In a decisive move that signals continuity and strategic focus, the Payments Council of India (PCI) has re-elected Vishwas Patel as its chairperson for the 2025–27 term. Patel, who serves as Joint Managing Director of Infibeam Avenues Ltd, will lead the council alongside newly appointed co-chairpersons MN Srinivasu, Director at BillDesk, and Nalin Bansal, Chief of Corporate Fintech Relationships and Key Initiatives at NPCI. The appointments were unanimously approved by PCI’s executive council and reflect the industry’s confidence in their leadership amid India’s accelerating digital payments revolution.
Here’s a comprehensive breakdown of the announcement and its broader implications:
1. Leadership Continuity and Strategic Direction
- Vishwas Patel’s re-election marks his continued stewardship of PCI, a body that represents the interests of India’s non-banking digital payments ecosystem
- Patel has been instrumental in shaping PCI’s policy engagement with regulators and driving innovation across payment platforms
- His leadership is expected to maintain PCI’s momentum in advancing India’s transition from a cash-based economy to a digitally inclusive one
2. New Co-Chairs Bring Sectoral Depth
- MN Srinivasu, co-founder of BillDesk, brings decades of experience in merchant acquiring, payment gateways, and transaction processing
- Nalin Bansal from NPCI adds strategic insight into UPI, Bharat BillPay, and fintech partnerships, reinforcing PCI’s alignment with national payment infrastructure
- Together, the trio is expected to steer PCI through regulatory shifts, technological disruptions, and evolving consumer expectations
3. PCI’s Expanding Role in India’s Fintech Landscape
- PCI works closely with the Reserve Bank of India, the Ministry of Finance, and other government bodies to shape payment policy and standards
- The council advocates for secure, interoperable, and innovation-friendly payment systems that promote financial inclusion
- It represents a wide spectrum of stakeholders including payment aggregators, prepaid issuers, acquirers, fintechs, and technology enablers
4. Key Focus Areas for the 2025–27 Term
- Strengthening cybersecurity and fraud prevention mechanisms across digital payment platforms
- Enhancing interoperability and user experience in UPI, digital wallets, and merchant payments
- Supporting regulatory compliance and sandbox experimentation for emerging technologies like CBDCs and AI-powered payment solutions
- Promoting digital literacy and onboarding underserved populations into the formal financial ecosystem
5. Committee Leadership and Ecosystem Collaboration
- PCI has also announced chairs and co-chairs for its specialized committees, covering areas such as card networks, UPI, merchant acquirers, remittances, and prepaid instruments
- Notable appointments include Rahul Chari of PhonePe for the UPI Committee, Bipin Preet Singh of MobiKwik for the PPI Committee, and Rishi Gupta of Fino Payments Bank for the Payments Banks Committee
- These committees will play a critical role in shaping industry responses to regulatory changes and fostering cross-sector collaboration
6. Industry Reaction and Outlook
- The reappointment of Patel and induction of Srinivasu and Bansal have been welcomed by industry leaders as a balanced blend of continuity and fresh perspective
- Stakeholders expect PCI to play a more assertive role in policy advocacy, especially around merchant discount rates, data privacy, and fintech innovation
- With India’s digital payment transactions crossing 100 billion annually, PCI’s leadership will be pivotal in sustaining growth and ensuring systemic resilience
7. What’s Next for PCI
- The council is expected to host a series of roundtables and consultations with regulators and industry players to align on key priorities for the next two years
- PCI will also expand its research and policy advisory functions to support evidence-based decision-making in the payments sector
- A renewed focus on rural digitization, SME onboarding, and cross-border payment frameworks is likely to emerge under the new leadership
Sources: Livemint, Economic Times, Business Standard
