India is chalking out its own growth strategy driven by digitalization, connectivity, cash -less/paper-less economy, and start-up innovation ecosystem. Indian economic growth will be driven by the rising tech adoption.
Smart phones penetration is rising in the country with 700 million users expected by 2020; we will have 331 million internet users by 2020. With Aadhaar UID, 1 billion users can authenticate 100 transactions per day in real time. India Stack is a complete set of APIs for developers which include Aadhaar for authentication, e-KYC, and e-sign amongst others. All these will propel technological disruption, digital connectivity, growth of tech start-ups in order to achieve the said vision of Digital India.
Technology will allow businesses to transact easily and efficiently, and thus contribute faster to economy growth. Launch of new devices that feature iris scanner that is Aadhaar and STQC certified, will enable cashless and paperless services for banking, passport, taxation, etc. All these, along with Immediate Payment Service, Unified Payments Interface, micro ATMs, m-POS and financial inclusion programs by the Government (such as Pradhan Mantri Jan-Dhan Yojana), will aggressively pave the way for digital payments in India. [Read more…]