 Thank you so much. I think the team had exchanged for media for having me here and apologies. I know this is a session just before lunch I'll try and make it as interesting as possible. I believe it kind of ran a little late So it was a very kind introduction. Yes I have been at Mastercard for five years now and I will predominantly talk about how The financial services industry and the payments industry Is embracing, you know, mobile technology to reach out to consumers digitally savvy consumers But a lot of what I'm going to talk about Also is true across industries because at the end of the day people are people consumers are consumers Now for many of you who follow advertising and marketing Mastercard stag line actually since 1997 and it's kind of coincidental. This is the 25th year of priceless But the the consumer insight behind it is there are some things that money can't buy and The best things in life are often things that money can't buy and it's interesting for a payments brand to go and say this Because if you talk pure business Mastercard all the networks all the banks make money when we use our credit or debit cards Right, we have something called the interchange fee and that's where we make the money So to actually go out and say the best things in life are actually things that you cannot buy Is very counterintuitive. It was actually in the US of the late 90s It was a very counter-cultural nuance, but the fact that it stood for 25 years says something But the fact is if you look at it and if you look at all of ourselves as people for those of us who are parents like I'm a mom Some of the experiences that you have in life simply cannot be bought with money My youngest son is five years old and when he greets me when I get home from work saying mama I made this painting just for you no amount of money in the world can can buy that and all of us have experienced things as children as siblings as friends and There are some incredible moments Now you may wonder why I'm talking about all of this The fact is in the last two years. We've been through a Pandemic that I pray to God none of us experiences again in our lifetimes But what the pandemic has done is from a consumer perspective Brought mobile technology front center and square in our lives The fact is today Forget people like us. I mean, I am accused of living on my mobile phone, which is probably true But even think of our parents people who may not have used the internet earlier did not have a choice Right. We have young kids. My oldest son is 10 and he's pestering us to get him a mobile So what the pandemic has done is it has temporarily? Substituted real human connections with mobile-based connections and while as the pandemic recedes and the world gets back to a quote-unquote new normal It is true that we all want to and we must get back to physical interactions I mean, I'm very happy this event is happening physically and not virtually not having us glued to our computer screens, but What the mobile technology does fundamentally and that's the first point I want to make is it enables Experiences to be more vibrant and it removes geographical boundaries from experiences and let me give you a quick example Mastercard is sponsoring the BCCI cricket matches And it's been a phenomenal experience to get out there watch the match live now Obviously every stadium has certain limitations of capacity and I'm just taking sporting events as an example And not everybody can be at the stadium when a match occurs But what 5g immersive technology allows you to do is to experience it as close as possible To what actually happens again? Is this a substitute for actually being there probably not but as a market here when you're looking at scale When you're looking at reaching consumers beyond what your on-ground activation can reach This really helps you get there And I think with 5g technology with the seamlessness with the convenience of it. It has certainly helped us Both as people so if I am interested in ballet for example I can sit here and watch a ballet performance in the US far far more seamlessly and with far better quality than I could earlier And and as a market here It helps you disperse your message to a much wider set of the audience The second big area and again something that we are focused on Is when people buy high-value items so for example if you're decorating your house It's something that's high involvement. You want to discuss it. You want to get opinions again 5g technology has helped us Reach out to and bring the experience life. So if I'm sitting here in Mumbai I have say a designer who's in Hyderabad for argument's sake This enables the process of engaging with the product and therefore the purchase journey Far more seamless than it would be if you just had to either exchange messages or exchange pictures There is something about the audio visual medium that you can now Personalize and bring to each person's house and that's I think been the second area where a lot of brands across Not just restricted to payments, but across the spectrum have kind of engaged engaged in this couple of areas very specifically where We are where the payments industry has sort of been forced to innovate as they say necessity is the mother of invention In the start of the pandemic we found that obviously credit card issuance and overall in India as affluence levels go up Credit card issuance is skyrocketing nowhere near where it is in developed countries, but it's growing month on month Unfortunately come the pandemic there was like a boom just stop across the industry and that was because traditionally When you get a credit card you fill up a form you have an agent they look at your documents and then they give you a card With the uncertainty that the world faced around COVID and think back to April May 2020 We had no idea when a vaccine was coming. What would happen people were forced to get into ekyc or online Know your customer and while it started with Necessity because you have to I mean a bank cannot issue a credit card without seeing people's documents They realize that this is efficient. This is cost effective You don't need to send people out to tier three four five towns. You can do it online and guess what? It's not like delinquency suddenly went through the roof So sometimes I think and I think this is a realization across that we haven't sure it's wise to be prudent Nobody is saying, you know So caution to the winds and issue cards to whoever you want, but we realize that this helps all of us Accelerate and ride the wave And ride the wave of credit card issuance in this country and that obviously means more spends It gives people a chance to you know get an unsecured loan and all of it The second area again from a pandemic perspective is the other side of payments Which is the place where you spend which is the merchant now again? All of you have seen those traditional point of sale machines same situation as credit cards You needed extensive documentation. You needed a person to visit make sure there's the shop there not there etc Again come the pandemic no one's willing to step out shutters are down so on and so forth So again go get down to eco KYC We've got a bunch of fintechs working in that space and again It accelerates the process of getting more and more shops to embrace digital payments makes it seem a Makes it smoother senior and faster for the industry overall So these have been I think a couple of areas where This industry and the pandemic horrendous though It's been has kind of forced innovation which even after you know the pandemic has receded and life has kind of become normal our places where You know we see a digital first consumers kind of being out there I'll now quickly switch on to a second part of the digital first consumer experience Especially the age of millennials and the generations that follow Now as I said, this is an age of consumers who've grown up on the on the mobile phone I mean they cannot imagine a time where mobile phones did not exist I mean I have seen this with with some of the kids of today You see the old landline phone and then they'll be like oh my god. What is this like is this a piece from a museum kind of stuff That generation loves to voice their opinions. Okay, and they rightly and and and it's it's a joy You know as someone who's older than that age bracket It's a joy to see their views and especially on topics of tremendous interest like for example travel With the resurgence of travel. Thankfully, you see a lot of what we call user generated content out there for a brand Which is into enabling priceless moments It's a great way to partner with some people and get that kind of real time on the go content That would not have been possible had mobile networks been kind of you know patchy and glitchy Likewise, you see some great and honest consumer reviews, right? The the advantage of technology is as it becomes better and more fail safe The better the better it is for people to honestly share what's going on If you would pardon my French the ability to bullshit goes down a bit if you know the if if the networks are clean and clear And people are allowed to Sort of voice and display what they actually see So I think those have been some of the real Benefits some of the ways in which brands Mastercard and several others Have kind of tapped on to the new era of of 5g and payments and so on The last bit and I noticed I have six minutes left But I kind of try and stop a little a little earlier and happy to take questions So Mastercard's ethos as I mentioned at the beginning of my of my talk is about enabling priceless moments I mean the joy as I said for me as a mother when my son comes and gives me that Rather not so well-drawn Picture which he says mama's just for you or indeed You know the first ad we ran in India is about a son who takes his parents on an overseas Overseas trip and the sheer joy on you know His parents face when they kind of see and it was Singapore so it was not like it's the most exotic destination in the world But just a sheer joy of enabling that is what Mastercard is all about and let's face it payments are ubiquitous Sadly, we do spend a fair number of times each day and nobody likes to Think about the actual process of spending if you think about it Nobody gets up in the morning and says hey great. Where can I use my credit card today? But what they do think of is where they are going to spend and what does that spending do for them? So for example if I'm planning a vacation for the December holidays I'm debating with a few friends with my husband and then I say yeah, I want to book XYZ place It's the process of what your what you get out of paying that really gives people Joy if they are following their passions So again, if you are a soccer fan and you want to watch the UEFA Champions League Can Mastercard enable you to get there and live your dreams When people make payments, let's face it every one of us wants it to be unobstusive Effective quick seamless and absolutely safe the last thing you want to hear is oh my card has been declined or even worse to say There's been a fraudulent transaction. Please contact your bank. Please block your card, etc, etc So that's a very fine line that we have to walk There is a lot of joy in spending on the things that you want Which is really to live your passions with the people whom you want to spend it with whether it's your family or your Friends or whoever but at the same time the process of payment has to be absolutely Unobstusive you don't want it to take more than 30 seconds and you want it to be absolutely safe And the advantage again of 5g technology and as mobile technology improves it enables Seamless payments in every part of the country. We've all been in situations You're in a holiday in the Himalayas and oops OTP. Yeah, yeah Hopefully as 5g technology improves and spreads across the length and breadth of the country that will hopefully be history And that will mean more and more people Embrace digital payments and continue to to partake in it because the honest truth is especially for the first time user And I'll again talk of the previous generation my mom in Chennai For example who had to use digital payments for the first time one bad experience and they're gone for good So it's imperative that you know as technology improves and that to me is the greatest enabler of mobile technology for digital Payments which is to really make it accessible to everybody in tier six seven eight and you know even in rural India So that's what I had to share happy to take any questions Thank you Oh Hello, yeah, great ma'am the fight is faster than 4g great how about a call drop and Cybercrime even for 4g. There's a hard to stop the cybercrime Because everything is linked Adarkad is laying that is laying saw link. I'm really I don't know what are the majors taken by the government technology has limitations. I Know about the technology. So what are your views on these two things? Especially the card when I give my CVP number and all like their kids this cybercrime is only faster My wallet is going to get faster empty So absolutely appreciate your concerns and see cybercrime or any other crime for that matter is a reality And I'll be honest and say as much as there are great brains working to keep digital payments safer They're also equally intelligent people working on the next way of next way of you know Siphoning off yours and mine and everybody else's wallet having said which I would just say a couple of points I think the government and the RBI and all the The players in the payment space be it banks be it fintechs or networks like Mastercard are working very closely to make Payments as safe as possible and a recent example is the RBI's directive on tokenization Which is nothing but storing your card one time at a merchant Let's say Flipkart and your 16 digit card number is then masked. So even if somebody hacks into it Let's say despite all the safeguards that you have in place some criminal managers to get there They will have a set of numbers which have no meaning and it's encrypted at the back end is anything foolproof Sadly, no, but I think there is a lot of push on the government and To and the RBI and especially the current ruling regime to really make the safer because that's the only way digital payments Are going to grow the second point I would say is Mastercard and a lot of players are working on the latest technologies using artificial intelligence using machine learning and So on to make to try and stop breaches before they happen because from a consumer experience perspective Yeah, once your card is and I had a fraudulent transaction myself a couple of weeks ago had to block my card had to reissue it It's not as as fun as trying to block it before it happens. And I think that's the second one Sorry No cross questions No, so see that there is yeah And as you said sometimes the fact that an OTP doesn't come right if they are bandwidth issues it leads to It leads to criminals having a field day We have known of cases where somebody calls and says oh, I'm calling from so-and-so bank or I'm calling from the RBI Okay, please give me your you know Give me your card details and we'll make the payment But that brings me sort of my most important point Technology is their policies their regulation is there everyone's working towards it But finally you need consumer education because no amount of technology can save anyone if people fall for this Oh, I'm calling from the RBI. Please give me your details That's it matter over because you are then literally opening you're handing them your locker and saying please take it So that is again something and as a marketing function lead that is a large part of my work to educate people Just one final question from the lady out here quick. Can we just get the mic past? Yeah, just allow us a moment If you could just have your introduction to Mansi and then we can quickly do it. Yeah, my name is Charlie I am from Lakshya Media Group. I just wanted to ask you that Pandemic has also changed the way people spend right We have UPI Google pay which are digital different formats which has come up. So how has that? You know affected Mastercard because I'm sure there has an effect. So, you know, so how it has that I just want to know that of course it has and again as I said We have a government which is very very committed to driving digital payments and moving India a little bit away from cash I don't think it'll ever be completely away because cash is very cultural to us as a nation But yes, UPI has been a great Sort of form factor of digital payments, but remember one thing and I'll share this fact with everyone in this room Despite all of the growth of digital payments 85% of transactions in India today are still done in cash So there is monumental headroom for this industry to grow and I think the more people educate the more people realize Make make the more players make people realize the benefits of digital payments I think it's only good for all of us and that's really kind of the common Sort of goal that that we all have Yes, spending has grown digital payments overall grew monumentally in the pandemic as I said You didn't have an option because physical stores were not there. You had to sit at home and order I can still remember my mother cursing saying why is you know, why am I having to do this? But it is what it is and yes So I think there's enough room and more for UPI for cards for all the fintechs all the modes of payment to all coexist Thank you