In next 5 years, digital transition in the payment space will be revolutionary: Panel

At the launch of Dentsu-e4m Digital Advertising Report 2023, industry experts discussed customer expectations in the new digital economy, those of the Web3 consumer, and the ways brands can meet them to create value in the new digital economy. The panel was moderated by Anita Kotwani, CEO, Carat India; Sachin Shukla, Marketing Head, ICICI Bank; Shoorveer Shekhawat, Head of Marketing, Video Banking & TFx Initiatives, AU Small Finance Bank; and Amit Deshmukh, Business Head, NMIMS Global.

Speaking on the evolution of technology from the perspective of business, Shekhawat said, “During the 90s or 2000s, at that time I believe Yahoo could have easily bought down Google because it was two doors away in one of the garages next to their office. That would have been great if they would have thought of Google as tough competition.”

Speaking from an India-centric perspective, he said, “The mobile penetration has grown very rapidly and today I think they'll be hardly any household without a smartphone. I think we are the cheapest in the world in terms of data plans with 5G. Monetization is an important story around using this technology. Talking about 3.0, I am sure that today brands or organizations are on the corporate side, and we are more open to accepting it.”  

He spoke about the consumers becoming more digitally savvy and said that trust is one of the key challenges in the sector as there are many frauds. He went on to say how Blockchain as technology is helping brands to create a safer environment for digital transactions. He also spoke about AI being a helping hand to professionals for communicating well with different parties.

When asked about a decentralized world in web 3.0 and how it will work out for consumer experience, Deshmukh said that when it comes to these technologies there are a few customer expectations from brands. He said that Data Security and Personalisation are some of the primary aspects that come to his mind.

Speaking on the BSFI sector, Shukla spoke about how the BFSI sector was evolving with the new payment technologies and how it was becoming convenient for consumers to get what they need without standing in queues, in the comfort of their homes. He said, “You could book an IRCTC ticket and not stand in the reservation centre.” He went on to say how the metaverse is creating a space for consumers to experience products and services at their convenience.

On a similar note, Shekhawat spoke about how UPI will revolutionize the payments space and physical cards are going to be a thing of the past. He said, “The digital transition will happen over a period of time, it is going to change in the next five years, because of the penetration of the technologies, mobile phones, and the 5G supporting it. The change is happening in parallel between all the ecosystem players on the payment side and the geo-economic situations, with the younger population becoming the earning population, in the next five years. I personally believe it's going to be revolutionary.”