The Money ‘Changers'

India’s fintech industry is changing the way Indians use money. But is everyone ready for the next round of disruption?

- K. Sunil Thomas

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.