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which 500 million connect to the net immense scope and opportunity for
on their phones. India can take a page inclusive growth of India’s farmer
out of Egypt’s digital book where the community – helping them see quicker
government is promoting recovery of payments for their produce
interoperable mobile wallets. These by avoiding middle men and third
wallets help millions of mobile users to parties.
pay utility bills, transfer funds, make
payments both online and physically, Progressing towards a new India
and use ATMs all by just using their
phones. In India, innovations like For India to reap the maximum social
BHIM, Adhaar Pay and BharatQR gives dividends possible from its digital
mission, the country needs to reach out
the government the same opportunity to its unbanked millions with a clearly
to catapult adoption of digital articulated offer – financial benefits,
payments by offering different form backed by easy access, better
factors that cater to the challenges of convenience and greater security. The
the local market. need of the hour is collaboration
between the industry, the ecosystem
Similarly, mobile based solutions for including government and regulators
remittances could work well in India, to develop policy frameworks and
which also sees high levels of foreign solutions that spur the adoption of safe
remittances to individuals. Even & secure, available, affordable and
applications like 2Kuze used in Kenya accessible digital payments- enabling
is helping farmers buy, sell and receive Bharat to grow and progress towards a
new India.
payments for agricultural goods via
their feature phones. This offer
