamil Nadu Government. It is the longest-running fintech event in India, and this was the 6th consecutive year of celebrating innovation in the Fintech sector.

Meet the most innovative companies in fintech

The 4-month assessment process culminated with recognising the most innovative companies in a number of fintech and allied fields from 800+ applications. The assessment framework was developed and managed by Deloitte, and Perfios felicitated the winners. Over 40 industry leaders were part of the eminent Jury and 50+ Speakers shared their valuable insights.

Past winners of IFTA include well-known names like Simpl, Capital Float, ZestMoney and Valocity Global, and have cumulatively raised over USD 3 billion in funding till date.

Winner at IFTA 2021

Fintech Startup of the Year

Stockal

Fintech Rising Stars

(Runners-up to Fintech Startup of the Year)

BukuWarung, AccuraScan, Money View

Fintech Scaleup of the Year

IDfy

Fintech Leader of the Year

Ravi Kumar, Co-Founder and CEO, Upstox

Woman Leader in Fintech

Aarti Ramakrishnan, Co-Founder and COO, Crayon Data

Most Innovative Fintech Product

Pine Labs

Best Fintech Consumer Lender

Paisabazaar

Best Fintech Business Lender

InCred

Best International Fintech in India

MODIFI

Best FinTech Ecosystem Partner

Grameen Impact Ventures

Most Innovative Bank of the Year

IDFC FIRST Bank

Financial Inclusion Initiative of the Year

Jai Kisan

Excellence in Payments

Mswipe Technologies

Best Use of AI in Fintech

Marsview.ai

Most Innovative Blockchain or Crypto Product

Whrrl

Best Innovation in RegTech

Signzy

Best Innovation in Wealth Management

Stockal

Best Technology Company for Fintech Solutions

Zeta

Most Innovative Neo Bank

Open Financial Technologies

Excellence in InsureTech

Digit Insurance

The list of winners is available at: www.indiafintech.com

Enablers for fintech growth

Fintech’s growing importance can be seen from Prime Minister Shri Narendra Modi’s participation in the upcoming fintech InFinity Forum organized by IFSCA and launch of Tamil Nadu’s FinTech Policy by Chief Minister Shri M K Stalin. Mr. Sandip Shah, Head- IFSC Dept, GIFT City informed the IFTA audience that GIFT City is the only location today in India that has been recognised and notified as an International Financial Services Centre (IFSC).

Ms. Pooja Kulkarni, IAS, MD and CEO, Guidance Tamil Nadu elaborated on the multifarious initiatives being taken under the Fintech Policy for fintech companies including a Fintech Governing Council under the Chairmanship of the Honourable Minister of Industries, development of a Fintech City with built-up space of 1 million sq.ft in Chennai, Neo-TIDEL Parks in Tier II and III cities, power infrastructure, connectivity, cybersecurity, disaster recovery centre at Trichy, funding avenues and reduced compliance burden.

Drivers of fintech growth in India

Companies including PayU, CashRich, Perfios, Huobi Global, KUDOS Finance, TransUnion CIBIL and Miami Fintech came together to power discussions on the opportunities for upcoming technologies, challenges and way forward to capitalise on the next 2-3 years. Mr. Jitendra GuptaFounder and CEO, Jupiter and Advisory Committee Member of India FinTech Forum noted, “The India Stack has been game changing alongside Aadhaar. Government initiatives and regulatory sandbox for fintechs have been very helpful. Availability of capital in a vibrant ecosystem is one of the key drivers of fintech growth.”

Fintech companies in India are riding the global innovation wave despite the pandemic. This is supported by the number of unicorns in India that are fintech companies. Mr. Rajesh Kumar, MD and CEO, TransUnion CIBIL had a very positive outlook for growth of fintech companies, and said, “This is a dynamically evolving ecosystem where collaboration, competition and convergence exist in equal measures. Fintech sector players must take into consideration a very strong focus on data security norms, privacy laws and strong governance framework in their quest for growth.”

Upcoming innovation in global payments

Ms. Praveena RaiCOO, NPCI, noted that global payment systems were traditionally offered by large monolith institutions with payment infrastructure in various countries but now we have popular country-specific payment systems also. There is a need to look at how these payment systems can start operating together so that a network of payment systems can get created. The recently announced plan from the RBI and MAS to link UPI and Singapore’s PayNow will be useful. She pointed out, “There is a need to look at those payment solutions that can operate in an offline manner.” Global payments is likely to be a very significant revenue pool for fintech companies, given the current high cost of international transactions, and potential to bring more efficiency, transparency, and speed to the same. Mr. Mohit Gopal,  SVP at PayU cautioned that vanilla payment products tend to have very low margins, so it is important to find other products to get those margins.

Mr. Vincent Lau, MD – International Operations, Huobi Global spoke about recent global trends such as NFT, gaming and metaverse, and how cryptocurrencies could allow unbanked people to earn, invest and transact.

Mr. Ramgopal Subramani, COO, Perfios noted that India FinTech Forum’s IFTA continues to be one event where you get to know not only what is happening in India but also globally. He said that it was inspiring to know that the future is bright in the hands of the startups that presented their fintech innovation.

Mr. Sougata Basu, Founder, CashRich and Executive Committee Member of India FinTech Forum, said, “IFTA 2021 gave us an opportunity to see some amazing innovation done by fintech firms during the year in spite of the challenges caused by the pandemic. Several fintech companies have created solutions for true financial inclusion using the power of technology.”

payu-becomes-fully-certified-token-requestor-and-token-service-provider-for-mastercard-and-visa

PayU becomes fully certified token requestor and token service provider for Mastercard and Visa

 

PayU, India’s leading online payments solutions provider, announced that it has been fully certified by Mastercard and Visa as a token requestor and token provider. After achieving this certification, PayU will now have the ability to act as token requestors on behalf of merchants.

The certification by major card networks is a significant milestone towards enabling tokenization solutions for the broader ecosystem. As a token service provider, PayU will be able to issue, manage, and operate payment tokens, providing frictionless payment experiences.  In addition to network certification, WIBMO is actively engaged with issuers to enable Issuer Tokenisation.

A leader in digital payment solutions, PayU is fully equipped to support merchants, acquirers, and fintech entities with ‘PayU Token Hub’, an advanced and innovative solution which offers both network tokens and issuer tokens under a single hub. Its unique, two-pronged solution allows merchants, acquirers and payment gateways the flexibility to choose the right solution based on their needs.

Commenting on the development, Anirban Mukherjee, CEO, PayU India said, “PayU is proud to receive certification from Mastercard and Visa. It demonstrates our commitment to bring industry-leading payment solutions and enhances our capability to ensure a truly end-to-end, frictionless payment journey for the ecosystem. PayU is excited to be at the forefront of this significant change, enabling stakeholders to embrace the new norms seamlessly.”

Powered by Wibmo, PayU Token Hub is developed as an interoperable plug-n-play solution, to enable card on file and device tokenization using a single integration point. It is available to all merchants, including PayU’s 3.5 lakh merchants and 65 issuers supported by Wibmo. Businesses can enable PayU Token Hub with minimal technical changes and continue to offer the best-in-class payment experience to their customers while ensuring they are compliant with the latest norms. PayU Token Hub will soon expand to enable businesses to safely store and create tokens across other popular payment modes like UPI and Net Banking and contactless device payments.

Shailesh Paul, Head – Merchant Services and Solutions and Cybersource, India and South Asia, Visa, said, “The PayU Token Hub solution, built on the foundation of Visa’s token solution, will help address the key areas of security and enhanced transaction experience. This timely solution will help more cardholders opt for tokenized transactions when shopping online at their favourite merchants.”

Vikas Saraogi, Vice President, Acceptance Development, MasterCard, said, “We are excited to partner with PayU in solving for card tokenization. We’ve worked with WIBMO and PayU for token certification (WIBMO as a TSP and PayU as a TR) and are confident of the robustness of the solution. They’ve been great technology partners with a sound understanding of what merchants need.”

payu-finance-continues-to-bolster-senior-leadership-team,-elevates-bhavik-kaul-as-chief-product-officer

PayU Finance continues to bolster senior leadership team, elevates Bhavik Kaul as Chief Product Officer

 

PayU Finance, which owns LazyPay, India’s preferred Buy Now Pay Later solution and PaySense, a full stack personal loans company, has elevated Bhavik Kaul as the company’s Chief Product Officer (CPO), further strengthening its leadership team to scale up the business and pave the way for the next phase of growth. He will be responsible for building and expanding the product portfolio aligned to PayU Finance’s ambition of creating a full-stack digital financial services platform to serve all financial needs of consumers in India.

In his new position as Chief Product Officer, Bhavik will lead a 40-member team across product, design and program management and will focus on building product portfolios under ‘Buy Now, Pay Later’ (BNPL) deferred payment, EMI at checkout, cards, personal loans up to INR. 10 lakhs, savings & investment products including gold, crypto and personal finance management. Bhavik has over a decade of experience in building products in the consumer internet space with expertise across content, gaming, social, commerce, hyperlocal logistics, organic farming and now FinTech. He has played an instrumental role in growing revenue lines for businesses and has demonstrated strong product management, strategic and operational leadership.

Commenting on Bhavik’s elevation, Prashanth Ranganathan, CEO, PayU Finance, saidIndia’s credit ecosystem remained resilient despite the pandemic and consumer demand especially for products such as Buy Now, Pay Later gained momentum. Bhavik has demonstrated exceptional capabilities by laying a strong product foundation and bringing multiple and unique possibilities of the PayU Finance offering to life, such as BNPL via UPI and flexible repayments for small ticket sizes. He will play a vital role in the evolution of our existing products, while also driving the development of innovative new products and revenue streams to fuel further growth. Through our innovative product offerings, we aim to achieve $1.5 billion in credit disbursals in the next five years”.

Bhavik Kaul, Chief Product Officer, PayU Finance, saidIndia is highly underserved in the retail credit space with a deficit of over $300 billion. While the top of the pyramid has always enjoyed access via big banks, the same has not been the case for the rest of India. At PayU Finance, our goal is to enable financial inclusion by focusing on data & ML algorithms to provide responsible credit to the next 250 million Indian users. To this end, we have developed a strong culture of innovating quickly, testing, learning and then scaling. We will continue to listen closely to our customers and work with our merchants, banking and network partners to enable diverse fintech experiences which are frictionless, easy to understand and anti-predatory”.

Bhavik joined PayU Finance in 2020 and spearheaded the development of LazyPay (India’s largest BNPL product) with the objective of enabling more Indians with easy access to credit solutions. In his previous role as the Vice President and Product Head at LazyPay, Bhavik launched several innovative products such as BNPL through UPI, converting UPI transactions to EMIs, flexible repayments for small ticket sizes and most recently, a fully functional deep integration with merchants with a grey labelled credit product, called Dunzo Pay Later. Under his leadership, LazyPay witnessed a 5X growth in the BNPL segment.

Before working with PayU Finance, Bhavik was the Director of Products for User, Growth & Marketplace at Dunzo, heading the product and design team and helped Dunzo grow to over 2 million orders per month by revamping the entire B2C platform and user flows in less than a year. He has also contributed to growth of companies such as Hike, Microsoft, Deloitte and was previously the Co-Founder of Ek Titli, a Pune based Organic farming startup.

payu-finance-continues-to-bolster-senior-leadership-team,-elevates-bhavik-kaul-as-chief-product-officer

PayU Finance continues to bolster senior leadership team, elevates Bhavik Kaul as Chief Product Officer

 

PayU Finance, which owns LazyPay, India’s preferred Buy Now Pay Later solution and PaySense, a full stack personal loans company, has elevated Bhavik Kaul as the company’s Chief Product Officer (CPO), further strengthening its leadership team to scale up the business and pave the way for the next phase of growth. He will be responsible for building and expanding the product portfolio aligned to PayU Finance’s ambition of creating a full-stack digital financial services platform to serve all financial needs of consumers in India.

In his new position as Chief Product Officer, Bhavik will lead a 40-member team across product, design and program management and will focus on building product portfolios under ‘Buy Now, Pay Later’ (BNPL) deferred payment, EMI at checkout, cards, personal loans up to INR. 10 lakhs, savings & investment products including gold, crypto and personal finance management. Bhavik has over a decade of experience in building products in the consumer internet space with expertise across content, gaming, social, commerce, hyperlocal logistics, organic farming and now FinTech. He has played an instrumental role in growing revenue lines for businesses and has demonstrated strong product management, strategic and operational leadership.

Commenting on Bhavik’s elevation, Prashanth Ranganathan, CEO, PayU Finance, saidIndia’s credit ecosystem remained resilient despite the pandemic and consumer demand especially for products such as Buy Now, Pay Later gained momentum. Bhavik has demonstrated exceptional capabilities by laying a strong product foundation and bringing multiple and unique possibilities of the PayU Finance offering to life, such as BNPL via UPI and flexible repayments for small ticket sizes. He will play a vital role in the evolution of our existing products, while also driving the development of innovative new products and revenue streams to fuel further growth. Through our innovative product offerings, we aim to achieve $1.5 billion in credit disbursals in the next five years”.

Bhavik Kaul, Chief Product Officer, PayU Finance, saidIndia is highly underserved in the retail credit space with a deficit of over $300 billion. While the top of the pyramid has always enjoyed access via big banks, the same has not been the case for the rest of India. At PayU Finance, our goal is to enable financial inclusion by focusing on data & ML algorithms to provide responsible credit to the next 250 million Indian users. To this end, we have developed a strong culture of innovating quickly, testing, learning and then scaling. We will continue to listen closely to our customers and work with our merchants, banking and network partners to enable diverse fintech experiences which are frictionless, easy to understand and anti-predatory”.

Bhavik joined PayU Finance in 2020 and spearheaded the development of LazyPay (India’s largest BNPL product) with the objective of enabling more Indians with easy access to credit solutions. In his previous role as the Vice President and Product Head at LazyPay, Bhavik launched several innovative products such as BNPL through UPI, converting UPI transactions to EMIs, flexible repayments for small ticket sizes and most recently, a fully functional deep integration with merchants with a grey labelled credit product, called Dunzo Pay Later. Under his leadership, LazyPay witnessed a 5X growth in the BNPL segment.

Before working with PayU Finance, Bhavik was the Director of Products for User, Growth & Marketplace at Dunzo, heading the product and design team and helped Dunzo grow to over 2 million orders per month by revamping the entire B2C platform and user flows in less than a year. He has also contributed to growth of companies such as Hike, Microsoft, Deloitte and was previously the Co-Founder of Ek Titli, a Pune based Organic farming startup.