The Digital Fifth Newsletter

• Banks will have to create Digital Strategy under direct review of the Board
• Traditional banks need to be ready for Digital before Digital Banking Licenses are issued in the market over next 12 to 24 months
• Banks should be ready to meet RBI targets over next few years so that Digital Business crosses bar of say "50%". Banks will have to create separate reporting of this business to see the transition of the banks to digital business
• Banks will have to launch a series of critical products and services to be completely digitized end to end for Retail and SME business. This is significant list and would have huge impact on conventional banks, who were still not looking at this framework for growth and servicing.
• Bank will have to appoint senior leadership to manage this segment at COO level to ensure accountability. This was a missing piece in many banks.
• Banks will also focus on building phygital framework led by digital branches to ensure that "SBI Intouch" kind of digital branches with more optimal resourcing are established
• Banks may have to rebuild their technology infra to support this transition. RBI has even pointed out that banks have the flexibility of building"core-independent digital-native technologies offering better scalability, flexibility in creating new / reusable digital environments". This is to ensure that “Banks do not come back with – my technology infra does not support digital / APIs”
• As Digital Banking Units can be outsourced, this would bring Business Correspondent Framework back in focus, where Fintechs can run the DBUs for the bank.
• Neobanks / Fintechs / Digital Lending partners of the bank would come under "Digital Business Facilitator / Business Correspondent" offering these services virtually. This would suddenly accelerate launch of “Neobanks”. We would see massive investment in Neobanks in the market.
• Banks will be creating newer products and services to support Digital Business. This would improve innovation levels within the country.
• Banks will have to build their Open Banking Architecture for offering services, which will help traditional banks to rethink their current approach
• Banks will have to get ready to go beyond retail segment and would look for extending this to corporate segment as well

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NPCI ties up with UAE's Mashreq to launch UPI

NPCI International Payments Ltd (NIPL), the international arm of NPCI, has entered the UAE market by partnering with NeoPay, the payment subsidiary of Mashreq Bank, and will offer Unified Payments Interface-based payments for Indians travelling to these regions.

Both the entities have been creating the acceptance infrastructure over the past year, with the BHIM UPI service now live on NeoPay terminals.

Source: Economic Times

WhatsApp gets NPCI approval to onboard 100 Mn users on UPI

The National Payments Corporation of India (NPCI) has approved an additional sixty (60) million users on UPI for WhatsApp. With this approval, WhatsApp will be able to expand the service to its 100 million users, a significant victory for the payments service that Meta hasn’t yet heavily marketed to users.

While WhatsApp has managed to expand its payments feature at regular intervals, the Facebook-owned [now Meta] company failed to grab sizable volume since its entry into the UPI race. As per NPCI statistics, WhatsApp had recorded only 2.54 million transactions via UPI in March this year.

Source: Entrackr

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Source: BW Disrupt

Just do it - do what you want to do while

- Making your own mistakes and blunders

- challenging your own limitations and proving yourself right or wrong

- Dreaming big and executing it bit by bit

- Getting ignored and managing bruised ego

- Learning continuously

- Living with chaos and headwinds / tailwinds

No one is waiting for you to be a successful entrepreneur, except you.

Sameer Singh Jaini

Founder & CEO

The Digital Fifth