Takeo Ueno said that India is the lodestar when it comes to online retail payments, and the UPI roll-out is something Japan can learn from and optimise.
NTT Data Payment Services India's chief executive officer and whole-time director Takeo Ueno said Japan is working with India to see if UPI or the unified payments interface system can be extended to the East Asian nation. The talks regarding this are at an early stage, he said, adding that India is super advanced on payments technology.
Speaking exclusively to Moneycontrol, Ueno noted that competitive pricing is the only pain point in the local market, and explained that India could be more aggressive on pricing even compared to China. Talking about plans to look beyond the payment aggregator space, he said the company could explore inorganic options for the purpose of diversification.
How would you rate your experience so far in India?
NTT as an IT services company has had a very long history with India. In 2019, we acquired a company named Atom Technology and from that, we started a payments service. It's a very fresh business, which is presently catering to B2B clients. It's for enterprises. But payments is a super retail business and it's very exciting. But it is not easy.