Regulators can’t make rules for a technology that’s still in beta:Vijay Shekhar Sharma
Vijay Shekhar Sharma, Founder, Paytm, while speaking to Anant Goenka, Executive Director, The Indian Express at a fireside chat on ‘Building Aatmanirbhar Digital Bharat’, highlighted how Paytm had brought about changes in QR Code. “We were the ones who brought change in mobile payment industry in this country. While it is fancy to count how many payments of different kinds Paytm has processed, but ultimately this year onwards, every payment business in India will talk sustainability, profitability, the opportunity that one can make so much money or not or are they able to monetise customer base.”
Sharma was speaking on Day 1 of IAMAI’s 16th edition of the India Digital Summit 2021.
Adding further, he said, “We are the champions of creating new customer behaviour using cashback, easy customer experience, reach, etc. However, the competition in payments is getting mature and there are growing number of challengers. Payment is so fundamental as a business that it will inevitably have N number of players. But they all will have to decide what it is that they stand for.”
On being asked if a Data Protection Bill was too late to be considered, Sharma explained that it is always the innovation that comes first and the regulators that step in later. “Regulators by the government are followers by design, they cannot make a rule for a technology that is still in beta.”