Michael Miebach, CEO of Mastercard, shared key insights at the B20 Summit 2023 regarding India's remarkable digital transformation journey. The event brought together public and private leaders to discuss the country's digital growth.
Digital transformation has emerged as a driving force for India's economic growth. The country has harnessed the potential of digital public infrastructure to bring people into the digital economy, making it one of the world's largest digital economies.
"We love to see that anything that raises the tide for everybody in digital payments is good for us. That is a tremendous opportunity," Michael Miebach, the CEO of Mastercard expressed. This statistic not only reflects India's digital prowess but also its potential to further revolutionise the global digital payments landscape.
Amitabh Kant, G20 Sherpa, underscored this achievement by stating that an astonishing 46 percent of all global transactions now run through the Indian digital economy.
In conversation with CNBC-TV18, Miebach shed light on the profound impact of digital transformation in India, emphasising that Mastercard's commitment to India spans over four decades. "We are on this journey for over 40 years now. We keep investing, bringing more talent here, and localising our solutions," he noted.
Over the past ten years, the company has invested significantly in India, recognising the nation as a hub for digital innovation. As Michael Miebach highlighted, the digital transformation opportunity in India isn't new; it's a journey that Mastercard has been a part of for a considerable time.
One of the significant takeaways from the B20 Summit 2023 is the role of the public sector in India, harmoniously working alongside the private sector. Michael Miebach acknowledged that this collaboration has been a recipe for success in India. This partnership has facilitated the development of a robust digital ecosystem, paving the way for innovations that benefit both the government and businesses.
India's digital transformation journey serves as an inspiration to the world. As other countries look at the Indian model, there's a growing interest in emulating its success. Being present in India and innovating for the nation, while simultaneously expanding beyond its borders, presents a tremendous opportunity for companies like Mastercard.
India's digital revolution isn't limited to urban areas; it extends to rural regions as well. Airtel, for instance, is enabling women entrepreneurs in rural India to become agents for the company. Michael Miebach highlighted this as a natural partnership that empowers small entrepreneurs to achieve more.
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