Fino Payments Bank Managing Director and CEO Rishi Gupta, in an exclusive conversation with CNBC-TV18's Ritu Singh, said the payments banks will have an opportunity to bring costs down to near zero.

"I think the opportunity in front of us, whether it's a payments bank or any other bank, is how technology will enable us to bring the cost to near zero," he said. Gupta was responding to a question on the future of payment banks.

Speaking about the model of his payments bank, which has grown six times in the last six years, Gupta said that they had built up the payments bank rather than choosing the conventional path of setting up branches or ATMs, which would have involved a huge cost. For this, the bank has enabled 14 lakh-plus merchants, who expedite banking at the doorstep of a customer.

"If you really want to service people on the ground, the product has to be developed for the purpose of the person you're trying to serve," he added.

He added that technology enablement through the payments bank ecosystem has achieved the financial inclusion mandate.

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(Edited by : Shoma Bhattacharjee)

First Published:Aug 30, 2023 7:55 PM IST