‘India witnessing job surge in Electronic Payment industry’

Interview of the Day: ‘India witnessing job surge in Electronic Payment industry’

Ashok Gaur, Vice President – Operations, RS Software 

What is the current scenario of Electronic Payment industry in India as compared to the global market?

India has a long way to go as far as the electronic payments industry is concerned. As per the report published by RBI though cheque is still the dominant mode of payment, its share in all payments (retail and large value) has come down from 65 per cent to 52 per cent in volume terms and from 12 per cent to 9 per cent in value terms. The share of electronic payments in non-cash payments has shown an upward trend. Notwithstanding these accomplishments, cash remains the predominant payment mode in the country. Reflecting this tendency, the value of banknotes and coins in circulation as a percentage of GDP (12.04%) is very high in the country when compared to other emerging markets, like Brazil, Mexico and Russia. RBI’s focused initiatives to move to a less cash society paves a positive scenario for the Indian Payments industry compared to the global markets.

How has the employment requirements changed during last five years in this industry?

The Indian Payments Industry has gone through a high growth trajectory in the past 5 years due to RBI’s initiatives in transforming India into a less cash society. The proactive measures to switch to electronic payments system have resulted in an influx of jobs in the payments space which is purely due to the current market trends. Skilled labour requirements in the payments domain are showing an upward trend. As the payment channels are becoming quite diverse, the need to keep updated with the new technologies and new trends has become all the more important.

What are some of the niche skill sets deemed essential by the industry?

Some of the niche skill sets currently in high demand are:

• POS Programming
• Postilion
• Credit Risk Management
• CAMS-II
• Hogan
• Clearing and Settlement
• Mobile payments
• Payments and Dispute Management
• Money Transfer
• Merchant Acquiring/Groupon
• Base24

What are the industry and your organisation doing to meet these requirements?

With the high demand of skilled manpower in the electronic payments industry, the industry has been focusing on enhancing the domain knowledge of its associates. RS Software runs a Payments Lab and an RS School of Payments to train its resources in the new technologies and domain areas. The Continuous Education Program at RS Software ensures that its resources are always ahead of the market in domain and technology capabilities.

What is the future of Electronic Payment industry in India? How would be the employment prospects going ahead?

We see a bright future for the electronic payments industry in India, as over the last three years the RBI’s proactive initiatives to promote a less cash society in India and to ensure payment and settlement systems in the country are safe, efficient, and compliant with international standards have resulted in deeper acceptance and penetration of modern electronic payments systems in our country.

With financial inclusion gaining pace and the number of bank accounts increasing in a sustained manner, the number of transactions is likely to increase further as citizens start using the banking channel and the electronic payment and settlement infrastructure. RBI is also actively monitoring the White Label ATM installation in rural areas for better access for the bottom level masses.

The demand for quality manpower in the Electronic Payments industry will continue to grow. Focused efforts in building a skilled pool of human resources through workshops, seminars, summits, with active industry participation is required to meet the rising demand of manpower not only in the urban sector but in the rural sector too. Skilled resources in ATM management, Payment Domain experts, Payments System Product Experts, Skilled Software Professionals and banking professionals will be in high demand.

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