India Today Conclave 2017: Payment bank will be the show: Paytm CEO
Vijay Shekhar Sharma speaks on battling poverty, digital economy and notebandi impact - and how the mobile wallet was only a curtain-raiser.
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He’s touted to be the biggest beneficiary of the demonetisation diktat, but Vijay Shekhar Sharma thinks notebandi was nothing short of a revolution. The founder and CEO of Paytm spoke on "Master Talk: The E-Economy" at the India Today Conclave 2017 in Mumbai, and no, he didn’t quite abuse this time around.
On demonetisation and Paytm
“I don’t think I will be a seller anymore; it is time to write history books now”, he said , speaking to Rahul Kanwal, India Today TV managing editor.
“You can undermine a business but not a technology; it is a tsunami,” he said on online payment and smartphones. Internet network and telecom connections are crucial.
“The only success of Paytm is that it works, whenever you want it to”, Shekhar said, not trying sound egregious about having a slice of the mobile revolution in India. Paytm will soon be a payment bank if RBI blessings come about, he said.
“The only business model is make it cheap and make it work”, he said. “Banking must be made available to everyone; the money the customer puts in isn’t a liability; it’s an asset”, Shekhar said.
Banking model is outdated
Banking in India is outdated, he asserted. “The Versace suits will not change banking model”, Shekhar said. “I come from a town near Aligarh, that was my big city”, he added. “World is a broken place for people who are sincere,” he said.
“Poverty is a card to be played in India. People seem to be enjoying it,” Shekhar said. “Money is just a check box that you need to talk to Rahul Kanwal on a stage. Money is what you need to make a difference,” he added.
“Wallet was like a curtain raiser, bank will be the show,” he said on Paytm’s expected transformation from a mobile wallet to a full-fledged payment bank. “But we will be the asset manager, not a current account manager like other banks,” he added.
“India has now woken up to the celebration called start-ups and disruption is the way forward. Local innovation is essential for growth,” he signed off.