BS Banking Annual 2016: 'Banks should collaborate to prevent fraud'

Edited excerpts from a discussion at the Business Standard Banking Technology Round Table 2016 held in October. 

The financial technology sector will be 1.7x by 2020, said a Nasscom report. But, retail payments are still primarily cash. So, how much of it is reality?

Ramaswamy Venkatachalam: There is a leap in ATM (automated teller machine) transactions in rural areas. The rural market is going to take off, be it ATMs or e-commerce. But, acceptance is a challenge, since cash makes it easier. We have to see if the unified payment interface (UPI) and newer mechanisms take off. Mobile first will drive it in the future,