Catalyst FINposium 1

Event: Working Group Meeting
Date: May 26th, 2015
Location: Mumbai
Attendance: 38 participants representing 28 organizations

OBJECTIVES

  • Formulate the collective vision: create a shared understanding of the partnership’s rationale and objectives;
  • Develop an initial view on the partnership’s target customer and merchant segments;
  • Identify preliminary project ideas for collective action and experimentation; and
  • Align on core focus areas (i.e., “task forces”) to guide the research and analysis agenda of the partnership.

KEY OUTCOMES

Collective Vision:

Partners identified the core vision of the partnership to focus on ‘paradigm shifts’ accelerating the adoption of digital payments, as opposed to activities that add incremental value over the business-as-usual scenario. Partners also recognized the need to focus on financial inclusion through last mile service delivery, viewing the small retailer (“kirana store”) as a critical anchor to achieve this vision.

Customer/ Merchant Segmentation:

Partners identified several criteria to potentially identify and segment target customers and merchants –

  • For customers – working age, type of employment and location as key criteria; and
  • For merchants – digital savviness, size of business, and level of present use of banking services.

Project Ideation:

When developing their “dream projects”, partners identified several project ideas, which revolved around two core themes:

  • Digitizing micro ecosystem, i.e., transforming a small geographical area or sector into a fully digitized ecosystem for payments; and
  • Offering a network of incentives, i.e., employing a combination of incentives from government, FMCGs, banks, etc., to drive the uptake of digital payments.

Task Force Allocation:

Partners identified, and voted on their preferences to be included in one or more of the four task forces to guide the Partnership’s agenda –

  • Merchant research,
  • Consumer research,
  • Policy and regulations, and
  • Projects.

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