Highlights of 5th edition of Global Fintech Fest 2024

The Global Fintech Fest (GFF) is the largest 3- day fintech conference held from 28th August to 30th August 2024 at Jio World Convention Centre, Mumbai, Maharashtra. The 5th edition of this annual event is jointly organized by the Payments Council of India (PCI), the National Payments Corporation of India (NPCI), and the Fintech Convergence Council (FCC).

• Theme – “Blueprint for the next decade of finance: Responsible AI| Inclusive| Resilient”
• Agenda – The current conference was dedicated to fostering global collaborations among stakeholders, to explore key issues, and devising business models that contribute to building an inclusive, resilient, and sustainable world.

About Global Fintech Fest 2024 :

i.GFF 2024 is supported by the key governmental bodies, including Ministry of Electronics and Information Technology (MeitY), Ministry of External Affairs, Department of Financial Services (DFS), Reserve Bank of India (RBI) and International Financial Services Centres Authority (IFSCA).

ii.Around 150 international experts from 40 countries, including the United States of America (USA), the United Kingdom (UK), Germany, France, Singapore, the United Arab Emirates (UAE), and Israel will be taking part in the event.

iii.GFF 2024 featured over 1000 speakers from 70 countries, more than 350 sessions, over 60 product launches, more than 300 exhibitors, and attracted 100,000 footfalls over the three days.

• Prime Minister(PM) Narendra Modi also addressed a special session in the event emphasizing on India’s progress on the fintech sector.

Highlights of  GFF 2024:

RBI Unveils Digital Payment Initiatives:

i.The Reserve Bank of India (RBI) Governor, Shaktikanta Das, launched two innovative digital payment products developed by the NPCI at the GFF 2024.

• The new offerings,  Bharat Bill Payment System (BBPS) for Business and Unified Payments Interface (UPI) Circle, will contribute in enhancing inclusivity, security, and efficiency.
• Additionally, RBI announced that the BBPS will be rebranded to ‘Bharat Connect’.

ii.RBI Governor Shaktikanta Das announced that the Initiatives like the Account Aggregator framework, Unified Lending Interface (ULI), Open Credit Enablement Network (OCEN) would help redefine credit access, particularly for small businesses and individuals.

• Unified Lending Interface (ULI) is RBI’s technology platform to enable frictionless credit, and will be launched nationwide soon.
• Open Credit Enablement Network (OCEN), incubated at think tank iSPIRT, was launched in 2020. OCEN is a framework of application programming interfaces (APIs) that aims to improve access to credit for micro, small, and medium enterprises (MSMEs) in India.

NPCI launches ATM products:

i.RBI deputy governor T Rabi Sankar launched ‘UPI Interoperable Cash Deposit (UPI-ICD)’ at the GFF 2024 in partnership with the National Payments Corporation of India (NPCI).

ii.UPI ICD service will allow customers to use UPI for depositing cash at Automated Teller Machines (ATMs) run by banks and white-label ATM operators either into their own bank accounts or any other bank account without using a debit card.

• These ATMs are cash recycler machines can be used for both cash deposits and withdrawals.

iii.Moreover, ATMs with open architecture can host bank apps, positioning them as Digital Banking Units (DBUs) which offers services beyond deposits and withdrawals, including opening bank accounts, applying for credit cards, and more.

SBI chairman CS Setty unveils YONO 2.0 and five-year digital plan:

i.The State Bank of India (SBI) has revamped its flagship platform, YONO, with the launch of YONO 2.0.

• This upgrade aims to create a smooth omnichannel experience, enabling customers to begin transactions in-branch and conclude them on the app.

ii.SBI has also rolled out an ambitious five-year digital transformation roadmap focusing on fortifying technology resilience, optimising data architecture, and enhancing infrastructure networks.

Mastercard Launches Biometric Payment Passkey Service in India:

i.Mastercard has introduced the ‘Payment Passkey Service(PPS)’ in India and globally to enhance online shopping security and convenience. The service is being piloted in India, involving major payment players such as Juspay, Razorpay and PayU, online merchants like BigBasket and banks including Axis Bank Limited.

• The Mastercard PPS is built by combining tokenized payment credentials with biometric authentication and leveraging industry standards from EMVCo, the World Wide Web(WWW) Consortium and the FIDO Alliance to enhance and secure the checkout process.
• Payment passkeys use device-based biometric authentication methods like fingerprints or facial recognition and prevent the need for remembering or sharing passwords or one-time passwords (OTPs).

ii.Mastercard also announced a partnership with boAt to introduce tap and pay functionality on its devices.

• Mastercard cardholders using boAt’s payment-enabled smartwatches will now be able to avail this feature via Crest Pay, boAt’s official application for users to easily make payments through their wearable devices.
• Tap and pay allows users to transact up to Rs.5,000 via a point of sale (POS) device without adding a PIN with high security levels.

POP unveils YES BANK POP-CLUB RuPay credit card:

i.Fintech startup POP has launched India’s first multi-brand co-branded credit card, the ‘YES BANK POP-CLUB RuPay credit card’, developed in partnership with RuPay and YES Bank.

ii..Cardholders can earn rewards on every transaction through POPcoins and will benefit from accelerated POPcoins earnings when using the card with POP UPI.

super.money & Utkarsh SFB partner to launch ‘superCard’ with limit as low as Rs.90:

i.Backed by Flipkart group, super.money, has partnered with Utkarsh Small Finance Bank (USFB) to introduce a new co-branded RuPay credit card named ‘superCard’ with a credit limit that starts as low as Rs.90 and goes up to Rs.9 lakh.

ii.The superCard integrates with super.money’s ‘Scan & Pay’ feature, enabling users to make UPI transactions using their credit card.

Federal Bank launched facial payment system ‘SmilePay’:

i.Federal Bank Limited has introduced ‘SmilePay’, the first of its kind facial recognition-based payment system. It was launched in collaboration with Reliance Retail Limited and Svatantra Micro Housing (SMHFC) at selected branches and outlets.

ii.The system is built on the Unique Identification Authority of India’s (UIDAI) face authentication service, ensuring secure transactions and eliminating the need for cash, cards, or mobile devices, offering greater convenience for customers and improved efficiency for merchants.

RBL Bank Launches Co-Branded Credit Cards with IOCL:

i.RBL Bank Limited and Indian Oil Corporation Limited (IOCL) have launched a co-branded credit card named ‘IndianOil RBL Bank XTRA Credit Card’.

ii.This strategic partnership will enable customers to earn up to 250 liters of petrol annually and provide them with a single platform to manage their fuel purchases and earn reward points on every transaction.

iii.The card has contactless technology and will also support UPI payments, enabling the cardholders to link the card with UPI apps for payments using merchant UPI Quick-Response(QR) codes.

HDBFS first NBFC to launch NPCI’s e-KYC Setu system:

i.HDB Financial Services (HDBFS), a Non-Banking Financial Company (NBFC), has become the first NBFC to implement the National Payments Corporation of India’s (NPCI) e-KYC Setu system.

ii.This move aims to enhance the efficiency and security of customer onboarding processes by leveraging digital solutions.

Razorpay Unveils Groundbreaking Payment Solutions :

Razorpay Software Private Limited(RSPL) has also introduced ‘Razorpay A1’, an all-in-one QR-centric device designed to enhance UPI payments.

• Razorpay A1 supports high transaction volumes and offers a diverse, future-ready payment solution that aligns with the evolving needs of modern Indian consumers.

JP Morgan and ISG partner to bring ONDC seller app:

In-Solutions Global Limited (ISG) has partnered with J.P. Morgan Payments, to launch its “ONDC made easy” solution.

• This initiative is aimed at encouraging businesses by providing them with direct access to the Open Network for Digital Commerce (ONDC), allowing them to showcase their products to a wide network of potential buyers.

Aurionpro Payments launches as online payment aggregator:

i.Aurionpro Payments, a subsidiary of Aurionpro Solutions Limited received authorization from the RBI to operate as an online Payment Aggregator(PA)

ii.Aurionpro Payments has also introduced ‘AuroPay’, a payment receivable platform for businesses, and AuroCheck, a digital onboarding platform for KYC/KYB checks.

Google Pay adding UPI Circle to help add secondary user in payment app:

i.Google Pay introduced UPI Circle, a feature that allows users to add family members and friends as secondary users, to make digital payments without linking their bank account.

ii.It has also launched ‘eRupi’(UPI Vouchers), which can be issued by existing UPI users, government as well as corporate organisations.

PayU Revolutionizes Global Payments with Advanced Cross-Border Solutions:

i.PayU, has introduces Subscription Multiplier with cross border support and Cross-Border Issuer Authentication Solution to streamline and secure international transactions.

ii.PayU will initially launch both these solutions with Mastercard and later extend these offerings to other major networks.

ABCDL Launches DigiGold Gifting, Family Health Scan and SIMPLiNVEST:

Aditya Birla Capital Digital Limited (ABCDL) has launched its three new product offerings – DigiGold Gifting, Family Health Scan and SIMPLiNVEST on ABCD, omnichannel D2C platform at the Global Fintech Festival.

i.DigiGold Gifting: DigiGold Gifting allows ABCDL app users to gift their friends and family digital gold using the recipient’s mobile number.

ii.Family Health Scan: This is an innovative, selfie-based, free Health Scan feature which is available under ‘My Track’ section of the ABCDL app and now covers up to 5 family members.

iii.SIMPLiNVEST: It is an industry-first solution which helps users to undertake systematic investments across various asset classes like mutual funds, stocks and digital gold through a single, intuitive journey.

• It automates, diversifies, and customizes user’s investment journey, providing a balanced approach to wealth accumulation.

Visa Unveils Cutting-Edge Payment Solutions:

Visa has launched various innovative payment products and solutions during the GFF 2024,

i.HDFC Bank’s All-in-One POS Device: HDFC Bank has introduced an all-in-one POS, a compact payment device for merchants that integrates Point Of Sale (PoS), QR code scanning, and soundbox. As a network partner, Visa is collaborating with HDFC to enhance acceptance at new touchpoints and increase digitization.

ii.Paytm NFC Card Soundbox: Visa, in partnership with Paytm, has launched the Paytm Near Field Communication(NFC) Card Soundbox, India’s first two-in-one device combining mobile QR payments with an affordable card machine for offline merchants providing payments via debit/credit card tap and QR code scan.

iii.Neo for Merchants: Axis Bank has partnered with Visa and Mintoak, to introduce ‘Neo for merchants’, a comprehensive mobile app for payment acceptance, transaction reporting, and service requests offering a convenient and efficient omni-channel payment acceptance.

iv.PayU Push Provisioning : PayU, in partnership with all major card networks, including Visa, announced the launch of its advanced ‘Push Provisioning‘ platform that provides easy sharing of card tokens between merchants and banks via a unique-single platform.

v.Ashva Metal Credit Card: Visa and IDFC First Bank have introduced the ‘Ashva Metal Credit Card’, which combines luxury, high-value rewards, low forex markup, and complimentary lounge access, domestically and internationally.

vi.CRED In-App Card Payment Experience with Tokenisation: Visa and CRED have partnered to launch a new in-app payment feature using device tokenisation. This feature, initially available exclusively to CRED members, increases security and convenience by eliminating the need to store sensitive payment data across merchant sites.

vii.Pine Labs Mini Device: In collaboration with Pine Labs, Visa has introduced the Pine Labs Mini, a soundbox-enabled device that supports QR, NFC, and card payments. This device aims to boost digital payment acceptance in Tier 3–6 cities, by providing a more advanced and eco-friendlier alternative to traditional printed QR codes, offering a low-cost point-of-sale solution for merchants.

viii.HSBC Premier Signature Debit Card: HSBC collaborated with Visa to introduce the ‘HSBC Premier Signature Debit Card’ offering exclusive benefits to premium card holders.

ix.Push Provisioning Solution Visa has partnered with AU Small Finance Bank Limited and Juspay to introduce an innovative ‘Push Provisioning solution’. This new technology allows cardholders to easily tokenise their payment credentials through their issuer’s app, enhancing both security and convenience for digital transactions.

Airtel Payments Bank Unveils New Innovations:

Airtel Payments Bank is introducing two features in the banking section under the Airtel Thanks app- the Fraud Alarm and Transparent Banking.

i.The Fraud Alarm – prominently positioned in the Safe Bank Section on the app, provides users with immediate assistance if they suspect fraudulent activity. With a single swipe, users can quickly report suspicious transactions, initiate service requests for them securing their accounts to prevent further transactions.

ii.The Transparent Banking section on the app centralizes all essential information, including charges, terms & conditions and customer data storage guidelines, in simplified language in one easily accessible and user-friendly section.

Amazon Pay ICICI Bank credit card become India’s first co-branded credit card to onboard over 5 million customers:

The Amazon Pay ICICI Bank credit card, powered by VISA, has achieved a significant milestone – becoming the first co-branded credit card in India to onboard over 5 million customers nationwide.

• It has gained popularity with its features like Unlimited cashback Lifetime free card, fast KYC procedure for issuance etc.

Global Fintech Fest Awards 2024:

The 3rd edition of the prestigious Global Fintech Awards was announced at the GFF 2024 to recognize and celebrate trailblazers and their outstanding accomplishments as well as entities in the fintech ecosystem around the globe.

• The awards were given in 3 categories, divided into 19 subcategories.

List of Global Fintech Awards 2024: