BENGALURU: “It is important to document India’s digital payments journey as a technology success, as well as a story of institution-building. Institutions like RBI has made UPI effective by making it accessible and less expensive for users, and earned the trust of common man. When you have leaders who have high aspirations and are well intentioned, you can transform the nation,” said Infosys co-founder N R Narayana Murthy.
He was speaking at the launch of ‘Designing Change: My Journey Through Digital Payments Transformation’, authored by Dr Balakrishnan Mahadevan at Indian Institute of Management Bangalore on Friday. Murthy has written a foreword to this book.
Murthy, who is also a former chairman of the National Payments Corporation of India, highlighted that India’s digital payments success rests on the distinctive balance between public, interoperable infrastructure along with private innovation and leaders. “The most important lesson is making the code a public code which is low cost. This will prevent monopoly and create the platform for innovation. Combining innovation with sturdy foundation needs top quality leaders”.
Stating that leaders should follow a simple life without vulgar display of wealth, he told students, “at the end of the day, if you want to add value to society and want more customers to be enrolled, you have to sell your products and services at a price which is within the disposable income of the population”.
N Kamakodi, MD and CEO, City Union Bank; Ramesh Lakshminarayanan, CIO, HDFC Bank; Vasanth Jeyapaul, CEO, CAMSPay, and Pankaj Gupta, CDO, Karnataka Bank were present.