steering india to a cashless economy
TRANSCRIPT
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Steering India towards a cashless economy
Varsha SutraveHead – Partnerships and Alliances
UnoPay
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233 million Indians have never seen a bank
zerObalance accounts
Only 1% India’s total purchases through credit cards
95% cash economy
97.5% corporates have lowest visibility of cash position
480 man hours/week wasted in cash assessment
Send/Receive money-Phone number-An Adhaar number-Simple virtual-payments address
India stack-APIs-Interfaces
Save on Cost of Cash-Capitalize on dead cash-Loss of physical money
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“The 2016 Global Payments Insight Survey: Merchants and Retailers”
A survey of more than 1000 retailers, revealed that merchants, billing organizations, retail banks and transaction banks are all committing significant
investment to payment over the next 18-24 months.
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The move to ‘less cash’ has already started.
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The smartphone—already a Swiss-army knife of information, content and entertainment—is rapidly
becoming a convenient medium for making payments.
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What makes mobile more powerful than any other medium?
It provides the opportunity for:bi-directional, real-time, interactive relationship
with end users
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Means to achieve cashless economy
Mobile Internet & Connectivity
New-age payment devices
Security Infrastructur
e
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Consumers want personalized experiences, but their privacy & security concerns are higher than ever.
“We want our money safer than our selfies“– PayPal
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“Technology has a multiplier effect for solving social problems”
Tarun KhannaHarvard Professor and Chairman, Expert Committee on Innovation and
Entrepreneurship, Govt of India.
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Aadhaar reached its milestone of registering 1 billion people.
80% of population covered
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Barriers & Catalysts in the Payments ecosystem
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Barrier #1Tax evasion opportunities ensure cash is sticky
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CatalystsDisincentives for tax evasion:
Use of cash for large transaction is the rational choice. Costs of non-compliance have to be greater.
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Barrier #2Majority of wage earners receive cash payments
that never enter the electronic payments ecosystem.
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Abhishant Pant’s 50 day cashless journey
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Catalysts• United Payments Interface• Receiving & Withdrawal is done… Spending yet to take
shape
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Barrier #3No clear roadmap for moving towards market
determined charges & investments.
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Catalysts• New bank licensees and well funded fintechs will ensure
price wars, at least in the short run. • Map incumbents and disrupters• Creative business & revenue models
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Barrier #4Non-interoperable systems could increase resistance among consumers.
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Lets rethink payments in every sector!
Hospitals
Tolls, Petrol stations
Utilities
Schools, Colleges, Institutions
Travel sector
Kiranas
Public transport
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Insight #1The less information the consumer has to manually enter, the better the adoption
rate.
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Insight #2 High demand in the B2B space, however current
regulations and market dynamics play spoil sport.
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Insight #3Cost is too high for small ticket transactions.
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Insight #4 Consumer’s expectation that - they can get what they want with ease and speed will continue to
rise.
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Insight #5 We need Regular and faster settlement:
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Insight #6Alliances and meaningful partnerships.
India needs to build bridges between startups, corporates and governments to accelerate the
benefits of entrepreneurship and generate more leapfrog effects.
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Let’s craft a renaissance in the Indian payments space
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…because a billion lives will thrive !