Global Fintech Fest 2022
The Global Fintech Fest 2022 is organized to provide a platform to discuss ways to achieve sustainable finance.
- The GFF 2022 is jointly organized by National Payments Corporation of India (NPCI), the Payments Council of India (PCI) and the Fintech Convergence Council (FCC).
- It is being organized from September 19 to 22 this year with the theme “’Creating A Sustainable Financial World – Global, Inclusive, Green.
- This event seeks to showcase India as a global thought leader in financial technology and demonstrate India’s fintech ecosystem at the international level.
- During the event, 3 key initiatives were launched – RuPay Credit Card on UPI, UPI LITE and Bharat BillPay Cross-Border Bill Payments.
- These initiatives have the potential to make digital payment systems more inclusive by bringing in new users from India and abroad.
- They will help ease the entry of the next 300 million users on the digital payments.
- The linking of RuPay Credit Card on UPI will ensure more opportunities for consumers to use credit cards. It will also help merchants increase sales by being part of the credit ecosystem.
- The UPI LITE integrated with the BHIM App enables users to make low-value transactions in a near-offline mode. This will reduce the debt load on the core banking system and improve the success rate of transaction, while also improving the user experience significantly.
- Bharat BillPay Cross-Border Bill Payments will ease the payment of bills for people living in foreign countries who are maintaining a house in India. This will enable non-residential Indians to pay utility, water and telephone bills on behalf of their families living in India.
- India’s Federal Bank and UAE’s Lulu Exchange will be first to allow the Bharat BillPay Cross-Border Bill Payments.
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