INDIA IS A COUNTRY IN A HURRY

Indian consumers and leaders want agility and pace, and the fintech ecosystem has laid the foundations to achieve this, says Praveena Rai, COO, NPCI

- Noor Fathima Warsia

THE DIGITISATION STORY IN INDIA is strong and boasts many important chapters with examples such as Aadhaar and Unified Payments Interface (UPI). For Praveena Rai, the chief operating officer of the National Payments Corporation of India (NPCI), digitisation is only about creating the foundation and fundamentals.

“How it makes a difference is where the game begins changing, and this is where democratisation comes in,” she says.

Rai explains that digitisation is the change on the supply side, which is the starting point. Democratisation is on the demand side. It can open a layer of innovations that can then be deployed to different customer segments. “But to achieve this, standardisation of the services is very important. It forms the pace of all other innovations,” Rai adds.