Business Reporter -
MUSCAT, APRIL 7 -
The Muscat Chapter of The Institute of Chartered Accountant of India (ICAI) organised a continuous professional education (CPE) programme on the ‘Emerging Payments Landscape’, at the College of Banking and Financial Studies (CBFS) recently.
Aastha Rangan, the Chairperson of the Chapter, spoke about the latest payment trends around the world. She mentioned that payments are now transforming at a fast pace with more real-time payments technology available for the consumers.
The session was conducted by market experts Hansel Barboza and Nitin Sahu. Participants were introduced to various developments in the payments sector around the world. Nitin Sahu spoke about the evolution of the payment sector from the mag stripe card to the current contactless payment modes such as NFC, Wallets and QR code payments.
He also spoke about various security aspects with respect to various payment modes.
Hansel Barboza introduced members to the latest global trends in digital payments and also explained important legislation around the world such as Revised Payment Service Directive (PSD2) which is being introduced in Europe. He also spoke about the emergence of fintech companies in the payments field and the concept of open API banking platforms.
He also covered the various risks being faced in the payments sector in light of new payment platforms and the industry’s response to these risks.
Special focus was given to the various initiatives introduced in India such as UPI, Aadhaar, BHIM, Payment Banks and other steps being taken by the Reserve Bank of India to promote digital payments.
Finally there was a discussion on the payment sector in Oman and the steps been taken by the Government of Oman to enhance the payment sector with Omanet.
Jayesh Kansara, the Vice-chairman of the Chapter, thanked the expert speakers for sharing their knowledge about the various payments platforms around the globe.
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