The Economic Times Cards and Payments Summit
The Economic Times Cards and Payments Summit is a gathering of senior representatives of cards and payments industry and the heads of mobile and card payment divisions of leading public and private sector banks and policy makers governing the financial institutions, payments and service industry. There will be a critical discussion of the emerging technologies in the cards and payments industry, regulatory issues and the scalability of cards and payments services in meeting the varied demands of diverse industries. Debates, technology talks, panel discussion on the contemporary issues impacting the cards and payments industry will help in addressing the concerns of the industry and understand the expectations of different stakeholders like government, bankers and end-customers.
Economic and social status are not a harbinger to several nations across the globe as they strive towards establishing a cashless economy. Not just the developing nations, even some of the third world countries have successfully set up cashless societies. Digitalisation of cash has proved to be beneficial to all stakeholders in a society. The ubiquitous advantage to lawmakers is transparency in receipts and payments, tracking unaccounted money and transactions and the streamlining of Anti Money Laundering (AML) activities. The activities pertaining to shopping, banking, trading is executed in a swift manner through the click of a mouse or swipe of cards and adds more convenience to the lives of individuals and businessmen. Cards and payment service providers and ancillary services are exploring unmapped boundaries and new business segments which in turn improves the economy of the nation and international trade through more job opportunities, increase in business transactions etc.…

The huge resource pool of software engineers and innumerable technologies in India have contributed in an indirect manner to the cashless societies of many countries. Digital transactions, digital channel and digital cash are the watchwords of our economy. Cashless society will soon be a reality in India. Currently there is a wide discrepancy in the use and adaptation of digital technologies for cashless payments between urban and rural areas of India.

The unbanked rural populace in the country should benefit from cash cards and latest technological advancements in cards and payments industry to facilitate their receipts and payments so that they are at par with their counterparts in cities with respect to digital payments. In contrast, many leading cities in India are already reaping the benefits of latest technologies in cards and payments like near-field communication technologies, mobile payments and sound payments. Despite the innumerable benefits and state of the art infrastructure and software devices, the looming security threats impugn the developments in cards and payment industry. News reports of the hacking of 3.2 million debit cards in India last year is a case in point.