Sukhdeep is a Digital Payment & Financial Inclusion Specialist. He is a highly energetic professional with over 17 years of progressive leadership experience in spearheading diverse functions across Asia and South Asia. He previously held the position of Vice President – Banking and Business Development at Oxigen. He is leveraging strong research, strategy, branding, finance and resource optimization to exceed top & bottom line performance in the banking, financial services, office automation, export, raw material import and card payment business. Sukhdeep holds a PG Diploma in Business Administration from Maharishi University of Management.
An accenture report states that the global investment in fintech ventures tripled to $12.21bn in 2014. That’s a great news because this particular ecosystem is rapidly evolving in India. Currently, the country offers the highest expected ROI at 29% on fintech projects as compared to the global average of 20%.
The government of India is making various efforts to bridge the gap between the privileged and the underprivileged. Financial inclusion is a measure that aims at ensuring availability of financial services to all social classes at affordable prices. Usually misunderstood as access to only ‘banking’ services, financial inclusion rather means extending access to insurance and social welfare schemes such as National Pension Scheme and Atal Pension Yojna.
Most Fintech companies are riding on the digital payments wave created by the Indian government's initiative to boost the digitalisation of financial services. According to the World Bank, Indian companies have witnessed betwen 200 to 400% increase in digital transactions. In the following article, we will evaluate the evolution of digital payments and attempt to understand if this move is leading towards a cashless society or not.