FIVE YEARS AGO, the National Payments Corporation of India (NPCI), a lesser-known organisation pioneering financial infrastructure in the country, held an offsite meeting for senior management under Dilip Asbe, the newly appointed MD & CEO.
The mood was one of optimism, as NPCI was celebrating the success of the Unified Payments Interface (UPI) in achieving 1 billion transactions per month. UPI, introduced in April 2016, facilitates swift, 24/7 money transfers between bank accounts in India via a QR code. Not content with that milestone, Asbe—an engineer by training who has had stints with BSE, global money transfer giant Western Union, and payments player Euronet Asia Pacific—surprised everyone by announcing a target of processing 1 billion transactions a day within five years.
At that time, NPCI was handling approximately 25 million transactions a day, a considerable 37 times lesser than Asbe’s ambitious goal. Fast forward to today, and though the target hasn’t been met, UPI transactions are breaking records, registering a remarkable 393 million transactions each day, just three times shy of the initial target. Enter the disruptors: The pandemic, which accelerated digital payments; non-bank giants like GPay and PhonePe pushing boundaries with cashbacks; and distributing ubiquitous QR codes to small merchants, from chaiwallahs to vegetable vendors. New use cases, which Asbe was banking on, also emerged, ranging from paying utility bills and investing in the stock market to global remittances and beyond.
Bu hikaye Business Today India dergisinin March 03, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Business Today India dergisinin March 03, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
"Moving to cloud helped us grow❞
What was the problem you were grappling with?
She's Got Time
MORE WOMEN ARE BECOMING WATCH CONNOISSEURS, SEEKING OUT BOTH JEWELLED AND TECHNICAL WATCHES FOR THEIR STYLE AND CRAFTSMANSHIP
RISING STAR
PARUL GULATI IS a name that's been steadily gaining prominence in the Indian entertainment industry after she appeared on season 2 of Shark Tank in 2023. She has become a multifaceted personality who effortlessly transitions between acting and entrepreneurship.
Building on a Legacy
WHEN ZAHABIYA KHORAKIWALA stepped into her role as Managing Director of Wockhardt Hospitals over a decade ago, she confronted formidable challenges that have since turned into achievements.
LEADER IN INNOVATION
AS FEDEX'S PRESIDENT (Middle East, Indian subcontinent and Africa), Kami Viswanathan has a lot on her plate.
WAITING IN THE WINGS
Here are those who missed out as they have not yet completed a year in office; they'll be strong contenders in 2025
A DECENT PROPOSAL
IN TODAY'S WORLD OF TRYING TO CREATE AN EQUITABLE SPACE, BOTH MEN AND WOMEN CONTRIBUTE TO THEIR HOUSEHOLDS. WOMEN ARE ENCOURAGED TO HAVE THEIR OWN SAVINGS POOL AND INVESTMENT ROUTINE. GIVEN THIS, HOW SHOULD FUTURE BRIDES APPROACH FINANCIAL PLANNING?
Women and the STEM Bias
EMPOWERING WOMEN IN STEM WILL NOT ONLY BENEFIT INDIVIDUALS, BUT ALSO STRENGTHEN THE ENTIRE INDUSTRY, DRIVING INNOVATION AND PROGRESS.
ROCKET WOMEN
WOMEN IN INDIA ARE NOT ONLY VENTURING INTO SPACE BUT ARE ALSO STARTING TO SPEARHEAD THE COUNTRY'S EFFORTS IN THE GLOBAL SPACE RACE.
ONE STEP FORWARD
THE NUMBER OF WOMEN INDEPENDENT DIRECTORS IS GROWING STEADILY, BUT IT'S A LONG WAY FROM GENDER PARITY. MUCH MORE NEEDS TO BE DONE TO BREAK THE GLASS CEILING IN BOARDROOMS.
