Realtime Payments

Banking Frontiers organized a panel discussion on modernization of realtime payments. Distinguished panelists discussed the core issues and the probable directions:

- Manoj

PANELISTS

Reshma Thakker Chothani: Head Banking alliance & Partnerships, Mobikwik

Prasad Routray: Head Corporate, Business & alliances, Airtel Payments Bank

Bertram Dsouza: EVP - Digital Banking, Kotak Mahindra Bank (now at Protean e-Gov technologies)

Prasanna Lohar: Head technology, DCB Bank

Somya Patnaik: Principal Product Manager, ACI Worldwide

Manoj Agrawal: editor, Banking Frontiers (Moderator)

Manoj: Are the new innovations qualitatively different from the first generation payment innovations?

Bertram: The pace of innovation has remained constant but the breath and the number of different areas in which innovation is prevalent have increased over the years. There are 4 key areas that I see evolving. Firstly, having a future-ready technology stack like a micro-services architecture is essential. Secondly, simple innovations are widespread across digital platforms. Customers expect high quality experiences across digital channels and digital payments. Thirdly, it is often the first mover that gets an advantage, so getting innovations right before competitors is advantageous for the firm. Lastly, innovations have to be built independently as well as co-created along with partners.

Prasad: A few more can be added to the list. Innovations in the space of B2B needs attention. The rural sector innovations need to speed up. Payments is not the forte for BFSI alone anymore.

Reshma: No doubt the innovations are blossoming, but feature phones will be the game-changer. It has to be seen when the non-smartphone users move to digital payment methods.