TechProcess successfully concludes ‘Understanding NxtGen Recurring Payments’ event

TechProcess Payment Services Ltd had organised a panel discussion ‘NxtGen Payments’ in Mumbai, to discuss the key challenges, innovations and the way forward for ‘Recurring Payments’ in utility, insurance and telecom sector in India. NxtGen Payments is a first of its kind initiative in the Recurring Payments industry where leaders and stalwarts from Birla Sun Life Insurance, HDFC Life Insurance Ltd, DSP BlackRock Investment Managers Pvt. Ltd., Reliance Asset Management, Capital First Limited, Just Dial and Credit Information Bureau Limited (CIBIL) participated in the event.

“Owing to the potential of existing payment methods in the consumers’ hands, recurring payments can be the driving force of digital payments in India. Despite that, it has received very little attention from the utility, insurance and the telecom sector. At TechProcess, we realize the power of recurring payments; a platform like this presents a good opportunity for industry leaders to highlight the importance of building NxtGen payment modes that will provide a seamless customer experience,” said Kumar Karpe, CEO, TechProcess Payment Services Ltd.

Talking about Innovations and the roadmap for recurring payments in India, Mr. Rajeev Narayanan, Chief Innovation & Strategy Officer, said, “Futuristic features such as reminder presentment, superior payment checkout experience along with the ability to complete transactions securely will be the game changers for the recurring payments industry. Despite the hype around wallets, existing payment modes will embrace technology and become mobile first to spur adoption in a sustainable manner”

The industry veterans who participated in the event reiterated that inventive recurring payment solutions will drive India towards becoming a cashless economy and lead to financial inclusion.