Steering India towards a

cashless economy

233 million

Indians have never seen a bank

zerO

balance accounts

Only 1%

Send/Receive
money
-Phone number
-An Adhaar number
-Simple virtual-payments
address

Indias 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

Save on Cost
of Cash
-Capitalize on dead cash
-Loss of physical money

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.

The move to less cash has already started.

The smartphonealready a Swiss-army knife of

information, content and entertainmentis rapidly
becoming a convenient medium for making payments.

What makes mobile more powerful than any other

medium?

It provides the opportunity for:

bi-directional, real-time, interactive relationship
with end users

Means to achieve cashless

economy
Mobile

New-age
payment
devices

Internet &
Connectivity

Security
Infrastructur
e

Consumers want personalized experiences, but their

privacy & security concerns are higher than ever.

We want our money safer than our selfies

PayPal

Technology has a multiplier effect for solving

social problems
Tarun Khanna
Harvard Professor and Chairman, Expert Committee on Innovation and
Entrepreneurship,
Govt of India.

Aadhaar reached its milestone of registering 1 billion

people.
80% of population covered

Barriers & Catalysts in the Payments

ecosystem

Barrier #1
Tax evasion opportunities ensure cash is sticky

Catalysts
Disincentives for tax evasion:
Use of cash for large transaction is the rational choice.
Costs of non-compliance have to be greater.

Barrier #2
Majority of wage earners receive cash payments
that never enter the electronic payments
ecosystem.

Abhishant Pants 50 day cashless

journey

Catalysts
United Payments Interface
Receiving & Withdrawal is done Spending yet to take
shape

Barrier #3
No clear roadmap for moving towards market
determined charges & investments.

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

Barrier #4
Non-interoperable systems could increase
resistance among consumers.

Lets rethink payments in every

sector!
Hospitals
Tolls, Petrol stations
Utilities
Schools, Colleges, Institutions
Travel sector
Kiranas
Public transport

Insight #1
The less information the consumer has to
manually enter, the better the adoption
rate.

Insight #2
High demand in the B2B space, however current
regulations and market dynamics play spoil sport.

Insight #3
Cost is too high for small ticket transactions.

Insight #4
Consumers expectation that - they can get what
they want with ease and speed will continue to
rise.

Insight #5
We need Regular and faster settlement:

Insight #6
Alliances and meaningful partnerships.
India needs to build bridges between startups,
corporates and governments to accelerate the
benefits of entrepreneurship and generate more
leapfrog effects.

Lets craft a renaissance in the

Indian payments space

because a billion lives will

thrive !

Thank you