World Watching India's Innovation In Payments, Says JPMorgan's Global Payment Head
It's an eco-system that grew around fintech firms and stakeholders built solutions around it, Max Neukirchen said.
India has transformative innovation and the UPI is the most pronounced example of this. The whole world is watching what it can learn from India, said JPMorgan Chase & Co.'s Co-Head of Global Payments, Max Neukirchen.
Almost 1,500 crore transactions were processed in August alone.
It's an eco-system that grew around fintech firms and stakeholders built solutions around it, he told NDTV Profit at the JPMorgan India Investor Summit.
India is also the largest remittance market in the world. The New York-based Investment bank is looking at a range of businesses in this segment.
"For JPMorgan, it's easy because it's not a retail bank in India, so it can power the firms in a productive way," said Neukirchen.
Neukirchen is excited about Open Network For Digital Commerce. "We recently announced a partnership there. Many of our clients, in particular small businesses and midsize companies, access the commerce market here in India and become sellers there."
According to him, India is an exciting market for JPMorgan from two angles: client and innovation. On the client side, there has been tremendous growth in India as those head-quartered in India are looking to grow their businesses abroad, he said.
"Look at the fantastic success here in India, and multi-national companies want to expand their footprints here and grow," Neukirchen said, adding that as their banking partner, JPMorgan wants to help them from a payment standpoint.
"JPMorgan wants to help the companies and grow their businesses, and manage their liquidity and payments," he added.
