Mumbai | “Tokenisation must be understood not merely as a technological upgrade but as a human-centred transformation. Imagine the word 'token' being called out in a bank or a café and you spring into action," said Mr Vasudevan Parameswaran, Executive Director, Reserve Bank of India, in a fireside chat at Global Fintech Fest (GFF) 2026, held from September 8–11, at Jio World Centre, Mumbai.

“Tokenisation can change the way we look at the digital financial ecosystem," he added, underscoring the importance of experimentation and collaboration in developing new financial infrastructure. He noted that initiatives such as tokenisation, UPI, the Unified Lending Interface (ULI), and the Central Bank Digital Currency (CBDC) have evolved as interconnected pieces of India’s broader digital public infrastructure.

GFF 2026 is organised by the Payments Council of India (PCI), the National Payments Corporation of India (NPCI) and the Fintech Convergence Council (FCC). The conference is supported by the Ministry of Electronics and Information Technology (MeitY); the Department of Financial Services, Ministry of Finance; the NEST Division, Ministry of External Affairs; Niti Aayog; the RBI; SEBI; the IFSCA; and the PFRDA.

"Tokenisation carries your identity, your right over that asset. Everything is carried with you in a token," Mr Vasudevan added, describing its potential to transform how assets are issued, traded, settled and serviced.

However, Mr Vasudevan warned against overlooking the risks of tokenising financial assets. "The existing financial ecosystem already works effectively, but there are challenges in legal clarity, data certainty, and privacy," he said, adding that "a big challenge is interoperability. If multiple platforms emerge for tokenised assets and digital money, they will need to work with one another rather than develop as isolated systems."

Session moderator Mr Akhilesh Tuteja, Partner, KPMG, called Agentic AI, Tokenisation, and Quantum the ‘Holy Trinity’ and emphasised the importance of tokenisation as the centrepiece, connecting the two other forces.

GFF 2026 is organised by the Payments Council of India (PCI), the National Payments Corporation of India (NPCI) and the Fintech Convergence Council (FCC).

The conference is supported by the Ministry of Electronics and Information Technology (MeitY); the Department of Financial Services, Ministry of Finance; the New, Emerging and Strategic Technology (NEST) Division, the Ministry of External Affairs; Niti Aayog; the Reserve Bank of India (RBI); the Securities and Exchanges Board of India (SEBI); the International Financial Services Centres Authority (IFSCA), and the Pension Fund Regulatory and Development Authority (PFRDA). 

About Payments Council of India (PCI)

The Payments Council of India (PCI) was formed under the aegis of the Internet and Mobile Association of India (PCI) in the year 2013 catering to the needs of the digital payment industry. The Council was formed inter-alia to represent the various non-banking payment industry players, and to address and help resolve various industry-level issues and barriers that require discussion and action.

The council works with its 220+ members, encompassing over 90% of the industry to promote payments industry growth and to support our national goals of 'Cashless Society' and ‘Growth of Financial Inclusion’ which is also the Vision Shared by the RBI and the Government of India. PCI represents the complete digital payments ecosystem of India through its various committees representing different sectors.

About National Payments Corporation of India (NPCI)

National Payments Corporation of India (NPCI) is the umbrella entity responsible for operating retail payments and settlement systems in India. It is established by the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA). The Company is focused on bringing innovations in the retail payment systems by using technology for achieving greater efficiency in operations and widening the reach of payment systems. NPCI is committed to harnessing the transformative potential of deep tech, creating an ecosystem that fosters collaboration to work on breakthrough technologies. Underlining its commitment to service, NPCI has been incorporated as a “Not for Profit” Company to provide infrastructure to the entire Banking system in India for physical as well as electronic payment and settlement systems.

 NPCI has made a profound impact on India's retail payment landscape, focusing on creating robust, efficient, and inclusive payment and settlement solutions. NPCI has been instrumental in introducing a range of products that have revolutionised retail payment systems. These include Unified Payments Interface (UPI), RuPay, National Automated Clearing House (NACH), Immediate Payment Service (IMPS), National Electronic Toll Collection (NETC), Aadhaar Enabled Payment System (AePS), e-RUPI and more. Each of these products has contributed significantly to enhance the efficiency and accessibility of payment systems in India, ultimately propelling financial inclusion.

 NPCI has played a fundamental role in establishing the foundation for India’s rapidly growing digital payments ecosystem, projecting the country onto the global stage.

 NPCI has four wholly owned subsidiaries – NPCI International Payments Limited (NIPL) and NPCI Bharat BillPay Limited (NBBL), NPCI BHIM Services Limited (NBSL) and NPCI Tech Solutions Limited (NTSL), established in pursuance of NPCI Board & RBI approval.

 For more information visit: https://www.npci.org.in/

 About Fintech Convergence Council (FCC)  

Established in 2018, the Fintech Convergence Council (FCC) is an industry body representing the collective voice of fintech companies in India. Since its inception, the FCC has evolved into a leading platform with a diverse membership of over 280 fintech entities across key segments including digital lending, wealth, insurance, RegTech, and credit bureaus. The FCC’s core mission is to address sector-specific challenges and provide a unified platform for dialogue within the broader BFSI (Banking, Financial Services, and Insurance) ecosystem.  

The council actively engages with regulators and policymakers to help shape progressive policy frameworks and promote a balanced approach to innovation and compliance. In addition to policy advocacy, the FCC also focuses on knowledge sharing, strengthening consumer education, and promoting responsible finance through awareness-building initiatives on customer protection, digital literacy, and best practices in fintech.  

To learn more, please visit https://fintechcouncil.in