Deepak Chandnani talks to Prakriti Roy about the opportunities in the payment industry
India has a diverse population, what future do you think the payment industry hasIJ
Payments is a sunrise industry in India and as an unexplored market, there is a lot of scope. It helps that the regulator is far-sighted and is adopting global best practices like EMV and innovations like mobile wallets comparatively early. As for the end user, we have diverse consumer segments waiting to adopt new ways to pay. The industry is growing at a healthy 25 per cent so the focus lies on how we provide sustained high growth. The drive of the Government to add more POS machines and more cards to the system, coupled with the incentives to retailers on cashless payments, will provide the boost the industry needs.
Will the industry be able to tap the emerging markets provided by the growing middle classIJ
The large Indian middle class presents a goldmine of opportunity for almost every industry today. One can’t ignore its spending capacity and its reach across urban and rural areas, aided by the increased use of smartphones. The payments industry is introducing innovative ways to acquire these customers and increase the usage of digital payments. This middle class segment is typically called ‘bargain hunters’ and payment companies have started enticing them with cash back, discounts and preloaded wallets, etc to increase customer base.
What about job opportunitiesIJ
This sector offers a host of career prospects to different professionals. The industry is largely dependent on technology for development and implementation. There is a lot of opportunity for young graduates as well as the experienced.
Also, people from backgrounds of operations, sales and management are all required to build a successful e-payments business. A career in payments is going to be highly sought after as the industry continues growing and evolving with each innovation. With the digital payments sector showing high growth of 25 per cent and the likelihood of sustained growth for many years, the payments sector creates the need for more and more people to enter the sector.
Will the working labour suffice the needs of this sectorIJ
We have a large workforce by volume, despite the fact that only two per cent constitutes skilled workforce. As a country, we do face challenges of skill development and utilisation, but with more education opportunities, vocational training, employment generation, etc., there will be a shift in the demand-supply dynamics of various industries over time.
What are the beneficial aspects of a careerIJ
The sector is brimming with opportunity and growth. If one has the passion to do something new or exciting, solve problems of consumers or simply be creative or innovative, payments have a lot of scope for him or her. An interesting sector, there is no space for boredom and as it grows, it brings innovation and excitement with it. Also, it helps one become a little more financially savvy. The industry is a global one and helps one acquire global knowledge and skills like processing transactions, tackling fraud, etc.