India Today Conclave 2017: Payment bank will be the show: Paytm CEO
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.
#Conclave17 I am not a seller anymore. It's time to build legacies & write history books:@vijayshekhar LIVE https://t.co/VHffbecDJh pic.twitter.com/m6JojLjT4P
— India Today (@IndiaToday) March 17, 2017
“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.
#Conclave17Smartphones have not reached people because they are costly. It's because of internet connectivity:@vijayshekhar
— India Today (@IndiaToday) March 17, 2017
“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.
#Conclave17 These four lines changed the life of Paytm CEO @vijayshekhar. LIVE https://t.co/VHffbecDJh pic.twitter.com/48UNWLyG3W
— India Today (@IndiaToday) March 17, 2017
Banking model is outdated
Banking in India is outdated, he asserted.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.
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