VIPIN STILL REMEMBERS the shiny new card that came by courier. He had grown up gawking at Diners Club card commercials on Doordarshan in pre-liberalisation India. He waited till he started getting a regular income as a lawyer in turn-of-the-century Delhi before hesitantly applying for a credit card. When it arrived, Vipin felt that he had arrived in life as an independent adult of sound financial standing.
But, among the establishments he frequented, there were few which accepted payment via card. And shopping online using a card was then considered financial hara-kiri. Finally, he decided to take his friends out to an uptown restaurant. Not because it was a special occasion, but to just use the card. However, he carried enough cash to cover the expense, in case the card did not work!
Fast-forward to today, Vipin does not think twice before a fintech (financial services using technology) transaction. Once his salary is credited to his bank account via NEFT, he orders his dream mobile phone from e-commerce website Amazon, paying for it using online payment platform Google Pay. He then takes an Uber cab ride, paying for it through Paytm digital wallet, to a restaurant where he pays by credit card. On the way back home, he picks up some groceries, paying with PhonePe UPI (Unified Payments Interface) app. He still carries some cash—it comes in handy for tipping, if not at the neighbourhood cigarette stall.
If the establishment and the multifarious business entities that have driven the fintech boom of recent years have their way, even that cigarette seller could soon be choosing from the many options that these new money ‘changers’ provide; not to mention, the innovations in the pipeline.
هذه القصة مأخوذة من طبعة December 13, 2020 من THE WEEK.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة December 13, 2020 من THE WEEK.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
William Dalrymple goes further back
Indian readers have long known William Dalrymple as the chronicler nonpareil of India in the early years of the British raj. His latest book, The Golden Road, is a striking departure, since it takes him to a period from about the third century BC to the 12th-13th centuries CE.
The bleat from the street
What with all the apps delivering straight to one’s doorstep, the supermarkets, the food halls and even the occasional (super-expensive) pop-up thela (cart) offering the woke from field-to-fork option, the good old veggie-market/mandi has fallen off my regular beat.
Courage and conviction
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EPIC ENTERPRISE
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COURSE CORRECTION
India's best b-schools are navigating tumultuous times. Hurdles include lower salaries offered to their graduates and students misusing AI
