Sign in to view Saurabh’s full profile
Welcome back
By clicking Continue to join or sign in, you agree to LinkedIn’s User Agreement, Privacy Policy, and Cookie Policy.
New to LinkedIn? Join now
or
New to LinkedIn? Join now
By clicking Continue to join or sign in, you agree to LinkedIn’s User Agreement, Privacy Policy, and Cookie Policy.
Bengaluru, Karnataka, India
Sign in to view Saurabh’s full profile
Welcome back
By clicking Continue to join or sign in, you agree to LinkedIn’s User Agreement, Privacy Policy, and Cookie Policy.
New to LinkedIn? Join now
or
New to LinkedIn? Join now
By clicking Continue to join or sign in, you agree to LinkedIn’s User Agreement, Privacy Policy, and Cookie Policy.
7K followers
500+ connections
Sign in to view Saurabh’s full profile
Welcome back
By clicking Continue to join or sign in, you agree to LinkedIn’s User Agreement, Privacy Policy, and Cookie Policy.
New to LinkedIn? Join now
or
New to LinkedIn? Join now
By clicking Continue to join or sign in, you agree to LinkedIn’s User Agreement, Privacy Policy, and Cookie Policy.
View mutual connections with Saurabh
Welcome back
By clicking Continue to join or sign in, you agree to LinkedIn’s User Agreement, Privacy Policy, and Cookie Policy.
New to LinkedIn? Join now
or
New to LinkedIn? Join now
By clicking Continue to join or sign in, you agree to LinkedIn’s User Agreement, Privacy Policy, and Cookie Policy.
View mutual connections with Saurabh
Welcome back
By clicking Continue to join or sign in, you agree to LinkedIn’s User Agreement, Privacy Policy, and Cookie Policy.
New to LinkedIn? Join now
or
New to LinkedIn? Join now
By clicking Continue to join or sign in, you agree to LinkedIn’s User Agreement, Privacy Policy, and Cookie Policy.
Sign in to view Saurabh’s full profile
Welcome back
By clicking Continue to join or sign in, you agree to LinkedIn’s User Agreement, Privacy Policy, and Cookie Policy.
New to LinkedIn? Join now
or
New to LinkedIn? Join now
By clicking Continue to join or sign in, you agree to LinkedIn’s User Agreement, Privacy Policy, and Cookie Policy.
Experience & Education
-
Piramal Finance
***** ********** *******
-
******
*********** ******
-
***********
***** ********** *******
-
****** ********* ** *********** ******
************* *********** undefined
-
View Saurabh’s full experience
See their title, tenure and more.
Welcome back
By clicking Continue to join or sign in, you agree to LinkedIn’s User Agreement, Privacy Policy, and Cookie Policy.
New to LinkedIn? Join now
or
By clicking Continue to join or sign in, you agree to LinkedIn’s User Agreement, Privacy Policy, and Cookie Policy.
View Saurabh’s full profile
-
See who you know in common
-
Get introduced
-
Contact Saurabh directly
Other similar profiles
Explore more posts
-
Arsh Goyal
MCP hype is real, and jumping in is Razorpay, who launched their remote MCP yesterday, and here I am trying out. This is a fully hosted, self-serve AI-native payments infrastructure layer that is designed to make payment operations as seamless as a conversation - transforming the way teams interact with financial systems. The best part that I liked was that it can get you up and running in just a few minutes with no servers to manage and zero setup. The latency of responses is also impressive. A few things that stood out: - 35 tools covering all major payment operations - from creating payment links to fetching detailed reports, all accessible via an AI agent. - Token-based authentication with automatic rotation ensures data remains secure. - Users can choose between the recommended hosted solution or a self-hosted (Local) solution for ultimate control. - Ready-to-use configurations for popular AI platforms like ChatGPT, Claude, or custom AI tools See how it works in the real-time configuration with Claude. Let me know what you think. #razorpay #developer #mcp #claude #collab
727
20 Comments -
Salil Ravindran
💡 A mid-sized Indian credit card issuer with a portfolio of 5Mn–6Mn cards 𝗲𝗮𝗿𝗻𝘀 ₹7,200 𝗽𝗲𝗿 𝗰𝗮𝗿𝗱 annually—but 𝘀𝗽𝗲𝗻𝗱𝘀 ₹5,460 𝗽𝗲𝗿 𝗰𝗮𝗿𝗱 to run the business 💡 That is a 𝗰𝗼𝘀𝘁-𝘁𝗼-𝗶𝗻𝗰𝗼𝗺𝗲 (𝗖𝗧𝗜) 𝗿𝗮𝘁𝗶𝗼 𝗼𝗳 76% and a 𝗰𝗼𝗻𝘁𝗿𝗶𝗯𝘂𝘁𝗶𝗼𝗻 𝗺𝗮𝗿𝗴𝗶𝗻 𝗼𝗳 24%, compared to industry benchmarks of 45–55% CTI and 50–55% margins seen among top-tier issuers. 💲💲 They invest about ₹100 𝗽𝗲𝗿 𝗰𝗮𝗿𝗱 𝗮𝗻𝗻𝘂𝗮𝗹𝗹𝘆 𝗼𝗻 𝘁𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝘆—barely 1.4% of revenue—for what is arguably the highest-yield product in retail banking. ❓❓ 𝗛𝗼𝘄 𝗰𝗮𝗻 𝗮𝗻 𝘂𝗽𝗹𝗶𝗳𝘁 𝗶𝗻 𝘁𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝘆 𝗶𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁 𝗰𝗵𝗮𝗻𝗴𝗲 𝘁𝗵𝗲𝘀𝗲 𝗺𝗲𝘁𝗿𝗶𝗰𝘀.... 👉 Current unit economics (per card per year): ➕ Revenue: ₹7,200 ➖ Cost: ₹5,460 (breakup as follows) • Acquisition & Onboarding: ₹900 • Servicing & Support: ₹650 • Rewards & Loyalty: ₹1,000 • Risk, Fraud, Collections: ₹800 • Infra & Processing: ₹1,200 • 𝗧𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝘆: ₹100 • Others: ₹910 🟰 A 𝗰𝗼𝗻𝘁𝗿𝗶𝗯𝘂𝘁𝗶𝗼𝗻 𝗺𝗮𝗿𝗴𝗶𝗻 𝗼𝗳 ₹1,740 𝗮𝗻𝗱 𝗖𝗧𝗜 𝗼𝗳 76% ❓❓ What is the missed opportunity here? Not revenue but operational inefficiency Most glaringly, 𝗷𝘂𝘀𝘁 ₹100 (1.4% 𝗼𝗳 𝗿𝗲𝘃𝗲𝗻𝘂𝗲) is spent on technology 🚀 🚀 For an 𝘂𝗽𝗹𝗶𝗳𝘁 𝗼𝗳 2𝗫 𝗶𝗻 𝘁𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝘆 𝗶𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁 for this bank (₹200 per card per year) even at a 𝘃𝗲𝗿𝘆 𝗰𝗼𝗻𝘀𝗲𝗿𝘃𝗮𝘁𝗶𝘃𝗲 3𝗫 𝗥𝗢𝗜 on the incremental investment, this could unlock ₹300 𝗶𝗻 𝘃𝗮𝗹𝘂𝗲 𝗽𝗲𝗿 𝗰𝗮𝗿𝗱 𝗽𝗲𝗿 𝘆𝗲𝗮𝗿 Relying on historical banking ops industry numbers, this value is generally realized through • Ops automation (lower support costs) & self-service • Real-time fraud & credit risk controls • Infra optimization (achieved through cloud-based platforms) • Higher spend activation via personalized engagement • Cross sells such as EMI conversions 🚀 🚀 This could help 𝗿𝗲𝗱𝘂𝗰𝗲 𝘁𝗵𝗲 𝗖𝗧𝗜 𝘁𝗼 ~72% and 𝗽𝘂𝘀𝗵 𝘁𝗵𝗲 𝗰𝗼𝗻𝘁𝗿𝗶𝗯𝘂𝘁𝗶𝗼𝗻 𝗺𝗮𝗿𝗴𝗶𝗻 𝘂𝗽 𝘁𝗼 ~30% - both still far from the Tier1 issuer benchmarks but still ones that could lay the foundation for scalable profitability 🚀 🚀 𝗧𝗵𝗶𝘀 𝗶𝘀 𝗻𝗼𝘁 𝗮 𝗰𝗼𝘀𝘁 𝗽𝗿𝗼𝗯𝗹𝗲𝗺 - 𝗶𝘁 𝗶𝘀 𝗮 𝗰𝗼𝘀𝘁 𝗱𝗲𝘀𝗶𝗴𝗻 𝗼𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝘆. Credit cards are inherently profitable. But when tech investment is minimal, revenue potential is under-monetized and operations remain inefficient. Even with conservative returns, a 2X tech uplift can unlock real economic value—both in savings and new income. (Sources: FY23 annual report, investor presentations & management commentary) #CreditCards #RetailBanking #Profitability #DigitalTransformation #BankingTechnology #CostToIncome #ContributionMargin #CardProcessing
105
14 Comments -
Ambika Pande
📊 Decoding Fintech IPOs: Part 2 (India Focus) 📊 In FY24 I had written about Fintech IPO’s. Some key learnings: 1️⃣ Almost all fintechs that IPO’d in the wave of 2015 - 2021, with the exception of Adyen, in FY24 were trading at rev multiples lower than what they IPO’d at. 2️⃣ On avg, fintechs that IPO’ed from 2015 -’21, took 8 years to IPO. Fintechs expected to IPO from ‘25 - ‘28, have already passed the 8 yr mark ❗But apart from Mobikwik & Paytm, (and Policybazaar), the “star” fintechs of India haven’t IPO’d yet. 💡🚀 Indian fintechs that have IPO’d. ✅ Paytm: IPO’d in ‘21, at a rev multiple of 55.6x. Now at ~7x ✅ Mobikwik: IPO’d in ‘24. Underwent several valuation cuts prior to IPO. Pre-IPO was at a rev x of 2.3x, which jumped to 5.3x post IPO. Even though mkt cap doubled from ~$256M to ~$569M post IPO, it is still well within the 2x - 5x range established by Paytm & Block in FY24 💡🚀 Expected to IPO in ‘25 - ‘28 1️⃣ PhonePe: Valued at ~$12B in ‘23, and FY24 rev is ~$756M. It’s at a rev multiple of ~17x. Paytm is at ~7x, but I’d actually say that PhonePe is not overvalued. A comparison can be drawn to Adyen, a global PA, which has mkt cap / rev of ~25x. PhonePe rev grew by ~74% from FY23 - 24, and if it grows ~40-50% YoY, it can easily IPO at a 10-15x valuation for a ~$15B valuation (and I say this conservatively.) It’s a market leader in UPI payments, controlling ~50% of the market 2️⃣ Groww: Currently valued at ~$2- 3B, with FY24 rev of ~$383M, a rev multiple of ~5-7.8x. FY24 profits were at ~$40M. It is looking to IPO at a $6-8B valuation in early FY26. Angel One, a public equivalent, is at a market cap of $2.7B, and annualized FY25 rev of $681M, which is a rev multiple of ~4x. Robinhood, is at a $42B mkt cap, with ~$2.5B in revenues; a ~16x rev multiple. Reportedly Zerodha is at ~$7B valuation, at ~$1B rev. Groww also has a UPI App, and has carved an “investment” niche for itself within UPI. It has an NBFC that had a loan book of $115M as of June ‘24. So a target $6-8B at IPO doesn’t seem implausible 3️⃣ Pinelabs: Valued at $5.8B, with ~$160M rev in FY24, a multiple ~36x. I’d say it’s overvalued. 1) Online has not scaled as much as offline, which is needed for faster global expansion & 2) Muted growth: its rev grew by 2.8% from '23 - 24, with increased losses. But what it does have going for it is that it has potential. It’s a PA, a PA-CB, AA (Setu), a consumer app (Fave), and a PPI (Qwikcilver). But if it can leverage this remains to be seen ❗IPO’s have a reverse flip angle: PhonePe completed its flip in Jan ‘23 at a cost of $1B in taxes, and Groww in ‘24, paying $160M, Pinelabs & Razorpay are in process: Rzp could pay ~$200M The Indian fintech ecosystem is maturing, and the upcoming IPOs are a sign of that. I’ve gone into this in more detail in the deep dive. You can check it out here: https://lnkd.in/g6-574K6 Note: Calculations and views are my own and not of my employer. Treat them as directional and not actuals
152
7 Comments -
Monica Jasuja
The real money in payments isn't in payments anymore. The payment war everyone talks about is over. The platform war just started. India's payment aggregators (PAs), are aggressively repositioning fraud detection technology as their new revenue engine, according to an interesting article in The Economic Times. This is more than just diversification; it's a survival strategy in a market facing pressure. ↳Revenue Reality Check With 50+ licensed PAs chasing the same ecommerce merchants and razor-thin margins, core payments businesses are at risk. It is evident that growth without profitability is not sustainable, as negative margins are becoming increasingly prevalent among major participants. ↳Why Fraud Prevention Is a Revenue Goldmine Some 668 banks are currently operational on UPI; however, the majority lack sophisticated fraud tech. Enterprise-grade fraud prevention is necessary--India processed over 164 billion digital transactions in FY24 and is projected to reach 439 billion by FY29. Payment aggregators, who have already made substantial investments in fraud prevention for their own operations, possess pre-existing solutions. ↳The Big Picture This shift indicates the maturity of India's fintech ecosystem. We are transitioning from a transaction-volume game to a value-add services endeavor. Smart PAs are using their advanced fraud engines to safeguard banks and boost success rates, creating recurring revenue streams. ↳What is the significance of this? Consolidation is anticipated. Players who are unable to transition to high-margin services will experience difficulty. Those who develop comprehensive fraud-as-a-service platforms are all set for a win. The question isn't whether fraud prevention is a good business; it's who will dominate this market. After all, the opportunity is massive. In my view, this strategic pivot reflects a broader industry evolution. India is unique because public infrastructure via DPIs provides the foundational layer, but the real differentiation that will make payment companies stand out and generate sustainable revenue lies in value-added services built on top. As Harshil Mathur, CEO of Razorpay, emphasized in EPAA's "Digital Payments Revolution - India's March to a Trillion" report, "While yes, there's a DPI infrastructure that operates at the base, how can you innovate on top of it? How can you create your own differentiation on top of it? The companies that will survive and flourish will be those that develop comprehensive platforms that extend beyond basic payment processing" The companies that understand this transition today will own tomorrow's market. The payments war is evolving. Platform play is the future; pure transaction play is obsolete. Sources: Economic Times Digital Payments Revolution - India's March to a Trillion," which FinStep Asia's Musheer and I, co-authored for Emerging Payments Association Asia. Pic: AI generated (Link in comments)
288
113 Comments -
Sahil Kapoor
IT Sector Nifty IT Index is at its relative (price) and rolling three-year performance worst versus the Nasdaq. The U.S. tech-heavy index has outperformed India’s Nifty IT since mid-2023, when the AI frenzy began. Right now, both the AI frenzy and the doubts about Indian IT feel euphoric. While it’s impossible to know whether this is the trough or more pain lies ahead for Indian IT, it’s a good time to consider doing the opposite: choosing Indian IT firms over U.S. tech. The Nasdaq, driven by the big tech cohort, now has its highest weight in global equity markets, while Indian IT has its lowest weight in the Nifty and in global indices. The choice is clear: overbought, over-owned, and overvalued U.S. tech; or under-owned, oversold, and not yet undervalued (perhaps close to fair value) Indian IT.
57
4 Comments -
Soumya Routray
The RBI has just released a new Master Direction for Payment Aggregators (Sept 15, 2025) – and it’s a big one for India’s digital payments ecosystem. Here are some of the key takeaways: ✅ Applies to both online, physical (POS), and cross-border PAs. (Payment Gateways still excluded as they don’t handle funds) ✅ Capital requirements raised – ₹15 Cr net worth to apply, ₹25 Cr within 3 years (for non-bank PAs) ✅ Stronger governance norms – fit & proper criteria for directors, RBI nod needed for ownership/control changes ✅ Consumer-first approach – transparent pricing, quick dispute resolution, refunds back to original payment method ✅ Cybersecurity gets serious – PCI-DSS compliance, fraud prevention frameworks, annual CERT-In audits ✅ For cross-border payments – separate inward/outward accounts, ₹25 lakh per transaction cap, strict FEMA compliance ✅ KYC/AML tightened – PAN & address verification, FIU-IND registration, ongoing monitoring of merchants ✅ Escrow accounts made stricter – mandatory settlement timelines, limited permitted debits/credits, interest allowed only on “core portion” ✅ Reporting obligations – monthly, quarterly, and annual filings made more robust ✅ Old guidelines (2020, 2021, 2023) now repealed – everything consolidated under this single Master Direction Why does this matter? Because it’s another step towards making India’s fintech ecosystem more secure, transparent, and globally aligned, while also pushing players to raise their compliance game. #RBI #Fintech #DigitalPayments #Compliance #PaymentAggregators #CircularsRBI
52
3 Comments -
Jitin Bhasin
RBI's Digital Lending Directions 2025, released on May 8, 2025, set a new benchmark for transparency and borrower protection in India's digital lending ecosystem. Here are the key changes and their impact as I see: 1️⃣ Regulated Entity (RE)–Lending Service Provider (LSP) Arrangements with Multiple Lenders (Para 6 | Effective Nov 1, 2025) 𝗖𝗵𝗮𝗻𝗴𝗲: LSPs must display a digital view of all loan offers from multiple REs, including unmatched lenders’ names, with details like APR, loan amount, and KFS links. 𝗜𝗺𝗽𝗮𝗰𝘁: Enhances borrower choice and transparency but increases product development/operations and compliance costs on LSPs in the near term. 2️⃣ Reporting Digital Lending Applications (DLA) to RBI (Para 17 | Effective Jun 15, 2025) 𝗖𝗵𝗮𝗻𝗴𝗲: REs must report all DLAs (own or LSP-operated) on RBI’s CIMS portal, certified by the Chief Compliance Officer, with updates for new/ceased DLAs. 𝗜𝗺𝗽𝗮𝗰𝘁: Creates a public DLA directory, boosting transparency but adding reporting obligations. Missteps in certification could lead to regulatory scrutiny, urging REs to strengthen compliance frameworks. 3️⃣ Enhanced Due Diligence for LSPs (Para 5) 𝗖𝗵𝗮𝗻𝗴𝗲: REs must conduct thorough due diligence on LSPs’ technical capabilities, data privacy, and regulatory compliance before agreements. 𝗜𝗺𝗽𝗮𝗰𝘁: This strengthens risk management, and only serious LSPs will likely prevail, thereby making this a customer-centric and responsible market. 4️⃣ Data Storage in India (Para 13) 𝗖𝗵𝗮𝗻𝗴𝗲: All data must be stored in India; overseas processing data must return within 24 hours. 𝗜𝗺𝗽𝗮𝗰𝘁: Ensures data sovereignty but increases infrastructure costs for REs/LSPs with global operations. 5️⃣ DLG Cap and Structure (Paras 23, 21) 𝗖𝗵𝗮𝗻𝗴𝗲: DLG continues to be capped at 5% of disbursed portfolio; contracts must specify cover extent, form, and invocation timeline. 𝗜𝗺𝗽𝗮𝗰𝘁: Limits REs’ risk exposure and will deter smaller LSPs from offering DLG, which may be seen as dissuading smaller fintech companies, especially those where capital and portfolio risk management capabilities are not mature. 6️⃣ Disclosure of Recovery Agents (Para 8) 𝗖𝗵𝗮𝗻𝗴𝗲: REs must notify borrowers of recovery agent details via email/SMS before contact. 𝗜𝗺𝗽𝗮𝗰𝘁: Enhances borrower safety but requires RE–LSP to streamline communication systems for compliance. These changes signal RBI’s push for a safer, more transparent digital lending landscape that balances innovation with consumer protection. REs and LSPs must act swiftly to align by November 2025 and June 2025 deadlines. #DigitalLending #RBI #Fintech #Banking #NBFC
50
3 Comments -
Shweta Rajpal Kohli
🚨Fintech regulations seem to be in for an overhaul. The Reserve Bank of India (RBI) has issued two major sets of guidelines this month – Master Direction for Payment Aggregators (PAs) and Guidelines for Authentication of Digital Payments. These will impact not just the digital payment companies but also marketplaces and aggregators that will need to make changes to their payment processes. Here’s the big picture: The first-ever consolidated Master Direction for PAs sets the rules of the game for online and offline payments, as well as cross-border flows. ⏩️ Stronger requirements on governance, transparency, and transaction monitoring ⏩️ Clear categories: Online (PA-O), Offline (PA-P), Cross-Border (PA-CB) ⏩️ Mandatory KYC and contracts for every merchant ⏩️ Simplified 4-step KYC available for small merchants (≤ ₹40 lakh domestic turnover or ≤ ₹5 lakh exports) ⏩️ Offline PAs - so far unregulated - must seek RBI authorization by Dec 31, 2025 ⏩️ Permission to use agents for digital/video KYC ⏩️ Tighter settlement: funds can be settled only with entities directly interfacing with customers, and only larger merchants get flexibility in choosing accounts ⏩️ Escrow rules updated: transfers now permitted between escrow accounts of PAs The second set of regulations released last week is on the Authentication of Digital Payments. Here’s the high-level summary: ➡️ RBI has nudged payment players to move beyond OTP as the only 2FA option. ➡️ Dynamic 2FA mandatory for payments where payment instruments and acceptance devices are not in close proximity. ➡️ Encourage advanced authentication methods like tokens and biometrics. ➡️ Push for open and interoperable systems. ➡️ New directions to take effect from April 1, 2026 Swipe to see the summary of both regulations. Our Knowledge Partner Ikigai Law has also prepared a detailed summary of both the regulations: You can read their detailed analysis on Master Directions https://lnkd.in/g59JhTp7 And on Authentication here https://lnkd.in/g-Yeh8TA Suvendu Pati | Astha Srivastava | Aparajita Srivastava | Avantika Gode | Shubhangi Poddar CRED | MobiKwik | Pine Labs | Groww | Razorpay | BharatPe | Fam | PayGlocal Harshil Mathur | Kunal Shah | Miten Sampat | Amrish Rau | Upasana Taku | Harsh Jain | Nalin Negi | Sumeet Singh | Shashvat Nakrani | Bipin Preet Singh | Sambhav Jain | Prachi Dharani | Shashank Kumar | Ashutosh Naik
106
8 Comments -
Ashwin Bhatnagar
Big milestone for Xflow! 🎉 We’ve received in-principle authorization from the Reserve Bank of India (RBI) to operate as a Payment Aggregator-Cross Border-Exports & Imports (PA-CB-E&I). In the world of payments, core licensing matters deeply, it’s not just a regulatory checkbox, it’s a marker of trust. Being authorized by the RBI means that we’re building with the right foundations, the right intent, and a long-term mindset. This moment has been a giant team effort, across legal, partnerships, risk, compliance, ops, engineering and more, and we wouldn’t have made it here without the unwavering support of our partners, advisors, and early believers. We’re excited about what this unlocks as we continue building modern cross-border payments infrastructure for Indian businesses, simple, compliant, and global by design. Let's make global money movement smarter. PS: We got covered in the news, I've included a link to the article in the comments section. #Payments #RBI #Fintech #CrossBorder #Compliance #License
535
144 Comments -
Nuno Pereira
I am a big fan of using writing to run businesses. At Paynest, we leverage it extensively and reap many benefits. 🧠 Decision-making: Writing down decisions and rationale improves clarity for the writer and gives power to the reader. It also serves as documentation for post-mortem learnings. ⏳ Efficiency: There is nothing more precious than time, and the quicker we iterate on product, the better. Before you do any wireframes or lines of code, iterate on 3-bullet product descriptions and longer product definitions - with the team and with clients. 🎯 Alignment: Every single client meeting at Paynest has written meeting notes. I still read them all - takes me only a few minutes per meeting and allows the important information to flow. However, it is really hard to write well, and the more we scale, the more important it gets. Work on making your writing as concise and clear as possible. Use words like you pay for each one. #Paynest #WritingCulture #Leadership #StrategicThinking #Agile
117
5 Comments -
Dr Ritesh Jain
𝐀𝐩𝐩𝐥𝐞 𝐏𝐚𝐲 𝐞𝐧𝐭𝐞𝐫𝐬 𝐈𝐧𝐝𝐢𝐚’𝐬 𝐜𝐫𝐨𝐬𝐬-𝐛𝐨𝐫𝐝𝐞𝐫 𝐩𝐚𝐲𝐦𝐞𝐧𝐭𝐬 — 𝐛𝐮𝐭 𝐭𝐡𝐢𝐬 𝐢𝐬𝐧’𝐭 𝐣𝐮𝐬𝐭 𝐚𝐛𝐨𝐮𝐭 𝐭𝐚𝐩-𝐭𝐨-𝐩𝐚𝐲. 𝐈𝐭’𝐬 𝐚𝐛𝐨𝐮𝐭 𝐭𝐫𝐮𝐬𝐭, 𝐭𝐢𝐦𝐢𝐧𝐠, 𝐚𝐧𝐝 𝐭𝐫𝐚𝐧𝐬𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧. Over a decade ago, I had the privilege of leading Apple Pay’s launch for Apple and Visa in the UK, helping design the early architecture of tokenisation and biometric authentication that went on to redefine how the world transacts. Back then, paying with a fingerprint felt almost futuristic - a leap of faith where trust met technology. Today, that very architecture — refined through regulation, strengthened by innovation, and validated by global adoption - has reached India’s cross-border payments ecosystem. And Apple’s move isn’t just another product integration; it’s a strategic recalibration — quiet, deliberate, and deeply significant in one of the world’s most advanced and regulated financial markets. While UPI has already made domestic payments instant and inclusive, Apple Pay introduces a new layer of trust infrastructure for international transactions - combining biometric security, device-level tokenisation, and cross-border card rails to enhance reliability, reduce fraud, and simplify global commerce. This moment isn’t about market entry; it’s about market evolution — where India’s payment story moves: ➡️ from speed to certainty ➡️ from inclusion to interoperability ➡️ from transactions to trust In my latest article, I’ve explored: - Why Apple chose cross-border first, not domestic - How Apple Pay compares with UPI, SWIFT, cards, and wallets - What this means for Indian merchants, fintechs, and regulators - And whether this could become Apple’s first step toward a deeper retail payments play in India 𝑻𝒉𝒆 𝒇𝒖𝒕𝒖𝒓𝒆 𝒐𝒇 𝒑𝒂𝒚𝒎𝒆𝒏𝒕𝒔 𝒊𝒔𝒏’𝒕 𝒂𝒃𝒐𝒖𝒕 𝒘𝒉𝒐 𝒎𝒐𝒗𝒆𝒔 𝒎𝒐𝒏𝒆𝒚 𝒇𝒂𝒔𝒕𝒆𝒔𝒕 — 𝒊𝒕’𝒔 𝒂𝒃𝒐𝒖𝒕 𝒘𝒉𝒐 𝒎𝒐𝒗𝒆𝒔 𝒕𝒓𝒖𝒔𝒕 𝒔𝒂𝒇𝒆𝒔𝒕. Read: “Apple Pay Comes to India’s Cross-Border Payments: The Quiet Rewiring of Trust and Trade.” 👇 #ApplePay #Payments #UPI #Fintech #CrossBorder #DigitalTrust #Innovation #OpenBanking #Leadership #FinancialInclusion #DrRiteshJain India FinTech Forum National Payments Corporation Of India (NPCI) Apple Visa Prasanna Arjun Emerging Payments Association Asia Monica Syed Ronit Sanjiv https://lnkd.in/dfKj8y9Z
44
4 Comments -
Ibrahim Faruqi
RBI rewrote the rules for payment aggregators in India recently The new Master Direction consolidates years of fragmented guidelines into one comprehensive framework. This signals a fundamental shift from growth-at-all-costs to sustainable, secure scaling. Here are four critical implications: ✅ Capital requirements doubled – INR 15 crore minimum, scaling to INR 25 crore by year 3 ✅ Two-factor authentication mandatory for ALL transactions (goodbye SMS OTPs) ✅ Three-tier categorization – PA-O, PA-P, PA-CB with tailored compliance ✅ Enhanced consumer protection – full liability coverage for authentication failures This isn't just regulatory housekeeping. It's a signal that India's digital payments ecosystem has officially graduated from "move fast and break things" to "move smart and protect everyone." The strategic question for payment companies: Are you building for compliance or building compliance as a competitive differentiator? My breakdown of what this means for the various stakeholders in the ecosystem: https://lnkd.in/eRhENc8k What's your take – necessary evolution or growth barrier? #Fintech #RBI #PaymentAggregators #DigitalPayments #Compliance
50
-
Vineet Tyagi
𝗣𝗿𝗶𝘃𝗮𝘁𝗲 𝗟𝗟𝗠𝘀 𝗔𝗿𝗲 𝗣𝗼𝘄𝗲𝗿𝗳𝘂𝗹. 𝗕𝘂𝘁 𝗔𝗿𝗲 𝗧𝗵𝗲𝘆 𝗣𝗿𝗮𝗰𝘁𝗶𝗰𝗮𝗹? Last week, I wrote about why RBI-regulated lenders in India can’t use public LLMs for prompts involving PII or financial data. ✅ The solution? 𝗣𝗿𝗶𝘃𝗮𝘁𝗲 𝗟𝗟𝗠𝘀 — hosted on your own infra. But that triggered a great DM (thank you 🙌), asking the real question: “Private LLMs sound right for compliance. But aren’t they prohibitively expensive to scale, update, and fine-tune?” 💯 And yes — 𝘁𝗵𝗶𝘀 𝗶𝘀 𝘁𝗵𝗲 𝗮𝗰𝘁𝘂𝗮𝗹 𝗯𝗼𝘁𝘁𝗹𝗲𝗻𝗲𝗰𝗸. 𝗟𝗲𝘁’𝘀 𝗯𝗿𝗲𝗮𝗸 𝗶𝘁 𝗱𝗼𝘄𝗻: 1️⃣ 𝗖𝗼𝘀𝘁 = 𝗖𝗹𝗼𝘂𝗱 𝗕𝗶𝗹𝗹 𝗔𝗹𝗼𝗻𝗲 It’s compute + storage + bandwidth + team + orchestration + fallback. 2️⃣ 𝗦𝗰𝗮𝗹𝗶𝗻𝗴 = 𝗝𝘂𝘀𝘁 𝗠𝗼𝗿𝗲 𝗚𝗣𝗨𝘀 You need: • Load balancers • Caching strategies • Prompt routing • Fine-grained user/session control 3️⃣ 𝗧𝘂𝗻𝗶𝗻𝗴 = 𝗢𝗻𝗲-𝗧𝗶𝗺𝗲 𝗝𝗼𝗯 Fine-tuning LLMs for lending use cases (like GST analysis or bank statement parsing) needs: • Domain-specific datasets • Guardrail systems • Evaluation pipelines 🔧 𝗦𝗼 𝗪𝗵𝗮𝘁’𝘀 𝘁𝗵𝗲 𝗪𝗮𝘆 𝗙𝗼𝗿𝘄𝗮𝗿𝗱? 💡 𝗖𝗼𝗺𝗽𝗼𝘀𝗮𝗯𝗹𝗲 𝗔𝗜 𝗔𝗿𝗰𝗵𝗶𝘁𝗲𝗰𝘁𝘂𝗿𝗲 Use modular building blocks — not monoliths. E.g., pair open-source LLMs with LangChain-style prompt routers and internal rule engines. 💡 𝗗𝗶𝘀𝘁𝗶𝗹𝗹 + 𝗦𝗽𝗲𝗰𝗶𝗮𝗹𝗶𝘇𝗲 You don’t need a 65B parameter model for everything. Finetune smaller models (7B or even 3B) for very specific tasks. 💡 𝗜𝗻𝘃𝗲𝘀𝘁 𝗢𝗻𝗰𝗲, 𝗥𝗲𝘂𝘀𝗲 𝗘𝘃𝗲𝗿𝘆𝘄𝗵𝗲𝗿𝗲 Train one RBI-compliant retrieval pipeline — reuse across use cases (underwriting, fraud checks, etc.) 📌 𝗠𝘆 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆: AI compliance doesn’t need to kill velocity. It just demands 𝘀𝗺𝗮𝗿𝘁𝗲𝗿 𝗮𝗿𝗰𝗵𝗶𝘁𝗲𝗰𝘁𝘂𝗿𝗲, 𝗻𝗼𝘁 𝗯𝗹𝗶𝗻𝗱 𝘀𝗰𝗮𝗹𝗶𝗻𝗴. 💬 𝗪𝗵𝗮𝘁’𝘀 𝗯𝗲𝗲𝗻 𝘆𝗼𝘂𝗿 𝗯𝗶𝗴𝗴𝗲𝘀𝘁 𝗯𝗹𝗼𝗰𝗸𝗲𝗿 𝗶𝗻 𝗮𝗱𝗼𝗽𝘁𝗶𝗻𝗴 𝗽𝗿𝗶𝘃𝗮𝘁𝗲 𝗟𝗟𝗠𝘀? 𝗜𝗻𝗳𝗿𝗮? 𝗣𝗲𝗼𝗽𝗹𝗲? 𝗥𝗢𝗜 𝗰𝗹𝗮𝗿𝗶𝘁𝘆? 👇 Comment or DM — I’d love to exchange notes. #TechTuesday #PrivateLLM #AIInfrastructure #ComplianceFirst #LangChain #FintechAI #AIinLending #OpenSourceLLM #CostofAI #IndiaAI #RBICompliance #EdgeAI
38
9 Comments -
Pearl Agarwal
The Indian FinTech infra stack is having a moment. Banks spent USD 13.2 Bn+ on IT services in FY24, finally catching up with global peers. With regulatory push, rising digital adoption, and GenAI capabilities, the stage is set for real disruption. But not every piece of infra is equal. KYC & Onboarding Once a wedge, now at risk of becoming a commodity. The winners will be those who build for fraud defense, Tier-3/4 usability, and cross-sector use - from lending to agri to recruitment. Lending Infra Set to drive 53% of India’s FinTech revenue by 2030. Scaling will need infra tailored to verticals (like MSMEs or supply chains), hybrid trust + tech models, and AI-led debt resolution. Players like Spocto X (A Yubi Company) and Credgenics are paving the way. Payment Infra Still the crown jewel. India’s digital payments grew from USD 300 Bn in FY18 to USD 3.6 Tn in FY24. Beyond UPI, the big unlocks lie in cross-border flows, credit on UPI, and CBDC-backed rails. What’s needed: interoperable B2B solutions with real-time fraud checks. What’s Next? Core banking. Insurance infra. Document automation. Fraud management. Each is still underserved. Each waiting for founders who can blend regulatory awareness with infra-first thinking. To every builder: Infra may not always grab headlines. But it powers the rails of financial inclusion. You’re not just writing code - you’re upgrading the operating system of India’s USD 4 Tn+ economy. Let’s build what the future will run on! We’ve unpacked the full story in our latest Mini Thesis on India's FinTech Infra. Read below 👇
73
8 Comments -
Harshvardhan Zaveri
🏦 RBI's new authentication policy will reshape how India's ₹3+ lakh crore annual card payment on e-com ecosystem works From April 1, 2026, every domestic digital payment in India must be verified with at least two factors, and at least one must be dynamic and unique to the transaction 🔐 (e.g., device-bound cryptographic proof, biometric confirmation, or app-based token), not just SMS OTP by default. This will raise security standards while opening the door to faster, more seamless flows powered by biometrics, device credentials, and risk-based checks. 📱 What changes now ✅ Credit and debit card-not-present payments will increasingly shift from OTP-heavy flows to device-native authentication and token-based approvals, especially for remote and high-risk transactions ✅ Banks and payment players are expected to adopt SDKs in issuer apps and implement device binding, biometrics, and cryptographic signatures; redirections to issuer apps for step-up approvals will become common ✅ Tokenized wallet experiences (like Apple/Google Pay and Samsung Wallet in the West) will gain ground: card credentials stored securely on-device, and each payment approved with a biometric plus a transaction-unique cryptogram 📲 🤔 But what about friction? ⚠️ Yes, there will be short-term friction as the ecosystem transitions away from SMS-first habits ⚡ Over time, a "single secure wallet" experience—where all cards are tokenized and authenticated via one app using biometrics—can reduce friction versus juggling multiple issuer apps and OTPs 🎯 Why this matters 🛡️ Stronger protection against phishing, SIM swaps, and OTP interception ⚡ Faster approvals with fewer failure points, especially on stable devices 🌍 A more resilient, globally aligned security posture that supports long-term growth 🚀 Our vision at Orbit Wallet 💡 Started with a simple idea: build a digital wallet that lets people securely store, manage, and transact with their cards—without compromising on speed or security 🔒 Now, we're proactively enabling card tokenization and device-based authentication to make payments safer and smoother while staying fully compliant with the new directions 🎯 The goal: one secure place for all cards, biometric approvals in a tap, and dynamic proofs for every transaction 🔮 What to expect next 📱 More merchant checkouts offering wallet-style biometric pay 🏦 Issuer apps prompting quick, in-app confirmations for sensitive or high-risk payments 📉 Gradual de-emphasis of OTPs in favor of device-bound, risk-aware authentication ⏰ The window to build compliance advantage closes fast. If you're a #bank, #fintech, #merchant or #PG, this is the moment to redesign authentication journeys—prioritizing device-bound tokens, biometrics, and adaptive risk signals. Orbit Wallet is building for that future so digital payments can be both safer and simpler. What's your authentication strategy for 2026? Reserve Bank of India (RBI) #NPCI #Fintech #VCs #tokenisation
27
Explore collaborative articles
We’re unlocking community knowledge in a new way. Experts add insights directly into each article, started with the help of AI.
Explore More