India: US$1trn/yearly digital transactions by 2025

ACI Worldwide, a leading global provider of real-time electronic payment and banking solutions, has appointed industry executive Kaushik Roy to as country leader in the fast-growing and rapidly evolving India market.

Bringing more than twenty years of senior-level payments and financial services experience to his new role, Kaushik most recently served as Head of Middle East & South Asia at MoneyGram International, a leading global remittance company.

He previously served as Head of Sales Effectiveness & Transformation at Barclaycard GBS.

Earlier in his career, he held various executive-level roles at American Express, including Global Head, Strategic Planning for Merchant Services and Commercial Payment businesses.

ACI has a hugely successful track-record of working with many of India’s largest financial institutions over the past 20 years—serving as a trusted partner for their critical payment capabilities and handling nearly 7 billion card transactions annually.

The country is undergoing tremendous payments transformation, driven by the rapid digitalization of payments— by 2025, digital transactions in India could be worth US$1 trillion annually, with four out of every five transactions being made digitally, said ACI in a press release announcing Roy’s appointment on 15 Oct 2018.

“India’s digital payments revolution is buoying the country’s burgeoning banking and fintech industry, but financial institutions, retailers, and billing organizations need to be ready to evolve to stay competitive,” said Manish Patel, vice president, ACI Worldwide. “With a deep understanding of payments and financial services, coupled with his years of hands-on leadership experience within the region, Kaushik will well serve our customers and the country to reach new heights.”

Mass adoption of e-payments, combined with regulatory policy, are also boosting India’s leadership position within the global payments landscape. UPI (Unified Payments Interface) transactions are proving to be a key driver for adoption and greater financial inclusion.

ACI’s customized, UPI-enabled version of its UP Retail Payments solution supports the growth of UPI payments across India, enabling stakeholders to access the set of APIs developed by National Payments Corporation of India (NPCI) and connecting banks’ issuing systems to central infrastructures and to payment providers. fiinews.com