Global Fintech Fest 2024: Key Takeaways from GFF 2024

The Global Fintech Fest (GFF) is one of the largest fintech conferences, organised by the Payment Council of India (PCI), the National Payments Corporation of India (NPCI), and the Fintech Convergence Council (FCC). The conference attracts global policymakers, regulators, central bankers, industry leaders, academics, and senior professionals to share ideas and solutions related to the fintech ecosystem. GFF 2024, the fifth edition of the conference, revolved around the theme ‘Blueprint for the Next Decade of Finance: Responsible AI | Inclusive | Resilient.’

Indian Prime Minister Narendra Modi attended the GFF held at the Jio Convention Centre. He compared India’s cultural diversity to fintech diversity, highlighting that over the last decade, the Indian fintech sector has attracted investments exceeding USD 31 billion. He also noted the impact of affordable mobile and broadband data prices, as well as zero-balance bank accounts, which have driven significant growth. India’s success in exporting UPI payment solutions globally, including to developed countries like France, was another key point. PM Modi also underscored the success of the 'Jan Dhan Yojana,' which has benefited 53 crore bank account holders over the past decade.

In this article, we have taken out major points from the leading fintech brands.

Key Highlights of Global Fintech Fest 2024

• Ajay Kumar Choudhary, Non-Executive Chairman and Independent Director of NPCI, stated that India hosts over 9,000 fintech companies, the third highest number globally, and attracts 14% of start-up funding.
• The conference's theme, “Blueprint for the Next Decade of Finance: Responsible AI | Inclusive | Resilient,” was explored through discussions on the challenges and opportunities in finance, featuring over 800 distinguished speakers across more than 300 sessions.
• Visa, a global leader in digital payments, announced several new products and solutions during GFF 2024, developed in collaboration with multiple partners. HDFC introduced an all-in-one POS, a compact payment device for merchants, and has partnered with Visa to enhance security and promote digitisation. Visa also collaborated with Paytm to launch the Paytm NFC Card Soundbox and partnered with CRED, HSBC Bank, and Pine Labs for other payment-related services and devices.
• Airtel Payments Bank (APB), the fintech arm of Bharti Airtel, participated in GFF 2024 to accelerate the growth of fintech in India. APB has partnered with NPCI to showcase a self-reliant user journey for NCMC-enabled cards and has taken significant steps to combat online fraud. The bank announced the launch of two new features on its payments platform, ‘Fraud Alarm’ and the ‘Transparent Banking’ section, which it claims are the first of their kind in India.
• In-Solutions Global Ltd. (ISG) and J.P. Morgan launched the ‘ONDC Made Easy’ solution, creating a ‘One Stop Shop’ for e-commerce. This initiative leverages ISG’s ONDC technology and JP Morgan’s banking services, empowering JP Morgan’s corporate clients to join the ONDC network.

One of the motives behind GFF was to strengthen security and reduce online fraud in India. The government has successfully organised a platform to gather innovative ideas for the growth of fintech in the country.