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NPCI’s Nalin Bansal Highlights Promising Future of UPI at MindsKonnect 2024

Jul 29, 2024 by Mansi 0 Comments #MindsKonnect 2024, #Nalin Bansal, #NPCI, #UPI

National, July 29, 2024 – Mindgate Solutions Pvt. Ltd, a leading player in the payment’s technology and transaction processing space, successfully hosted the second edition of its premiere annual event, MindsKonnect yesterday at JW Marriott, Mumbai. Based on the theme ‘Next-Generation Payments: Right Here, Right Now,’ the event brought together industry leaders from India and the Middle East to discuss the role of technology in shaping the future of payments, evolution and growth of Transaction Banking and Real-Time Payments.

The event featured esteemed speakers including Nalin Bansal, Chief of Fintech, Corporate & New Initiatives, NPCI; Mayank Mishra, Managing Director, Global Head Channels & Transformation at First Abu Dhabi Bank; Naman Kapoor, Managing Director, Head Payments & Liquidity (Indian Subcontinent) at CitiBank; Amit Kumar, Senior Executive Vice President – Cash Management Head – Business and Product at Kotak Mahindra Bank; Purvang Shah, CGM IT – Channels & Operations at SBI; and Srikanth Siddi, Executive Vice President, Head – Digital Solution Group – Acquiring, Products and Platforms at HDFC Bank. These speakers engaged in a panel discussion on the topics: “Transaction Banking: Going beyond the boundaries” and “UPI: Going beyond the obvious.”

Commenting on the occasion, George Sam, Co-Founder & Business Head at Mindgate Solutions said, “India and the Middle East are at the forefront of the digital payment’s revolution. Our event today has provided invaluable insights and perspectives that will drive the next phase of growth and innovation in real-time payments. At Mindgate Solutions, we are committed to pushing the boundaries of technology to support the evolving needs of our clients and to ensure seamless and secure digital transactions.”

Reflecting on the evolving landscape, Nalin Bansal, Chief of Fintech, Corporate & New Initiatives, National Payments corporation of India from NPCI said, “In addition to the banking sector, the surge in interest from non-banking sectors in UPI, both in consumer and merchant aggregation, has been remarkable. We now have over 70 applications and 42 third-party integrations, demonstrating the depth of market engagement. Aggregators are enhancing merchant solutions with advanced features like dashboards, settlement, and reconciliation services, addressing the needs of a diverse range of payment instruments. With a market encompassing 300 million merchants and growing international presence, including traction in the UAE, Singapore, and Europe, we are excited about the future. Our goal is to drive both domestic and global growth, leveraging UPI to meet the evolving demands of a dynamic market.”

MindsKonnect 2024 highlighted the transformative potential of technology and AI in shaping the future of financial services. The speakers shared insights on the current landscape, future trends, and strategic innovations in digital payments. The event drew over 100 senior professionals, including CXOs from major financial institutions, providing a platform for meaningful networking and dialogue.

In addition to the key leaders from banking segment, the renowned fitness icon Milind Soman also joined the event as a distinguished guest and a motivational speaker. His inspirational insights and dynamic presence offered attendees valuable perspectives on motivation and personal growth was well received by the thought leaders.

Mindgate Solutions continues to lead in digital transformation by facilitating $1 trillion transactions annually and processing 1 out of every 5 real-time payments worldwide. Mindgate also supports around 7 billion digital transactions each month and approximately 50% of UPI transactions and are seamlessly and securely routed through Mindgate partner banks.

Cashfree Payments partners with EasyTransfer to make international university fee payments easier for Indian students
business

Cashfree Payments partners with NPCI for tokenization of RuPay cards

Jun 2, 2022 by Praveen 0 Comments #Cashfree Payments, #NPCI, #RuPay cards, #tokenization

Cashfree Payments, a leading payments and API banking solutions company, today announced that it has partnered with National Payments Corporation of India (NPCI) to provide tokenization solutions on RuPay cards for its merchants. Cashfree Payments’ tokenization solution ‘Token Vault’ helps merchants to provide their customers the option to save cards on the merchant website or app and process card payments securely while being RBI compliant. With this partnership, Cashfree Payments becomes a certified and compliant payment tokenization service provider across key card networks like RuPay, Mastercard, and Visa.

Token Vault supports all major card types: credit cards, debit cards, prepaid cards, and corporate cards. Businesses can integrate Token Vault API with their platform with a single integration. Once integrated, Cashfree Payments takes care of both saved card function & processing payments.

Akash Sinha, CEO & Co-Founder, Cashfree Payments said, “We are glad to partner with NPCI to enable tokenization for RuPay cards and empower our merchants with a secure and compliance-friendly payments inflow system. At Cashfree Payments, it is our focus to build innovative and effective solutions, to help provide a simpler, safe and seamless experience to our merchants. Our business, products, vision and mission support a digital and an inclusive Indian economy.”

GaurishKorgaonkar, Head- Fintech Solutions, NPCI said, “This partnership with Cashfree payments to provide tokenization solutions on RuPay cards will enable cardholders to enjoy a seamless payment experience backed by best-in-class security. We believe that this is yet another step towards further strengthening the overall digital payments environment with increased safety and security. We are confident that this initiative will help various merchants in the digital ecosystem meet the RBI deadline.”

As per RBI guidelines, with effect from 1st July 2022, neither businesses nor payment aggregators can save customer card details on their platforms. The card details can only be saved by the card networks or issuing banks. Card tokenization is the process of replacing sensitive card information like card number, and card expiry with a cryptographically generated random string, referred to as the card token. Once a card is tokenized, the generated card token can be used for processing payments as a substitute to card details, thus eliminating risk of loss of sensitive card information while making card payments.

Cashfree Payments’ was among the first few players in the industry to go live with its tokenization solution in December 2021.

With over 50% market share among payment processors, Cashfree Payments today leads the way in bulk disbursals in India with its product Payouts. Recently, India’s largest lender, SBI invested in Cashfree Payments underscoring the company’s role in building a robust payments ecosystem. Cashfree Payments works closely with all leading banks to build the core payments and banking infrastructure that powers the company’s products and is also integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm, and Google Pay. Apart from India, Cashfree Payments products are used in eight other countries including the USA, Canada, and UAE.