TimesofMoney’s participation at the 4th Financial Inclusion & Digital Payments Conference
09/16/2011

The forum brought together eminent industry players - banks, telecos, solution providers and the regulators themselves sharing their views in what turned out to be an invigorating discussion on the future of digital payments and its hand in shaping India’s financial future.

Online PR News – 16-September-2011 – – 15th September 2011. The first decade of 21st century has been an eventful and possibly a watershed period in the Indian economy with consistently high GDP growth, a mobile revolution resulting in over 700 million connections, rapid POS, ATM and branch expansion, the establishment of ecommerce and the penetration of plastic in millions of wallets across the country.
India’s economic expansion remains the catalyst for the evolution of a large robust electronic payments ecosystem. As services constitute an increasing proportion of the GDP each year, urbanization and industrialization coupled with the all round growth is catalyzing the growth of a middle class estimated to be over 300 million. Studies have indicated that with the current growth trajectory, household incomes could triple over the next two decades making India the world’s 5th-largest consumer economy by 2025, up from 12th now.
India stands at a very interesting cusp, wherein the seeds appeared to have been sowed for the creation of a dual electronic payment architecture & ecosystem. The first in the classical card based model and the second in the card-less!
With this preface the 4th Financial Inclusion & Digital Payments Conference organized by the IAMAI took place at Mumbai’s Taj Lands End today and TimesofMoney proudly partnered with it.

The forum brought together eminent industry players - banks, telecos, solution providers and the regulators themselves sharing their views in what turned out to be an invigorating discussion on the future of digital payments and its hand in shaping India’s financial future.

Topics such as financial inclusion, micro-finance, mobile money, interoperability, standardization and convergence of payments took center-stage

Speaking on this occasion on perhaps what could be coined as the centrifugal point of discussion Avijit Nanda - President, TimesofMoney said “The industry is still in its nascent stage of evolution and with the road map drawn out its looking very exciting. Any industry which commands such a huge potential to change the state of payments is bound to go through some tough stages viz. each operator be it the bank, the telco or independent technology providers are busy laying down their own infrastructure and acquiring customers, the fall out of which is, today a consumer has to undergo various steps (numerous pins/passwords/etc), while fulfilling a simple online/ mobile transaction.

The regulator playing its role in providing security, easy and simplicity has rightly put forth guideline to protect the interest of the consumer; however the fallout has deprived the customer of a better experience thereby increasing the pains of acceptance of this technology.

If all providers can collectively come at a consensus and build and share their infrastructure it will not only ease customer experience but also provide more headroom for each operator‚ÄĚ Mr. Nanda also added that standards laid by the regulator should be looked up as a step of aiding the industry in the right direction rather than as an impediment or a roadblock.

Having successfully launched an e-payments gateway (viz. DirecPay), which works on the model of aggregation of various banks, debit and credit cards providers to offer merchants seamless integration to accept payments and white label online remittance solutions for banks and non-banks to offer digital payments across geographies Mr. Nanda spoke for customer aimed improvements across the entire eco-system.

About TimesofMoney

TimesofMoney is India’s leading digital payment service provider and serves a varied client base. Spanning Indian and international clients, its offerings include specialized NRI services, India Money Transfers, Global Money Transfers, e-Payments and co-branded cards. Conceptualized and built to serve diverse communities, TimesofMoney’s services offer convenience, connectivity and flexibility across a global platform. The conglomerate continually strives to deliver the best to its clients, ensuring flexible service and meeting global standards. Visit www.timesofmoney.com for more details.

Its brands include Remit2India, Remit2Home, Window2India, DirecPay and Times Card.

More details are available on the corporate website www.timesofmoney.com.

For more information please contact:
Bhavin Shah | TimesofMoney | (Desk) + 91-22-3098 8490 | bhavins@timesofmoney.com
Murtaza Sadri | Good Relations India (Mob) + 91-9892235252 | murtaza@gri.co.in