Global Fintech Fest 2023: Who Steals the Show?

The finance sector has seen a lot of fluctuations this September. Surprisingly, most of the fluctuations have been positive for the nation. With the G20 Summit being hosted by India and Nifty reaching a record-breaking high of 20,000, the finance sector is booming. Another big event pivotal in the finance sector was the 4th edition of the Global Fintech Fest 2023 (GFF23).

GFF23 was a 3-day event held from September 5th to 7th at the Jio World Convention Centre in Mumbai. Yes, that state-of-the-art infrastructure is at the heart of the City of Dreams. Well, we know that whatever Ambanis do, they do in style. 🤑

So, the event attracted attendees from over 125 countries, with Australia, Brazil, the United Kingdom, Germany, and Israel acting as the Country Partners. It was jointly organised by the National Payments Corporation of India (NPCI), the Payments Council of India (PCI), and the Fintech Convergence Council (FCC).

The theme for this year’s event was “Global Collaboration for a Responsible Financial Ecosystem- Inclusive | Resilient | Sustainable”.

From emerging trends to the investment landscape, the future of fintech was debated and pondered during this event. However, what stood out the most was UPI (Unified Payments Interface), which has been gaining traction worldwide for a few months now.

We all remember how the Eiffel Tower in Paris became the first location to inaugurate the services of UPI in France. This initiative is facilitating smoother and faster trade activities between the two nations.  

Upgrading India’s popular payment method to amplify consumer experience seems like the RBI's agenda this year. RBI’s Governor Shaktikanta Das unveiled five different payment solutions, all related to UPI.

Known personalities in the business world were present at this event, and many won awards for different categories. Several factors related to the fintech sector came to light, which will be discussed further in this article.

But shadowing all others, UPI became the main attraction! Let’s see how👇

Different Payment Solutions in Coordination with UPI

National Payments Corporation of India is having a blast and is high in spirit after successfully organising a big event like the GGF23. Credited for the development of UPI, NPCI has been actively planning upgrades for the payments platform. And what better stage to reveal their hard work than Fintech Fest, which attracts experts and enthusiasts from the sector, right?

Taking advantage of the spotlight, the RBI Governor took centre stage and introduced the crowd to the five new solutions developed by NPCI.

Check out what all the products are about:

1. Credit Line on UPI

An initiative by the organisation to drive economic growth, the credit line would be performed swiftly via the UPI platform. It is only possible for only the pre-sanctioned credit lines from banks. It will not only boost the expedition of the complete process required for finalising credit lines but also make it easier for people to access credit and make payments. Thus, a streamlined digital financial system will be encouraged.

2. UPI Lite X

This product can be seen as the advanced version of the offline transaction the UPI platform allows the users. Using the Near-Field Communication (NFC) technology, users have been performing offline transactions up to ₹500. Now, with UPI Lite X, one will be able to send or receive money up to ₹5,000 even in areas with poor connectivity. This product aims to increase digital transactions in remote areas and villages so that the nation’s vision of “Digital India” can be achieved.

3. UPI Tap & Pay

This product is going to be a collaboration between NFC and Quick Response (QR) code. UPI platform allows users to scan the QR code, make payments, and receive money within seconds. To further decrease the duration, UPI Tap & Pay will allow them to tap and pay. It will be possible for only NFC-enabled QR codes.

4. Hello! UPI- Conversational Payments on UPI

Enter AI!

With this UPI meets AI product, NPCI is ready to be on pace with the rapidly changing world. The “conversational payments on UPI” feature would allow users to make transactions touchless. Voice-enabled payments in languages like Hindi and English will be introduced first, and regional language support will be available after some time. Users in UPI apps, telecom calls and Internet of Things (IoT) devices can utilise this feature. The conversational payments feature would increase accessibility by helping users who are not so familiar with digital devices.

5. BillPay Connect: Conversational Bill Payments

In association with Bharat BillPay, BillPay Connect is releasing a nationalised contact number for settling bills. All users would need to do is send a simple “Hi” via a messaging app, and bills would be paid automatically. As for those with limited access to smartphones or the internet, giving a missed call would suffice. Voice-enabled bill payments would also be present through smart home devices and physical collection centres.

Other Highlights of the GFF23:

Apart from the glamorous rampwalk of UPI upgradation, GFF23 also presented new opportunities. Here are some of the highlights of the event:

• A Japanese firm, Hitachi Payments, introduced India’s first-ever UPI-ATM. It is named "Hitachi Money Spot UPI ATM" and was developed in partnership with NPCI. Told you! NPCI is on a roll.
• One of the event's partners was the World Bank, which applauded India’s achievements in the finance sector for the last six years. They also acknowledged our nation’s efforts in improving the Digital Public Infrastructure (DPI).
• Reliance Group got a chance to prowess its might and influence worldwide. The event took place at the Jio Convention Centre with Jio’s banners as the background image. This hinted towards Jio’s not-so-hidden desire to steal the audience from the fintech giants through Jio Financial Service Ltd.
• Paytm’s parent company, One97 Communications Ltd., won several awards, including “Best Payment Aggregator” and “Fintech for Good”. Its President & COO won the “Fintech Leader of the Year” award.

The Bottom Line

The upcoming solutions will help advance the way India pays. The 5th edition of Global Fintech Fest is scheduled to take place from October 8-10, 2024. It would be interesting to witness the major developments the events upholding at GFF would bring for the fintech industry.