ValleyFinTechPay

Connecting Arizona’s rapidly growing ecosystem of FinTech, entrepreneurs, financial services, executives, industry, regulators, merchants, investors, and others

[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]

🚀 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]

#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]

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

[GS_Newsdesk @GS_Newsdesk]

https://t.co/oB85uQGhsB @baypayforum opens Arizona chapter, @valleyfinpay, attracting legions of #fintech #Paytech #banking #financialservices leaders from across the Valley. Read our exclusive interview with @lannybyers in @The_Green_Sheet #greensheetnews #payments

[Dale Laszig @DSLdirect]

https://t.co/BEEP4KhECL @valleyfinpay hosts first meeting for Arizona's #fintech #Paytech #banking community Special thx to @Deloitte @equipifi & all who attended #GreenSheetNews @The_Green_Sheet #payments

[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.

[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.

[ValleyFinTechPay @valleyfinpay]

Join us in person. Let's connect at our first member meeting. #ValleyFinTechPay #fintech #payments #entrepeneurship #growth #innovation #partnerships #arizona #phoenix #networking @sumitarora1000 @lannybyers @weinflash_4 Chris Storbeck Steve Nelson @equipifi @Deloitte

[ValleyFinTechPay @valleyfinpay]

Our Founding Board Members @lannybyers and @sumitarora1000 in conversation with @FintechFTF on @valleyfinpay's purpose, prospects, and possibilities. Don't miss the interview https://t.co/gxMsiTIUL4

#ValleyFinTechPay #fintech #payments #entrepeneurship #innovation #partnerships

[Financial Technology Frontiers (FTF) @FintechFTF]

ValleyFintechPay is an Arizona-based ecosystem that acts as a Connecting tissue that binds the #PaymentTech, #FinancialServices, and the investors into a community.

Keep Watching! https://t.co/0EHejfhoB4

#business #technology #community #payments #banki https://t.co/0EHejfhoB4

[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

[ValleyFinTechPay @valleyfinpay]

What is the expected impact of @valleyfinpay? @weinflash_4, our Founding Board Member, believes it to connect startup founders with payments, commerce and state leadership. #ValleyFinTechPay #fintech #payments #entrepeneurship #investors #growth #innovation #partnerships

[ValleyFinTechPay @valleyfinpay]

What’s the expected impact of @valleyfinpay? @lannybyers, our Founding Board Member, believes it will become a gateway for the industry. #valleyfintechpay #fintech #payments #Entrepreneurship #investors #growth #innovation #partnerships #Arizona #Phoenix #network

[Lanny Byers @lannybyers]

I am pleased to announce that I am working with a great group of individuals Sumit Arora Laura Weinflash Chris Storbeck Steve Nelson to launch the newest BayPay Forum in #arizona - ValleyFinTechPay! We are working to hold our first meetup event in early…https://t.co/bdRWWaB9ir

[Sumit Arora @sumitarora1000]

Big news for #Phoenix valley and #Arizona. Excited to build and launch #ValleyFinTechPay in partnership with few finest #Payments and #Fintech leaders in the valley. To learn more click here https://t.co/aQmjynDh2u

[ValleyFinTechPay @valleyfinpay]

Announcing the newest chapter from BayPay forum - ValleyFinTechPay. The mission is to promote #collaboration and enable #growth, #innovation and #partnerships in the #Phoenix valley through the extensive network of individuals joining this chapter.