Sumit Arora

Payments Executive | 40under40 | Board Member | Author | Speaker | Strategist #Payments #FinancialServices LI:

[Sumit Arora @sumitarora1000]

🌟 Embracing the Power of Reset 🔄

Did you say we’re already in the last quarter of 2023? Did you mention that time seems to be moving faster this year than ever before? Have you found yourself caught up in the whirlwind of deadlines, meetings, and relentless competition? If the answer to any of those questions is ‘YES’, then perhaps it’s time to hit the ‘RESET’ button as you approach the holiday season.

🔄 Resetting equates to regaining clarity, strength, and a renewed sense of purpose. It is fine-tuning your core engine, to make you perform longer and better. It isn't a pause; it's a periodic strategic move for exponential growth.

Here are 5 key components of ‘Reset’ (IMHO). I’ve acted on 3 of them in 2023 so far. How about you?

1️⃣ Reflection & Realignment: Start by revisiting your goals and values. Are your actions in sync with your aspirations? If not, recalibrate your path.

2️⃣ Mental Rejuvenation: Your mind is your fortress. Embrace mindfulness, meditation, or daily introspection to declutter your thoughts and ignite creativity.

3️⃣ Physical Vitality: Never underestimate the power of a healthy body. Regular exercise and nourishing nutrition are non-negotiables for peak performance.

4️⃣ Quality Family Time: A family vacation or a trip with your core group isn't just leisure; it's an emotional recharge. Quality time with loved ones reminds us of our "why" in the corporate hustle.

5️⃣ Limitless Learning: Invest in personal and professional growth. Broaden your horizons. Seek diverse viewpoints and connect with people who inspire you, not just with those from whom you ‘commercially’ benefit.

Have you experienced the transformative power of a 'reset'? Share your insights below and inspire others to embark on their own reset odyssey! 🌠 #CorporateReset #SuccessJourney #Inspiration #PersonalGrowth #Mindfulness #PurposeDriven #LearnAndGrow

[Sumit Arora @sumitarora1000]

🎉Payments revolution is underway in the U.S.! The @federalreserve @FRBservices just launched #FedNow, an instant payment system that will transform how we send and receive #money. This is a HUGE deal 🤯For those who don't know, here are the basics on #FedNow:
▪️It's the first government-backed (but second to #RTP from The Clearing House) instant payment network in the U.S. The Fed is providing the infrastructure to make real-time payments possible at scale🏦
▪️FedNow will connect #financialinstitutions, allowing them to instantly send and receive funds on behalf of #consumers and #businesses🔄
▪️With FedNow, people will be able to send money to others and make payments to businesses instantly, any time of day or night. No more waiting 1-3 business days for transfers and #checks to clear 💸
▪️FedNow has the potential to completely upend how we think about money. Transactions will happen in seconds instead of days🤯
▪️FedNow aims to make the U.S. #payments system more efficient by reducing costs for financial institutions and making funds available to users faster 💸
▪️The Fed estimates FedNow could generate up to $40 billion in benefits for the U.S. #economy over the next decade 📈

It will be interesting to see how the country embraces this evolution and the benefits it will bring to consumers, businesses and the entire economy 🚀

[Sumit Arora @sumitarora1000]

#Smartphones over cards/cash, #QRcodes everywhere, a #POS that announces transaction status/value, and #FinTechs in the driver's seat for #digitalpayments growth/adoption. From my recent trip to #India (after a gap of seven years), I am in awe of the quantum leap in the country's digital payments ecosystem and journey, which is a testament to the power of #innovation, #collaboration, and forward-thinking policy makers. Here are my TOP FIVE observations from my stay at #Mumbai, #Pune and #Delhi:

1. Unified Payments Interface (UPI) | @UPI_NPCI, India's #realtimepayments system, has become the backbone of their digital economy. In 2022, it processed transactions worth over $1 trillion, equivalent to a third of India's GDP. #UPI hit a record 9 billion transactions worth ₹14 lakh crore in May 2023. The number of monthly UPI transactions rose over 58% YoY in May, making it the highest volume and value ever recorded. The simplicity and immediacy of transactions have made it a popular choice.

2. Fintech Revolution | The rise of payments fintechs like like @Paytm, @PhonePe, and @GooglePayIndia has been phenomenal. They are not just offering payment solutions but are also expanding into #lending, #insurance, and #wealthmanagement, democratizing #financialservices.

3. Evolution of POS Devices | The evolution of Point of Sale (POS) devices with speakers is a testament to India's inclusive #digitaltransformation. These devices have made transactions more accessible for the visually impaired, truly embodying the spirit of 'Digital India for all'. According to industry reports, over 15 million POS devices were shipped in India in 2022, with over 60% having audio capability.

4. Account Aggregator Framework | This unique framework allows users to share their #financialdata securely with regulated entities, paving the way for a revolution in lending and other financial services.

5. Government Initiatives | The @IndianGovtt's commitment to a digital economy is commendable. Initiatives like #demonetization and GST have accelerated the adoption of digital payments, making India a global case study in digital transformation.

#DigitalIndia #DigitalPaymen

[Sumit Arora @sumitarora1000]

🚀 Exciting times ahead! The #payments ecosystem is buzzing as we approach the highly anticipated #FedNow launch next month. Get ready for a game-changing shift in #RealTimePayments. Faster, more efficient transactions are on the horizon, empowering businesses and individuals alike. The future of payments is here, and we’re thrilled to be part of it. Stay tuned for updates and prepare to embrace the transformation. 🌐💸 #Innovation @FRBservices

[Sumit Arora @sumitarora1000]

In the rapidly evolving #payments ecosystem, @Visa’s latest initiative in the #P2P space can be a welcome development that promises to foster healthy #competition and drive #innovation 🚀. But how exactly does Visa+ plan to foster healthy competition in this already crowded market? Primarily leveraging 4 pillars:
1. SCALE 💡leverage its vast network of partners and merchants
2. SECURITY 🔒 provide users with the confidence they need to trust the platform with their hard-earned money
3. EXPERIENCE 🎯 focus on user experience will drive innovation and ensure that the P2P ecosystem continues to evolve in a user-centric direction
4. ECONOMICS💰offer competitive fees and rates, which will undoubtedly shake up the P2P landscape

Would love to hear your thoughts! Share your opinions below👇 #VisaPlus

[Sumit Arora @sumitarora1000]

🎉 🏆 Feeling immensely grateful and incredibly honored to have been recognized as one of the #FortyUnder40 2023 award recipients by @ElecTranAssoc ! This prestigious #award highlights the game-changers in the #paymentsindustry, and I'm truly humbled to be among such an inspiring group of professionals.

1️⃣ I'd like to extend my deepest gratitude to all my #mentors who have guided me throughout my journey. Your wisdom, support, and encouragement have been invaluable in shaping my career.

2️⃣ To my amazing #teams, past and present, #thankyou for your unwavering dedication and collaboration. Your #hardwork and #passion have been instrumental in driving our success, and I'm proud to work alongside each and every one of you.

3️⃣ Last but certainly not the least, I want to express my #appreciation to my industry #network for the countless opportunities to learn, grow, and make a difference in the payments landscape. Your camaraderie and shared vision have made this journey all the more rewarding.

As we continue to #innovate and think about the possibilities in the payments ecosystem, I'm excited to see what the #future holds. Let's keep striving for excellence and making a #positiveimpact on the world of #payments!

#ETA40Under40 #ETAFortyUnder40 #gratitude #onwardsandupwards #immigrantstories

[Sumit Arora @sumitarora1000]

PayPal’s Complete #Payments Solution for Online #SmallBusinesses will allow payments with @Apple Pay®! Impressive #innovative and #unorthodox #collaboration. This ‘wallet-within-wallet’ concept appears to aligns with @PayPal’s #supperapp ambitions. Would be exciting to see the outcome of this #coopetition

#moneymovement #SmallBusiness #ecommerce #CheckOut #applepay #fintech #partnerships #digitalwallet #paymentoptions #PaymentsIndustry #BNPL #Apple #PayPal #financialservices

[Sumit Arora @sumitarora1000]

@Muck442948671 Thanks

[Sumit Arora @sumitarora1000]

Enjoyed the last snow ❄️ of this season yesterday. What did you do over the weekend? #Family #friends #Health #nofilters #Snowfall #Arizona

[Sumit Arora @sumitarora1000]

@KarlD2503000 Fair point

[Sumit Arora @sumitarora1000]

#Payments processing as a service has always been an underestimated/unrealized value generator for #ecommerce platforms. I’m glad to see more & more players in the #ecosystem starting to activate this high-impact tool for their #customers in the last few years. Look at the latest example - partnership b/w @GoDaddy & @Worldpay_Global. As I’ve always said- Payments is the bloodline of #global #economy, you can’t go wrong with it.

[Worldpay @Worldpay_Global]

The launch of #Commerce360 combines the powerful business tools of @GoDaddy and the payments expertise of Worldpay, creating an innovative solution to provide #smallbusinesses the ability to sell through online #marketplaces and #socialmedia. Learn more: https://t.co/bJdWUBEucn

[Sumit Arora @sumitarora1000]

Super excited for the #future of #payments influenced by #ChatGPT & #GenerativeAI. A recent report (good read) from @insiderintlgenc suggests limited use cases in beginning, however IMHO there’s going to nothing untouched in the spectrum, starting from research/analysis/strategy to building products and operationalizing/evolving in the ways we’ve only imagined but never executed due tactical invisible barriers. Game on!

[Sumit Arora @sumitarora1000]

What a night, couldn't have asked for more for an inaugural meeting. It was just another reminder of our valley's energy and local leaders' grit enabling FI-payments-fintech ecosystem work hand-in-hand to unlock opportunities/collective growth. Filled with insightful fireside chats, and fun networking receptions, #ValleyFinTechPay Member Meetings provide a platform for #executives and #entrepreneurs in the valley to engage in dialogue around #payments & #fintech, around #innovation & #growth, and around #collaboration & #partnerships. Thanks to all the attendees for your participation and enthusiasm. Stay tuned for our next event.

[ValleyFinTechPay @valleyfinpay]

We were thrilled to host #ValleyFinTechPay Connect, our inaugural member meeting, in #Tempe last nigh! Thanks Zach Aron and @Deloitte for your kind support in making this event special. Thanks Bryce Deeney for a great session. Stay tuned for our next event.

[Sumit Arora @sumitarora1000]

Thanks @FintechFTF for having me on the Nurturing Paytech interview. @valleyfinpay is on the path to become a connected tissue and an ecosystem enabler for the rapidly evolving Greater #Phoenix marketplace. https://t.co/iaukEZbz3k

#valleyfintechpay #fintech #payments #Entrepreneurship #investors #Growth #innovation #partnerships #Arizona #networking

[Sumit Arora @sumitarora1000]

#Payments is the pulse of global economy. It is the bloodline of any commerce and our day-to-day life. Being a payments junkie myself, I’m pretty pumped by the anticipated move by @elonmusk to leverage payments-as-steroids to activate his master plan of "the everything app" 💪🏻

[ValleyFinTechPay @valleyfinpay]

What is the projected impact of @valleyfinpay? @sumitarora1000, our Founding Board Member, believes it will become the connected tissue and ecosystem enablers for the rapidly evolving Greater #Phoenix marketplace. #ValleyFinTechPay #fintech #payments #entrepeneurship #investors

[Sumit Arora @sumitarora1000]

@WellsFargo

[Sumit Arora @sumitarora1000]

Enjoyed the insightful conversation with Joanne Strobel-Cort and @FPC_CEO on the latest episode of the "Off the Rails" Podcast. Thanks @Faster_Payments once again for having me. #PaymentsModernization #fintech #innovation #podcast #wearewellsfargo #realtimepayments #bankontech

[Sumit Arora @sumitarora1000]

Check it out below and let me know your reaction to our perspective on what’s the next big inflection point in payments. https://t.co/Wzsyl8A6KM