Priyabrata Banerjee is a CPA by Profession with over a decade of extensive Industrial experience across the finance Industry Financial. With a good understanding of working in different geography like Maharashtra, Bihar, and West Bengal, Microfinance Practitioner Priyabrata has worked with various finance start-ups and leading companies with a key role in the Business expansion.
As a matter of fact, Cash is King but things have changed and that’s not the case anymore. Indeed, Digital payment systems have spread like wildfire, especially in the last three years. India has been one of the frontrunners when it comes to digital payments. According to a report by NITI Aayog, in FY 2016-17 itself, digital payments rose by 55% in India. According to a report by the National Payments Corporation of India (NPCI), UPI users in India have crossed 100 million. If you think about your most recent transactions, you might realize that you make most of your online payments digitally. You use debit/credit cards or UPI to pay bills and purchase things. So, what makes digital payment systems so popular and why should we further embrace digital payment solutions, explains the ace Microfinance Practitioner and CPA Priyabrata Banerjee.
No doubt, Digitizing payments and remittances is vital for achieving payment goals.Priyabrata explains “Improving access to digital payments can empower women by giving them more control over family finances, increasing personal security, and improving their economic opportunities. Globally, 80 million unbanked women receive government wages or transfers in cash; 210 million unbanked women receive cash payments for the sale of agricultural goods; 585 million women pay for utilities in cash; and 225 million women pay school fees in cash”
CPA Priyabrata Banerjee serves as an eye-opener by warning the public about the financial fraud taking place at the moment. Even though the Covid 19 Pandemic helped boost the industry and made it possible to buy even the smallest of goods from anywhere in India through online payments, the risk of fraud has also grown over time. Digital payments are the only way to prevent up to 90% of scams that are occurring through microfinance in the form of cash collection that either leads to robbery or other crimes.
Priyabrata Banerjee continues, “Transparency and accountability are tougher to achieve with cash payments since they are anonymous and difficult to trace. Digital payments can be performed swiftly and efficiently, which saves overall expenses. Digital payments improve tracking and accountability, reducing the likelihood of fraud and theft”. The fact that digital payments reduce the cost of delivering financial services to the poor and improve the simplicity and safety of utilizing savings, payment, and insurance products has led to their emergence as a key tool for increasing financial inclusion.
Priyabrata Banerjee, has successfully established and implemented a client acquisition and revenue growth strategy. He is a strategic planner with experience managing operations and developing market penetration plans. Providing leadership, motivation, and training to ensure optimum performance for all operational sales-related areas, with extensive and successful experience in resource management and recognizing workforce training needs. He upholds a high business standard in terms of quality and procedure adherence through ingenuity and devotion.