Mobile Payments: Allowing Ideas to Disrupt
With Modi's drive to get more banking services to the population, banks and startups are getting in on digital payments. With the government pushing for the up take of he Aadhaar card, mobile payment systems could be linked to this for the many millions hat still don't have bank accounts or access to regulated financial services, the so-called unbanked. The situation is in flux at the moment with so many systems and technologies which are vying for dominance in the mobile payment and mobile wallet market. It is a matter of waiting and watching to see which ones come out on top.
There can be a real digital revolution in India if the government allows entrepreneurs with good ideas to disrupt vested interests in the financial services industry. India will have its own Google, Facebook or Amazon only if it allows good ideas to disrupt existing industries and interests. Mobile payments could be India's latest cash cow.