Jatinder Handoo, CEO of the Digital Lenders Association of India (DLAI), stated that mobile ownership among women remains low, particularly in rural areas where 50 per cent of the population is women. Many women lack access to phones, they often use phones through male family members. Mr. Jatinder shared this with Manojit Saha, Business Standards Banking Editor at the Business Standard BFSI Insight Summit 2023 held in Mumbai.
Rural areas often face fraud in digital payments, affecting first-timers negatively. Punjab National Bank (PNB) executive director, Kalyan Kumar argues that cash remains king due to cultural preference, infrastructure limitations, and perceived security. Building trust is crucial for enhancing digital payment potential. He mentions that the full potential of digital payments is hindered by the need to establish trust.
According to Vishwas Patel, Joint Managing director at Infibeam Avenues, payments in India have grown significantly since 2010, with 350 million middle-class individuals expected to reach 460 million by 2025, driven by factors such as the Jio effect, 5G growth, government incentives, Aadhar and ONDC.
Arif Khan, Razorpay's chief innovation officer, cites India's adoption of digital identity in 2010 as a significant milestone in the evolution of the Unified Payments Interface (UPI).
Google Pay's director of Product Management, Sharath Bulusu, emphasizes the need for inclusion in digital payments, despite impressive numbers. He acknowledges the need to address social and cultural factors that drive consumers away from digital products, such as banking, and adapt to societal changes.
He also mentioned about the importance of self-sufficiency in the Indian digital payments industry, given the country's high economic scale and potential friction.
