EBANX announces Rashmi Satpute to lead Indian market
CURITIBA, BRAZIL, August 14, 2024: EBANX, a global technology company specializing in payment services for rising markets, appoints Rashmi Satpute as the Country Director of India. Based in Mumbai, India, she brings a decade of experience in the payments industry and over 15 years in finance, highlighting EBANX’s commitment to expanding its footprint in the dynamic Indian payments landscape and digital economy market.
The executive expertise will be significant as EBANX helps its global merchants – some of the largest companies in the world across digital verticals like creator economy, streaming, SaaS, social media, online travel, and online retail – navigate the complexities of the Indian payments ecosystem and tap into the India hyper-growth digital commerce market. Ms Satpute brings a deep understanding of local regulations and market dynamics, creating the ability for EBANX to offer seamless and compliant solutions.
India’s digital payments sector is experiencing unprecedented growth, driven by rapid technological advancements and increasing internet penetration. Data from EBANX’s Beyond Borders report shows that India’s digital payments market grew 527% from 2017 to 2023, reaching 130 billion transactions and more than USD 4 trillion in value – and UPI played a significant role in transforming a cash-based economy into a digital payments-driven one. The fast-paced digital transformation is fueling and being fueled by consumer class development: India is leading the way, adding almost one-third of new people to the consumer class globally this year – 34 million people of the 109 million. Add to that the scale of the Indian digital market: it is the second-largest online shopping market, only behind China, with an online sales penetration rate of 33%.
“India showcases a substantial untapped opportunity for digital commerce. At the same time, the country is at the forefront of digital innovation, with a payments landscape that is evolving rapidly, becoming crucial for the digital economy,” said Rashmi Satpute, the new Country Director of India at EBANX. “The regulatory environment is becoming more favorable, and there is immense room for further innovation. My experience in this market allows me to contribute to EBANX’s mission of creating access through tailored payment solutions that meet the unique needs of Indian customers and businesses.”
Prior to joining EBANX, Satpute held senior leadership roles at leading fintech, banking, and payments institutions, where she was responsible for driving digital transformation and spearheading innovative payment solutions. Her most recent roles were Country Manager for India and South Asia at Wise, and Director for India and South Asia at Visa Direct, where she led conversations with fintech companies, issuers, and acquirers to deploy new capabilities and payment flows on Visa’s network to enhance customer experience.
EBANX is actively working to establish its presence in India, following the expansion of its operations into Asia last year. Recently, the fintech company has announced a strategic partnership with a leading private sector bank in India, YES BANK, to streamline cross-border payment processing and enhance global commerce opportunities for global merchants and Indian customers in India.
“We are thrilled to have Rashmi join our team,” said João Del Valle, CEO and Co-Founder of EBANX. “Her extensive knowledge of the Indian market and regulatory landscape is crucial for developing our presence in India. Having leaders who understand the local context and can anticipate market needs, enables us to deliver more accurate and effective payment solutions to our merchants and to their customers.”