Lok Sabha Election 2019 result: Cost effective, flexible regulations, faster payment platforms among demands from fintech sector

We are less than a few hours away before NDA 2.0 becomes a reality and the fintech industry has few recommendations that can help them. The sector believes faster and easier digital payment platforms will be game changer for digitization and will help their growth ahead. Also, security, flexible regulations to do business ahead were some of the expectations made by the industry. Currently, fintechs have stolen limelight due to their easy and quick financial services. Due to fintechs, these days getting loans have become easier in just few seconds or minutes. Not only that, fintechs have been focusing in adapting advanced security features to eliminate the chances of fraud arising through technology.

Here’s what fintech pleas to the new government. 

Navtej Singh - CEO Digital Business, Hitachi Payment Services :

“It is our belief that the (new) government will take steps to further strengthen the fintech ecosystem in India. With the consumer in mind, the government should introduce regulations that are flexible in nature and benefit multiple stakeholders. While regulations like sandbox and ‘no-compromise’ approach towards safety will further drive innovation and security in the fintech space, a more market driven approach towards pricing, the timelines to implement the norms and flexibility would be equally important. The push towards more convenience, cost effectiveness and adoption of technology that make lives easier for every Indian citizen such as UPI, IMPS etc. should be the topmost priority.”

Himanshu Pujara -  Managing Director, Euronet Services India Pvt. Ltd:

“A right mix of policies, regulation and incentives are required to further the fintech space. The Government thus far has been extremely supportive by promoting the platform for real time and faster payments, creating an environment that has let to huge investments in the fintech space which has allowed mushrooming of several hundreds of start-ups who are enabling innovation. Going forward the Government has to ensure that policy and regulation have a coordinated run with industry requirements and innovation to foster creativity, new investments and secure growth of the sector.”