The Executive Post Graduate Programme in Management (EPGP) hosted a one-day conference “Digital Summit” today at IIM Bangalore’s Bannerghatta road campus. The summit featured talks by eminent policy makers, entrepreneurs, consultants and innovators. The event saw more than 300 delegates participating making in a jam packed conference venue.
The keynote speech was delivered by Mr Anil Bhansali, MD, R&D at Microsoft India. He spoke about Microsoft’s initiatives for Digital India and how it was adapting to the quirks of the Indian Populace. He spoke passionately about Microsoft’s outreach programs for rural Indians and how they intend to scale it up in the coming days.
The Keynote was followed by panel discussion on scaling up of Digital Payments in India. Friction-less payments is growing in India. Though adaption is currently low, it is expected to gain steam in the coming years. The panelists also discussed about the current trends and bottlenecks facing the sector. Some nuggets gleaned from the discussion follow below:
- An estimated Rs 3700 Crores is spent every year on the printing of currency notes by RBI. Once you add the cost of transporting cash between ATM’s and Banks, you realize that transaction costs in a cash economy are much higher compared to digital payments.
- The Bharat Bill Payment system is all set to become active in the coming months and this will lend further impetus to its adaption among across the country.
- The DGM of State Bank of India, Dr G P Ray spoke about SBI’s innovations in the digital payments space. He also spoke about the growing demand for overdraft in PMJDY accounts. Customers who had had opened a PMJDY account had to sign several documents before becoming eligible for the overdraft.
Mr Ashwin of KPMG spoke about 3 trends that are making friction-less payments converge.
- Concept of Online To Offline in Asia Pacific Region – This involves making a previously offline service available online. Example: Food Delivery, Plumbing Service which were available only offline, can now be ordered with the press of button on a mobile app. All these services require digital payments. While Cash on Delivery (COD) is currently high in some sectors it is expected to reduce over time as consumers adopt digital payments.
- Mobility and Aadhaar : Will lead to the creation of new services and products in India. If these new products are able to scale up, then it will lead to the creation of many more unicorn companies in the FinTech space.
- Algorithm Based Economies: Algorithms drive businesses around the globe. Data and Algorithms will transform the world in unimaginable ways in the coming decades. Digital payments are integral to algorithm economies.
The panel discussion ended with a Q&A session with the audience and faculty members of IIM Bangalore. The conference also features talks about Smart Industries, Social Commerce, Wearable Technologies, Healthcare Tech and Digital Marketing which are scheduled throughout the day.