India is stepping on the gas in terms of digital transactions, much in line with other major economies that are already experiencing the benefits of going cashless. The trend is proving beneficial for India’s MSME sector, in particular, enabling them to ensure transactional convenience and widen their customer base. Our speaker, Ketan Patel, is the CEO at Mswipe Technologies Pvt. Ltd, is India’s largest independent mobile POS merchant acquirer & network provider. The event will throw light on how digital payments transformed in MSME sector and its future.
Key Takeaways:
- The change in customer behavior, initiatives by the Government of India and RBI, new players in the industry, and the higher costs of accepting cash are driving merchants to shift to digital payments.
- There are around 6 million PoS terminals in India FY 21-2022, and this is expected to grow 5% YoY.
- UPI has been a game changer, and it is estimated to grow and drive 75% of total digital transaction volume in 5 years.
- There were around 30 million merchants with QR codes in 2021. By 2026, it is estimated that around 40 – 42 million merchants will deploy QR codes.
- Tier 1-2 cities have rapidly adopted digital payments, and the next wave of growth trajectory is expected from tier 3 locations.
Speaker
Ketan Patel
CEO at Mswipe Technologies Pvt Ltd
Ketan Patel is the Chief Executive Officer (CEO) at Mswipe Technologies Pvt. Ltd., an independent POS merchant acquirer and network provider. Ketan brings with him more than 20 years of entrepreneurial and corporate experience in the FinTech, Banking, Financial Services and Insurance (BFSI) industry.
Prior to joining Mswipe, Ketan was the Founder and Managing Director of his own venture Ditya Finance Pvt Ltd. Additionally, he worked as the CEO and Executive Director of CASHe, a personal loan startup focused on salaried millennials.
