 "Fintech firms must explore new solutions to grow in India: NPCIL MD")
As online payment gateways are highly regulated in India, financial technology companies will have to explore the new path-breaking solutions to grow, said the National Payments Corporation of India (NPCI) managing director and chief executive officer A P Hota.
He said: "Though electronic payments are growing rapidly, the fintech companies are unlikely to make big money due to the high regulation. There are 36 e-wallet providers in India while only few players like Paytm are successful. Banks have deeply penetrated into the market."
He was speaking at the seventh edition of TiE-ISB Connect in Hyderabad on Thursday. Hota said fintech firms should focus on digital ecosystem based on JAM (Jan Dhan, Aadhar, Mobile).
He suggested fintech firms to look at Application programming interface (API) services to expand their business. API technology allows fintechs to focus on core activities of the banks for making their services better and faster.
NPCIL managing director said they had issued 300 million Rupay cards till date and were planning to launch Rupay credit cards by this December. " At present, 8-9 per cent bill payments are processed electronically. This can go up to 90 per cent within the next ten years. There are tremendous opportunities for fintechs in payment solution space," he added.