Connectivity, security, costs and bitcoin usage are among the key issues to be resolved as India moves towards a digitised economy.
Mobile-based digital payments have been growing phenomenally worldwide. Around 23 per cent of global consumers have adopted it, according to surveys, while among early users of smartphones, the figure is 35 per cent. The Scandinavian nations – Norway, Sweden and Denmark – as well as the UK, France and Belgium are well on their way to becoming entirely cashless. Close on their heels are Canada, Australia and South Korea. India is way, way behind, but with the acute cash shortage following the demonetisation decision, it is expected to also take a quantum leap in the same direction soon. What are the main concerns as usage of e-wallets and plastic money multiplies and bitcoins grow in popularity?
CONNECTIVITY AND SECURITY
The first major challenge to taking the cashless economy to every corner of the country is poor Internet connectivity and limited smartphone penetration. "The basis of digital currency is connectivity," says Tejasvi Mohanram, founder and CEO of personal finance platform, Rupee Power. “Unless net connectivity improves radically in rural areas, online transactions can never become a way of life.” Not surprisingly, e-wallet companies like Paytm and MobiKwik are trying to overcome the problem in different ways, but as long as connectivity remains sporadic or limited, a cashless economy will be a distant dream. “We have launched a lighter version of MobiKwik called MobiKwik lite, which can even be used by old smartphones with low data connectivity,” says Bipin Preet Singh, Founder-CEO and Director, MobiKwik. “A mechanism by which even feature phones will be able to make payments using SMSs is also being worked on.”
Esta historia es de la edición January 15, 2017 de Business Today.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición January 15, 2017 de Business Today.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
"Moving to cloud helped us grow❞
What was the problem you were grappling with?
She's Got Time
MORE WOMEN ARE BECOMING WATCH CONNOISSEURS, SEEKING OUT BOTH JEWELLED AND TECHNICAL WATCHES FOR THEIR STYLE AND CRAFTSMANSHIP
RISING STAR
PARUL GULATI IS a name that's been steadily gaining prominence in the Indian entertainment industry after she appeared on season 2 of Shark Tank in 2023. She has become a multifaceted personality who effortlessly transitions between acting and entrepreneurship.
Building on a Legacy
WHEN ZAHABIYA KHORAKIWALA stepped into her role as Managing Director of Wockhardt Hospitals over a decade ago, she confronted formidable challenges that have since turned into achievements.
LEADER IN INNOVATION
AS FEDEX'S PRESIDENT (Middle East, Indian subcontinent and Africa), Kami Viswanathan has a lot on her plate.
WAITING IN THE WINGS
Here are those who missed out as they have not yet completed a year in office; they'll be strong contenders in 2025
A DECENT PROPOSAL
IN TODAY'S WORLD OF TRYING TO CREATE AN EQUITABLE SPACE, BOTH MEN AND WOMEN CONTRIBUTE TO THEIR HOUSEHOLDS. WOMEN ARE ENCOURAGED TO HAVE THEIR OWN SAVINGS POOL AND INVESTMENT ROUTINE. GIVEN THIS, HOW SHOULD FUTURE BRIDES APPROACH FINANCIAL PLANNING?
Women and the STEM Bias
EMPOWERING WOMEN IN STEM WILL NOT ONLY BENEFIT INDIVIDUALS, BUT ALSO STRENGTHEN THE ENTIRE INDUSTRY, DRIVING INNOVATION AND PROGRESS.
ROCKET WOMEN
WOMEN IN INDIA ARE NOT ONLY VENTURING INTO SPACE BUT ARE ALSO STARTING TO SPEARHEAD THE COUNTRY'S EFFORTS IN THE GLOBAL SPACE RACE.
ONE STEP FORWARD
THE NUMBER OF WOMEN INDEPENDENT DIRECTORS IS GROWING STEADILY, BUT IT'S A LONG WAY FROM GENDER PARITY. MUCH MORE NEEDS TO BE DONE TO BREAK THE GLASS CEILING IN BOARDROOMS.