NeoGrowth co-sponsors IMC Conference

The Indian Merchant Chamber (IMC) organized its Banking and Financial Services conference on ‘Catalyzing MSME Entrepreneurship in India’ on 22nd June 2017 at Mumbai, where NeoGrowth was one of the co-sponsors.

This daylong conference focused on key issues being faced by Indian entrepreneurs – Capital, Technology and Policy wherein experts presented their views on these relevant issues.

4_7_17The inaugural speech for the conference was given by Mr. Arjun Ram Meghwal, Union Minister of State for Finance, Government of India. Also present as key invitees of the conference were Mr. Urjit Patel, Governor, Reserve Bank of India (RBI), Mr. Pravin Gordhan, Former Finance Minister, South Africa, Mr. Junaid Ahmad, Country Director (India), World Bank.

 

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KPMG India were the knowledge partners for the conference and released their research paper on SME Financing. The conference was spread over three sessions, each covering a key issue.

Mr. Sanjoy Shome, (COO – NeoGrowth) was a panelist during the session on how the need for Capital can be addressed best for MSME’s. He showered light on how the amalgamation of analytics, technology and Digital mediums is important to build an efficient and robust architecture for MSME financing.

 

4_7_17_3 Mr. P. Ravindra (Specialist – Compliance, internal audit & spcl. projects, NeoGrowth) and Mr. Yogesh Nakhwa, (VP-Operations & Business Excellence, NeoGrowth) were the delegates that represented NeoGrowth at this conference.

The conference highlighted key indicators which will help in the growth of SME sector like policy changes that can help underwrite finance for industry segments that are not completely organized. How factors like data around Inventory management, analysis on spends happening on a merchant’s outlet etc. can be additional tools that can be used to underwrite finance in addition to the traditional methods of bank statements, collaterals etc. The need for resolute adoption of technology and digital mediums to help smoothen the process of financing for MSME’s were a highlight of the conference.

NeoGrowth is already on the path to address and implement these factors with its initiatives like merchant portal, Sales App that will help in quick financing for MSME’s. The adoption of Digital medium to reach out to prospect customers is a step closer towards financing them.

NeoGrowth continues its quest of bringing customer delight in the Fintech domain by working closely with all the stakeholders that can make the life of an end consumer better & making the process of doing business easy for them by addressing the key issues of obtaining finance.

NeoGrowth at Metro – Cash & Carry

img001NeoGrowth initiated a co-branded customer engagement activity at Metro Cash & Carry, Bangalore. Metro Cash & Carry is one of India’s leading business to business wholesaler. It has 23 operational centers in India and presence in Europe, Africa as well as other Asian countries. METRO Cash & Carry India’s core customers include small retailers and kirana stores, hotels, restaurants and caterers, corporates, SMEs, all types of offices, companies and institutions, as well as self-employed professionals.

 

img003NeoGrowth undertook a month long activity at the Yeshwantpur outlet of Metro Cash & Carry. This is the flagship store of Metro and is witness to over 1 lakh footfalls over a month. Basis these facts , NeoGrowth was present in a grand scale at the outlet and had installed an entry arch , cash tills along with a Kiosk manned by NeoGrowth representatives at the store.

 

img002This month long activity helped NeoGrowth in having a one to one interaction with the retailers and provided an opportunity where we briefed them about the unique facility of NeoGrowth loans. The features like automatic repayment & Min. documentation requirement of NeoGrowth loans were a major draw for the visitors and saw the generation of lot of enquiries for business loan. NeoGrowth also funded couple of loan requirements at the store during the course of this activity.

There were many retailers who were new to the concept of a Point of Sale (PoS) machine and showed interest in availing the same, a service which is also addresses by NeoGrowth.

The organization of events like these has helped NeoGrowth in promoting its unique tech & touch model to the retailers and also provides the retailers with an opportunity to grow their business by availing financial assistance from NeoGrowth.

Impact of Demonetisation on Digital Lending Industry


The small and medium enterprise (SME) lending market in India is worth almost $300 billion today and the digital lending segment constitutes 10% of it, approximately $30 billion*. Post-Demonetization in 2017- 2018, Digital lending industry is set to be the growth driver in the SME lending segment, constituting more than 10% of the ever-increasing SME lending market in India.


Demonetisation

The rapid embrace of digital payments followed by the crackdown on cash transactions post demonetisation, is now set to greatly benefit an allied industry: Digital Lending Industry. Digital Payment companies such as PayTM did emerged as the immediate winners post the government’s decision to scrap the high-value banknotes and push for cashless transactions on 9th of November 2016. Then, the Digital lending firms saw a temporary slowdown in borrowings, but industry executives and experts believe that this industry is there to stay and benefit the most. **

Hence, before drawings conclusions on the effects of Demonetisation on the Digital Lending Industry’s, some major reasons contributing to the same are highlighted below:
(A) The total number of card transactions over point-of-sale (POS) saw a whopping increment***

POS

Analysis:
The total number of card transactions at POS saw a whooping monthly growth of 46% in November 2016 and 59% in December 2016. This is majorly because of the monthly 68% increase and 76% increase in number of debit card transaction at POS in November 2016 and December 2016 respectively. Whereas, the number of credit card transactions at POS also saw a nominal monthly increase in 10% and 19% thereon in November 2016 and December 2016 respectively.

The total number of card transactions at POS post demonetisation in the month of March 2017 is 64% higher than the pre demonetisation in the month of October 2016, observing a 104% growth YOY. Similarly, the number of debit card transactions at POS post demonetisation in the month of March 2017 is a whopping 93% higher than the pre demonetisation in the month of October 2016, again observing a 140% growth YOY. Also, the number of credit card transactions at POS post demonetisation in the month of March 2017 is 20% higher than the pre demonetisation in the month of October 2016, observing a 47% growth YOY. The amount of cards transaction follows a very similar trend with a large uptick in the debit card and a nominal uptick in credit card.

Conclusion:
The card transactions at POS machine saw a very encouraging growth, especially for digital lenders who lend against future card transactions at POS.

(B) Digital payments Infrastructure (POS Installation) continues to grow at a steady pace***

point of sale

Analysis:

The installation of POS machine continues to be on rise as per the government mandated installation of 10 lakhs new POS machines by March. An average of 11% rise in the POS machine can be observed.

Effects on the Digital Lending Industry:

1. Reducing risk via massive increase in digital data points: Digital footprints increase as customers are making more purchases through digital wallets or credit and debit cards. This gives rich data points and it will help digital lending players give customised small-ticket loans to individuals or businesses instead of generic ones. This will bring down the risks, especially associated to unsecured loans.

2. Increasing interest on alliances from big banks: Digital Lending firms are seeing increased interest from banks and NBFCs, who are keen on tapping digital data points. For example, IDFC Bank, Yes bank and RBL bank has tied up with other digital lending players. ****

3. Expected higher disbursals post demonetisation: Owing to the higher digital footprint resulted due to increased card transactions at POS and high growth of other digital payments solutions, the digital lending business is set to grow multi fold in India.

“The biggest near-term beneficiary is payments but I think in the next 12-18 months there will be a significant jump in digital lending,” said Bala Srinivasa, partner at venture capital firm Kalaari Capital. ****

4. Big Bet on MCA Business through POS: The card transactions at POS machine saw a very encouraging growth during demonetisation as well as post demonetization (as shown before). Businesses build on loan recovery through POS terminals are to watch out for, as the transaction acumen via POS has received a great boost.

5. Venturing into unchartered territories: Digital Lending firms are partnering with new digital payment solutions like Mobile Wallets, UPI, Aadhar based payments etc, to expand their acceptance ecosystem. These new digital payment solutions are supposedly the future of the payment industry and hence such partnerships are of vital importance.

*Source: Financial Express – “Demonetisation impact” dated January 11, 2017
** Source: TOI- “Digital lending start-ups await their day in the sun” dated December 6, 2016
***Source: RBI Data
**** Source: ET- “Digital lending start-ups feel the heat after demonetisation” dated December 06, 2016

NeoGrowth Strategic Leadership Meet – 2017

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With the objective of conceptualising and formulating the most optimal path to achieve the organisational goals, NeoGrowth held its Strategic Leadership Meet on the 17th & 18th of March at Goa, India.

The scenic town saw the coming together of all the key members of various cross functional teams at NeoGrowth. This was for the purpose of carving out the most effective method towards achieving the common business goal.

The two day event was divided into brainstorming sessions on Day 1 and recreational team bonding activities on Day 2.

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Day 1 saw the NeoGrowth employees organized into 4 different teams, each team been given a specific project beforehand to address under the guidance of their mentors from senior management. The projects had been carefully handed over to the teams by the top management and covered agendas like Seamless Onboarding Experience, Productivity Enhancement, Asset Quality Enhancement & Direct Business Growth which are of utmost importance to NeoGrowth’s vision. All the ideas & plan presented were discussed in detail by the the members present and key actionable items identified for each of the projects.

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The evening ended with the “NeoChat Session”, an interactive platform where all theemployees of NeoGrowth could exchange thoughts, ideas, queries with Mr. PK Khaitan, Managing Director – NeoGrowth.

The day 2 saw team bonding initiatives clubbed with activities like sailing and kayaking, which were thoroughly enjoyed by all the participants. This two day event ended with a formal team lunch, with the employees returning to their respective NeoGrowth offices pan-India, with renewed vigor and vision towards accomplishing the NeoGrowth objective in the days to come.

NeoGrowth participation in “IPRC Annual Meet”

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The Institute of Payment Risk Council (IPRC) held its Annual Event on 22nd & 23rd February 2017 at Radisson Blu Resort at Alibaug, near Mumbai.

IPRC, comprising of professionals from various private & public sector banks & other financial Institutions has been informally existing as the Payment Cards Risk Task Force since over 15 years. This informal, collaborative body enabled Card Issuing & Acquiring Banks to jointly pool their intelligence & resources together to effectively combat Payment Cards Fraud since early 2000.

Today, IPRC has expanded to cover not only Card Crimes, but to also other banking frauds, through overarching intercession with other ecosystem players such as Payment Processors & Telecom operators, Merchants, Digital Wallet Operators, apartfrom Card Networks such as MasterCard, Visa, NPCI & American Express etc.

DSC_0716The Annual meet spread over two days, witnessed more than 65 participants with couple of banks from Sri Lanka & Bangladesh also joining in. The first day of the meet was reserved strictly for IPRC Event, whereas day second was earmarked for the Visa Security Summit.

Mr. P. Ravindra (Specialist – Compliance, NeoGrowth), was invited along with Mr. Niranjan Upadhye, (Head – e Payments, NeoGrowth) to the IPRC annual meet. Mr Niranjan was also Speaker & Moderator of a panel discussion. Mr. P. Ravindra was called upon by the Chairman of IPRC, Mr. Shailesh Verma- SVP & Head-FCMD at Axis Bank to light the lamp, marking the start of the annual meet. Mr. Niranjan Upadhye, gave a presentation on the subject “What Merchants can do to make e-Payments safer”. Niranjan during the day also moderated a panel discussion on the subject “Digital Movement: Challenges & Mitigation” where eminent panelists from Visa, DBS India & MRL Posnet shared their perspectives to the key questions posed to them. Both of these were very well received.

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The first day of the event concluded with a vote of thanks given by Mr. P. Ravindra. This 2 day event, saw participation by many eminent speakers and panelists like Mr. G.Padmanabhan, former Executive Director of the RBI & currently the Nonexecutive Chairman of Bank of India and Senior Advisor (VISA) , Ms. Ellen Richey – Vice Chairman- Risk & Public Policy at VISA, USA , Mr. Joe Cunnigham- the Regional Head- Risk Services ,VISA to name a few. Officials of NPCI, apart from senior officers at M/s FICO, M/s ACI & M/s Smokescreen Technologies were also present during the event.

These officials were some of the key speakers on different subjects with “Management of Risk in the Ecosystem” being the core focus theme. NeoGrowth continues its active involvement in the Fintech domain by working closely with all the stakeholders that can make the life of an end consumer better & easier.

NeoGrowth features in India’s best 35 Fintech Companies

(Excerpts from the write-up in The Smart CEO magazine)

the_smart  NeoGrowth set up in the year 2013 was built on an important insight that traditional underwriting methods in India exclude more than 50 per cent of credit worthy small and medium enterprises. Hence, NeoGrowth does digital lending to consumer facing small business enterprises by providing business loans repaid by card receivables, e-commerce sales and other non-cash payments. “More than half of the loans by NeoGrowth are less than Rs.1 million and greater than 80 per cent of loans have been given to proprietorship and partnership firms,” says Mr. PK Khaitan (PK), Managing Director of NeoGrowth.

The company’s non-traditional business model identifies and serves credit-worthy merchants, who otherwise get excluded by traditional underwriting methods.

Unique solutions

While the company offers credit to the small business enterprises, it has its own filters to assess their credit worthiness. Some methods it uses are its unique customer acquisition channels (direct agents, referral Agents and telesales), new payment datasets for credit assessment, non-traditional scoring, and dynamic repayment and automated collections to identify and serve these potential credit-worthy merchants. In fact, it has enabled improvement in credit history, financial inclusion, encouraged entrepreneurship and business growth for many of its customers.

Filling the gaps

khaitan

The NeoGrowth team believes that there is inadequate credit footprint and financial history for a customer and, hence, banks face a tough time in credit assessment. Therefore, the company uses alternative data for credit assessment. This apart, there is limited working capital fund with strict repayment schedule and to counter this, the company came out with automated collections based on business performance. Finally, traditional banks have lengthy processes with stringent documentation. Daunted by this lengthy and cumbersome process, NeoGrowth came up minimal documentation with doorstep service and quick funds. “The digital payment space is bigger than what we imagined,” says PK. The current environment has so many data sources (online media, offline datasets) and interfaces in place. India is going digital through initiatives like India Stack, Unified Payments Interface and there are Government policies for Digital India, Cashless Society, make in India, Start-Up India etc. “All this means a very large market opportunity. NeoGrowth is looking at leading this market in India,” adds the founder. But all these come with its own set of challenges. The biggest is getting your customer on-boarded with the idea of digital lending. Since, the concept is new in India, the first onboarding stage is the most crucial stage. “Hence the cost of customer acquisition must be kept minimal to scale the business,” says PK. NeoGrowth’ marketing strategy revolve around digital marketing initiatives to reach its consumer segment. It does campaigns integrated with its traditional channel to have a broader but relevant visibility. “We engage with channel partners at different levels to promote NeoGrowth as an innovator in SME digital lending space. We do SEO, SEM and have a responsive website to maximize our reach,” adds PK. With its marketing strategies in place, the company aims to be a niche player in the digital lending space over the next few years. “We want to be the leader in terms of market share in digital lending. To achieve this, we are building a sustainable competitive advantage around achieving scale, favourable unit economics, and superior customer experience and eliminating balance sheet friction,” said PK on a concluding note.

Click here to read the complete article

NeoGrowth features in “The Business Journals”

business_journals

(An excerpt from the main article published in www.bizjournals.com)

Doug Galen, CEO of RippleWorks recently spoke about the biggest challenges entrepreneurs are facing around the world. While funding is always at the top of the list, there is one challenge that gets increasingly difficult over time: the ability to attract and retain talent with the right experience and expertise to bring these enterprises to scale.

“Over 75 percent of funded, early-stage entrepreneurs say that not being able to access the talent they need will have a crucial impact on their growth,” said Galen. “As a result, budding entrepreneurs need mentors, expert advisers, and other sources of outside help to address their immediate challenges.”

RippleWorks, with analytical support from McKinsey and funding from Omidyar Network, recently surveyed more than 600 social entrepreneurs around the world and captured the perspectives of CEOs, funders, and intermediaries to release a report, The Human Capital Crisis: How Social Enterprises Can Find the Talent to Scale that offers a glimpse into the talent challenge and ways to overcome it.
Here are three ways entrepreneurs can find the talent they need to scale their businesses.

1. MAKE HIRING AND RECRUITING A STRATEGIC PRIORITY

Just as entrepreneurs envision growing their businesses, they need to anticipate future hiring needs. They can’t afford to wait until they have market demand – they need to forecast and understand the process of sourcing, recruiting, and hiring qualified candidates.

And since budget constraints are often a fundamental limitation, it’s important to win talent by thinking beyond compensation. Entrepreneurs need to plan well in advance, devote strategic effort to recruiting, and sell jobs to candidates through a strong employee value proposition.

2. DON’T JUST TRAIN EMPLOYEES, GROW LEADERS

Senior and middle managers are the most critical hires but also require the most difficult and time-intensive process to secure. Galen notes that most of these positions can take from three to six months, or even up to a year, to fill, which is time most start-ups don’t have. Entrepreneurs therefore need to equip themselves to meet their future leadership needs by making training and development a core competency of their business.

In the report, 38 percent of companies surveyed revealed that their preferred approach to addressing skill gaps is by training their current staff – stating that funders need to actively support leadership development programs, especially for middle management, to create the long-term executive teams required to scale their startups

3. LEVERAGE MENTORS AND ADVISORS FOR YOUR CHANGING NEEDS AS YOU SCALE

In addition, using the expertise of seasoned business and technology experts can play an important role in bridging short-term human capital gaps.

Business leaders who have scaled world-class companies like Google, Salesforce, and Airbnb are starting to pair up with like-minded social entrepreneurs tackling the world’s toughest problems. These expert volunteers partner with ventures, virtually working with them around their day jobs before visiting on-site for a week. They provide exactly what social entrepreneurs need: help solving critical challenges while transferring knowledge to further build the company’s human capital.

One example of a Silicon Valley executive who is helping to make a difference is Kayti Sullivan, a vice president of sales at Yelp. Sullivan has been with Yelp since 2007 and knows first-hand what it’s like to scale a company from the ground up.
Through RippleWorks, Sullivan partnered with NeoGrowth, a fast-growing company that uses technology to unlock access to short-term loans for small businesses in India, a country that has never had access to formal lending with more affordable rates. Together, their team increased revenue growth through a cost-effective, technologydriven sales strategy that has enabled NeoGrowth to partner with 2,300 small business merchants to grow their businesses.

“We need more leading entrepreneurs to recognize that they can help make a difference around the world with the skills that they have accumulated over their careers,” said Galen. “By working with inspiring social entrepreneurs to address interesting and pressing challenges, they can play a pivotal role in the growth of some of the world’s most impactful startups.”
Read the complete article here:

http://www.bizjournals.com/bizjournals/how-to/human-resources/2016/11/how-to-overcome-the-human-capital-crisis.html

Rajan Pundhir joins NeoGrowth as Sr. Vice President – Sales

rajan pundhir

Rajan Pundhir has joined NeoGrowth as Sr. Vice President – Sales. He had been associated with Housing.com as Business Head and Core Team Member where he played an important role in their rapid business expansion, creating new product, executing expansion strategy as well as developing processes, frameworks & team for supply, demand, and monetization. He also created an additional direct sales & operations channel for expansion on revenue share basis.
Rajan has also worked with Reliance Industries Limited as part of Reliance Petroleum which he joined in 2002. In 2008, he moved within the Group to Reliance Communication, and was designated as Vice President Sales & Distribution. He developed the AOP (annual operating plan), channel sales strategy, managed daily operations, did competition benchmarking and created innovative products/promotions to grow business. He managed functions across franchising roll out, Modern Trade & Strategic Alliances, Direct Sales & Ecommerce business at the national level. Rajan did his B. Tech in Mechanical Engineering, and later his Master’s in Business Administration from Institute of Management Technology, Ghaziabad. Rajan brings with him a rich and diverse experience across industries and functions

We look forward to a long and rewarding association with him.

NeoGrowth features in “The Business Journals”

(An excerpt from the main article published in www.bizjournals.com)

Read the complete article here: http://www.bizjournals.com/bizjournals/how-to/human-resources/2016/11/how-to-overcome-the-human-capital-crisis.html

Silicon Valley is synonymous with innovation, but exciting entrepreneurship is occurring all around the world.

In places like Kenya, Indonesia, and India, emerging market entrepreneurs are pioneering new ideas and building companies that are moving the needle.

Drones are delivering medication to villages without roads; solar startups are bringing electricity to rural communities for the first time; and mobile technology is empowering small business owners to increase their profits.

And while Silicon Valley may seem a world apart from these emerging markets, both geographically and economically, there are a lot of synergies in the way these social entrepreneurs are building and scaling their companies.

I recently spoke to Doug Galen, CEO of RippleWorks, about the biggest challenges entrepreneurs are facing around the world. While funding is always at the top of the list, there is one challenge that gets increasingly difficult over time: the ability to attract and retain talent with the right experience and expertise to bring these enterprises to scale.

“Over 75 percent of funded, early-stage entrepreneurs say that not being able to access the talent they need will have a crucial impact on their growth,” said Galen. “As a result, budding entrepreneurs need mentors, expert advisers, and other sources of outside help to address their immediate challenges.”

RippleWorks, with analytical support from McKinsey and funding from Omidyar Network, recently surveyed more than 600 social entrepreneurs around the world and captured the perspectives of CEOs, funders, and intermediaries to release a report, The Human Capital Crisis: How Social Enterprises Can Find the Talent to Scale, that offers a glimpse into the talent challenge and ways to overcome it.

Here are three ways entrepreneurs can find the talent they need to scale their businesses.

1. Make hiring and recruiting a strategic priority

Just as entrepreneurs envision growing their businesses, they need to anticipate future hiring needs. They can’t afford to wait until they have market demand — they need to forecast and understand the process of sourcing, recruiting, and hiring qualified candidates.

And since budget constraints are often a fundamental limitation, it’s important to win talent by thinking beyond compensation. Entrepreneurs need to plan well in advance, devote strategic effort to recruiting, and sell jobs to candidates through a strong employee value proposition.

2. Don’t just train employees, grow leaders

Senior and middle managers are the most critical hires but also require the most difficult and time-intensive process to secure. Galen notes that most of these positions can take from three to six months, or even up to a year, to fill, which is time most start-ups don’t have. Entrepreneurs therefore need to equip themselves to meet their future leadership needs by making training and development a core competency of their business.

In the report, 38 percent of companies surveyed revealed that their preferred approach to addressing skill gaps is by training their current staff — stating that funders need to actively support leadership development programs, especially for middle management, to create the long-term executive teams required to scale their startups

3. Leverage mentors and advisors for your changing needs as you scale

In addition, using the expertise of seasoned business and technology experts can play an important role in bridging short-term human capital gaps.

Business leaders who have scaled world-class companies like Google, Salesforce, and Airbnb are starting to pair up with like-minded social entrepreneurs tackling the world’s toughest problems. These expert volunteers partner with ventures, virtually working with them around their day jobs before visiting on-site for a week. They provide exactly what social entrepreneurs need: help solving critical challenges while transferring knowledge to further build the company’s human capital.

One example of a Silicon Valley executive who is helping to make a difference is Kayti Sullivan, a vice president of sales at Yelp. Sullivan has been with Yelp since 2007 and knows first-hand what it’s like to scale a company from the ground up.

Through RippleWorks, Sullivan partnered with NeoGrowth, a fast-growing company that uses technology to unlock access to short-term loans for small businesses in India, a country that has never had access to formal lending with more affordable rates. Together, their team increased revenue growth through a cost-effective, technology-driven sales strategy that has enabled NeoGrowth to partner with 2,300 small business merchants to grow their businesses.

“We need more leading entrepreneurs to recognize that they can help make a difference around the world with the skills that they have accumulated over their careers,” said Galen. “By working with inspiring social entrepreneurs to address interesting and pressing challenges, they can play a pivotal role in the growth of some of the world’s most impactful startups.”

India sees the dawn of Digital Growth!!

 

img_30_11_16In a decisive and swift move, the Government of India demonetised the INR 500 and INR 1,000 denomination currency notes in circulation effective the midnight of 8th November 2016.

This move is of significant importance to NeoGrowth, as we strongly believe in the evolution of digital economy as a prime contributor to a sustained growth cycle. This has been evident vis a vis the positive impact that these initial days of demonetisation have shown on NeoGrowth ‘s business.

Speaking on this development, our MD, Mr. PK Khaitan said “Consumer Payments in India are extremely cash dependent, and only 10% or less are digital, this will change, as more and more consumer facing businesses will start accepting digital payments and the share of digital to cash sales in these businesses will continue to tilt in favour of digital. We are excited about this development, and will continue to monitor closely, both from a tactical and strategic level”.

img_30_11_16_1This is further exemplified by the BCG and Google forecast on digital payments in India reaching $ 500 Bn. in 2020 from a Visa/MasterCard spend of $ 65 Bn. in FY 2015-16.

Bill Gates in his recent tour of India shared some insights into this digital revolution “India is pushing towards digitisation in a big way. The scale of the country means that once India gets there, the amount of digital innovation here will be greater than anywhere else in the world,” Gates said.

This demonetisation drive has also paved way for a new mind set amongst Indian consumers as well as merchants towards adapting digital mediums for their day to day transactions. The move from a cash inclined business environment to a digital environment will be slow but decisive.

img_30_11_16_2 More and more digital payment systems will emerge and co-exist. Right now, Visa and MasterCard are the pre-dominant payment systems for digital payments in NeoGrowth’s constituency, but recent times have also seen the emergence of Rupay. In addition to this, mobile wallets (Paytm, Mobiquick, Oxygen), Payment Banks (Vodafone, Airtel etc.) and Aadhar based payments via the UPI will all expand the size of the addressable opportunity for NeoGrowth in the days to come.

img_30_11_16_3“Getting banks to deploy PoS terminals in proportion to bank accounts managed by them, enabling all PoS terminals to be Aadhar compliant, linking more and more APIs and digital data sources (India Stack, Credit Bureaus etc.), providing licenses to Payment Banks and Small Banks, and particularly to some of the Telcos and Wallet providers who have several hundred million subscribers already “, are some key measures which can be undertaken to further boost the digitisation efforts in the Indian economy, suggested Mr. PK Khaitan. Digital evolution has gripped the nation and is sure to have far reaching positive effects in the days to come.