Screenage: Speed & seamless integration drive a payment firm’s growth: Saurabh Mittal

Mittal, Head -Open Banking, Remittance and KYC, Phonepe, says payment platforms should work on winning trust of consumers

e4m by exchange4media Staff
Updated: Oct 12, 2019 9:45 AM

exchange4media’s mobile marketing conference Screenage 2019 saw Saurabh Mittal, Head - Open Banking, Remittance and KYC, Phonepe, taking to the stage to speak about ‘Building a payments app with a digital inclusion angle.

Mittal kicked off his session by explaining how payments is evolving in India and how one can build a payments brand for the billion Indians. “We are enablers and we're not really the product itself.”

He highlighted that payments is a two-sided network, with a merchant who's accepting the payment and a consumer who is making the payment. “Around 70 per cent of transaction value and 90 per cent of transaction volume is still being done through cash in India. India is far behind the US and UK where it’s close to 10 per cent,” he said.

Mittal explained consumer behaviour in his presentation. According to him, consumers are value drivers and not transaction drivers. “Companies need to educate customers and not instruct,” he stressed. And lastly, he reminded that a payment platforms should work on winning trust of consumers.

“We have acquired 7 million merchants and are currently doing 400 million transactions in a month,” he shared.

Mittal also pointed out that till 2018, the usage of smartphone and feature phone was equally growing, but now, the usage of feature phone has declined. According to him, “English is good as a medium of instructions but the medium of consumption needs to be vernacular.”

Talking about Phonepe, he said since its inception is 2017, Phonepe has around 150 million users, and over 65 million of those are active on a monthly basis. “Phonepe has around 7 million merchants engaged with the app with around 400 million transactions happening per month. Phonepe was the first UPI payments app to be launched,” said Mittal.

“10% of consumer bookings on RedBus happen via,” he said.

Proceeding further, Mittal touched upon three factors that drives growth of payments companies-- speed, salience and seamless integration.

He concluded his presentation by stating that the company’s philosophy is to have an open ecosystem.

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