The future of UPI with exciting new use cases and through its international reach is promising: NPCI’s Nalin Bansal at MindsKonnect 2024
by Prashant Kapadia/NHN
Insights into Next-Generation Payments: Real-Time Payments and Transaction Banking discussed at MindsKonnect 2024
Industry Pioneers from leading banks including First Abu Dhabi Bank, State Bank of India, CitiBank, HDFC Bank, and Kotak Mahindra Bank attended the event
Renowned fitness icon Milind Soman also attended the event, shared valuable perspectives on motivation and personal growth
National, July , 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.
About Mindgate: Mindgate Solutions, a global leader in the payment industry since 2008, is headquartered in Mumbai, India, with regional centers in Middle East, Southeast Asia and UK. Renowned for innovation, Mindgate specializes in developing cutting-edge payment platforms for Banks, Government bodies, Merchants, and Corporates. Leveraging advanced technologies like microservices architecture and real-time streaming platforms, Mindgate ensures scalability, reliability, and security in its products. With a team of over 1,400 payment professionals and a portfolio of 60+ global marquee customers, Mindgate is a pivotal digital payment enabler.