Speaker: Pramod Kumar Tiwari, DG BIS & President INC IEC, Bureau of Indian Standards
Can you introduce yourself and describe your digital transformation initiative?
Pramod Kumar Tiwari: I am P.K. Tiwari, Director General of Bureau of Indian Standards and President of Indian National Committee of the IEC. I am delighted to share with you the remarkable story of the digital transformation of the Indian payment system. As we know, COVID-19 forced countries to impose lockdowns and restricted economic activities. This in turn increased the need for contactless financial products and services. As the honourable Prime Minister of India says, every crisis can be converted into an opportunity. The country saw in this unprecedented crisis, the need to embark on an ambitious project of digital transformation of the country's payment system.
Pramod Kumar Tiwari: The unified payment interface, UPI. A real time payment system which facilitates interbank transactions through mobile phones and Bharat Interface for Money, BHIM, a QR-based payment app that lets one make easy and quick payment transactions proved to be the robust work horses for this transformation. The progressive advancement of UPI and BHIM (Bharat Interfaces for Money) has not just transformed a robust cash-based economy like India to a digital one but has also connected millions on an inclusive and well-structured digital platform. Be it a grocery seller living in the remotest part of the country or a homemaker, the digital payment revolution has affected one and all.
How do international standards play a role in your digital transformation initiative?
Pramod Kumar Tiwari: International standards have helped in this journey of digital transformation of the payment system. Standards like ISO/IEC 18004, which specify which specifies the QR code symbology characteristics, enabling the QR-based payment apps. Further, ISO 20022 and ISO/TS 12812 facilitate financial communication and Mobile Financial Services.
What is the value of digital transformation or learnings in your experience?
Pramod Kumar Tiwari: Friends, the ongoing digital transformation of payment system in India is being molded to support the three pillars of sustainability: people, planet, and prosperity, in line with the SDGs. for the greater benefit of the society. The digitalisation process has provided us the opportunity to overcome the spatial and social barriers, enabling more inclusivity and better governance. We believe that digital technologies ensure sustainable, equitable and prosperous future for the humanity. International standardisation bodies have a huge role to play to ensure greater use of these technologies. Thank you.
