Bhubaneswar: To facilitate digital payment in Government services, the State Government on Saturday signed MoUs with National Payments Corporation of India (NPCI) and Paytm.
The MoU with NPCI will help increase digital transactions in the government operation by effective use of NPCI’s digital payment solutions and develop innovative and replicable models for increasing digital transactions.
Similarly, the MoU with Paytm is aimed at the financial inclusion of citizens and merchants of the state as well as investment facilitation.
The MoUs were signed during the maiden Odisha Fintech Festival organised here on Saturday with enthusiastic participation from startups, fintech companies, students, researchers, policymakers, and visitors from multiple sectors.
The festival aims to develop a roadmap for the fintech industry in Odisha, identify opportunities and challenges, and attract more fintech companies to the State.
Chief Minister Naveen Patnaik inaugurated the event and gave a virtual address.
Electronics & IT Minister Tusharkanti Behera, Chief Secretary Pradeep Kumar Jena, Principal Secretary, Finance Vishal Kumar Dev, Principal Secretary, E&IT, Manoj Kumar Mishra, Chairman, of Startup Odisha, Omkar Rai, IT Special Secretary Manas Panda, CGM RBI Suvendu Pati and COO of National Payments Corporation of India( NPCI) Praveena Rai were other dignitaries present and shared their insights with the participants.
The festival has been organized in a grand scale with support from NPCI and iServeU a homegrown fintech startup that is serving leading banks and fintech across India.
The festival showcased the latest trends in the fintech space and the increasing acceptance and popularity of fintech applications among the masses.
Senior company executives attended the festival as panelists. Top Financial Expert, Rajib Sekhar Sahoo shared his insight on technology trends in Industry. Shri Sahoo is known for his practical approach towards use of technology in Banking and Finance Sectors.
The financial revolution unleashed by UPI and the immense possibilities through its usage have been discussed in the panel discussion titled, Credit Card -UPI Linkage: Driving the next wave of Growth in digital payments.
In the session, Voice Tech – The power to unlock the real value of Bharat, technologies and ways to enhance digital and financial inclusion were discussed.
Recognizing the critical role of SMEs in India’s growth and the centrality of fintech in ensuring financial access for them, a discussion covered the theme Accelerating Access to Finance for SMEs.
The widely acknowledged Indian fintech success story and the challenges ahead were dealt with in the session Growth of Fintech in India. The growth of Odisha’s fintech ecosystem and the possibilities inherent in it were taken up during the session Fintech & Bank Collaborations in East India.
Two Master classes – Understanding Investments in Fintechs and Driving Innovations through NPCI’s API Accelerator Platform– and a fireside chat titled—Transforming Rural India via UPI for PPIs—were organized as part of the festival.
Various BBPS (Bharat Bill Payment System) products of companies such as Misscallpay – Tata Power, AU Small Finance Bank, and iServeU Technology Pvt Ltd., have been launched in this programme.
The deliberations during the event underlined how fintech advancements have considerably increased financial access and inclusion.
Currently, over 3000 Startups are working to create new fintech products and services in the country, and some of them have become unicorns.
Mobile wallets and digital payment platforms have accelerated the process of financial inclusion by empowering those without bank accounts to participate in the economy.
Big data and advanced analytics have improved credit scoring models, risk assessment, access of small businesses and entrepreneurs to capital.
Lately, the use of blockchain technology has improved efficiency, transparency, and security in financial transactions. The fintech revolution has benefitted everyone from citizens to MSMEs.
Odisha has made rapid strides in the fintech space in the last few years and multiple fintech startups and companies such as iServeU, Autosave, Mool Technologies, and Subhalaxmi Future Solutions have launched their innovative products and services nationally.
This event will provide impetus to the government’s efforts to create more jobs, increase innovation in the financial sector, and transform Odisha into a national fintech hub, officials said.
