April 12, 2021 11:56 pm

Payments Council of India appoints Vishwas Patel as its new Chairman

Payments Council of India (PCI) has announced the appointment of Vishwas Patel, Director, Infibeam Avenues, as its new Chairman.

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Payments Council of India (PCI) has announced the appointment of Vishwas Patel, Director, Infibeam Avenues, as its new Chairman. Vishwas has been associated with PCI ever since its inception in 2013 and was serving as its Co-Chairman of Payments Council of India. He takes over from Naveen Surya, who has been elevated to the post of Chairman Emeritus. PCI has also announced the appointment of Loney Antony, Managing Director, Hitachi Payment Services as its new Co-Chairman.

In his capacity as the Chairman of PCI, Vishwas will drive the agenda of creating a sustainable environment conducive to the development of digital payments industry in India. He along with Loney and Naveen will strive towards achieving the government’s target of growing the volume of digital transactions to 30 billion for the financial year 2018-19, said a statement.

The newly appointed leadership team will lay considerable focus on ironing out the micro issues faced by the industry such as the implementation of Interoperability of Prepaid Payments Instruments, reimbursement issues related to Debit Card MDR for transactions up to Rs. 2000, and simplification of outward remittance regulations among others

Vishwas Patel, Chairman, PCI, said: “The industry has huge potential in our country and simultaneously my considerable efforts will be laid on leapfrogging the industry to great heights.”

A veteran in the digital payments industry, Vishwas has been instrumental in driving the industry initiative of equitable distribution of Merchant Discount Rate (MDR) between acquirers and merchants.

Naveen Surya, Chairman Emeritus, PCI, said ‘’I would like to congratulate Vishwas and Loney. Both are innovators and great leaders, who understand the nitty-gritty of the industry. The digital payments industry in India has seen uncharted growths in the last few years and I am confident that under their able leadership, the industry will reach new milestones. I wish them all the success.’’

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