India Fintech - the whole country was demonetized in November and there is a serious push to making the whole country cashless. This is a serious challenge in a country where e-commerce was predominantly cash-on-delivery.
To power this through, it's leveraging the new fangled Aadhaar infrastructure - which is kind of like "social security number with biometric data" and is triggering this huge polarising debate on privacy vs value.
However, what cannot be denied is that the tech and regulatory landscape in India around payments has leapfrogged the world. The new NPCI (National Payments Corp of India) API is designed and intended to make VISA/MasterCard redundant...and is well on its way.
We now have a regulatory framework to unlock bank data to make anyone start a service like Yodlee .
Crazy , interesting times
P.S. We (RedCarpetUp.com) are a YC startup building credit-for-billions in India. I love talking about this stuff - never thought I'd see it in my lifetime. Ping me if you want to chat anytime.
Some currency notes were declared as "no more legal tender". There was no demonetization. And it makes no sense to say that "the whole country was demonetized". :-)
To power this through, it's leveraging the new fangled Aadhaar infrastructure - which is kind of like "social security number with biometric data" and is triggering this huge polarising debate on privacy vs value. However, what cannot be denied is that the tech and regulatory landscape in India around payments has leapfrogged the world. The new NPCI (National Payments Corp of India) API is designed and intended to make VISA/MasterCard redundant...and is well on its way.
We now have a regulatory framework to unlock bank data to make anyone start a service like Yodlee .
Crazy , interesting times
P.S. We (RedCarpetUp.com) are a YC startup building credit-for-billions in India. I love talking about this stuff - never thought I'd see it in my lifetime. Ping me if you want to chat anytime.