An era of digital payments

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Are universally implementable digitial payments round the corner?

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An era of digital payments


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In November 2016, the shock action of Demonetisation made Indians aware of what the whole idea of digital payments is all about! Then came the persistent pitch by many players for the same. A key concern has been – financial inclusion and technological feasibility to ensure a digital payments economy. Now, the post department has been issued a licence to start a “Payments Bank” – The India Post Payments Bank (the third such bank). Add to that the fact that 99% of Indian adults have an Aadhaar number.

 If we take these two together – India Post Payments Bank (IPPB) + Aadhaar – then Indians are ready for the digital era. As we all know, in the past 5 years, normal feature phone can perform most of the banking functions. And now India Post represents a new type of banking system altogether. So, mobile phones + India Post + Telecom = a solution. Key strength of IPPB like banks (who have limited functions to perform) is unprecedented reach into the masses – a total of 1.54 lakh post offices. Telecom companies have a huge customer base + recharding shops’ network. So it is obvious that people across India, including remote regions, will take to digital payments soon. What is missing? An enabling environment by government. We don’t need complex cross-subsidies or punitive taxes on case use. Rather, push competition amongst players. Go for a silo-less approach (interoperability). Our comprehensive Bodhis on Demonetisation can be read here. 



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Bodhi Booster: An era of digital payments
An era of digital payments
Are universally implementable digitial payments round the corner?
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