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DEMONETIZATION AND THE RISE
OF THE DIGITAL ECONOMY
T
GOING FORWARD,
WE WILL SEE THE
RISE OF NEW
BUSINESS
MODELS, AND
EXISTING
BUSINESS MODELS
DISRUPTED BY
NEW PLAYERS
he Central Government has already announced a slew of
incentives and measures for promotion of a cashless economy in
India. To strengthen digital infrastructure, the Central
Government has through NABARD extended financial support to
enable banks for deployment of PoS devices in one lakh villages. In
addition, the government has also recently directed banks to install
ten lakh new PoS terminals by March 31 2017. Further, in an effort to
bring smaller merchants to be part of the digital ecosystem, the
government has asked public sector banks to not charge more
than ` 100 per month as monthly rental for PoS terminals or
micro-ATMs. Already, 6.5 lakh machines by public sector banks have
been issued to merchants. This can further spur adoption, as no
service tax will be charged on digital transaction charges upto
` 2000 per transaction.
For a country like India, this can be the right moment to leapfrog
into a digital cashless economy, as the base infrastructure enabled
by Aadhaar is in place and the demographics work in India’s favor.
India also has one of the largest user base of people accessing the
internet through their smartphones. This combination can work
wonders as can be seen from the growth of users for Airtel
Payments Bank. The payments bank, which became the first in India
to go live, succeeded in opening over one lakh savings accounts in
less than two weeks of rolling out pilot services in Rajasthan. What
is more heartening is the fact that close to 70% of the over one lakh
accounts opened with the bank was in rural areas, highlighting the
massive opportunity. The other advantage for telco-backed
payments banks, is the fact that they can leverage the reach of their
massive retail network to deliver banking services to the doorsteps
of customers.
Going forward, we will see the rise of new business models, and
existing business models disrupted by new players. For example,
Indian company, Trupay, is creating an Indian alternative to Visa and
Mastercard, by allowing banks to directly communicate with each
other by using the Unified Payment Interface (UPI). Trupay is seeing
massive adoption from Tier-3 and Tier-4 areas, who use the app to
directly transfer money among themselves. Another startup, ToneTag,
uses sound waves to enable offline contactless payments - a feature
that can be extremely useful in rural markets, and in merchant outlets.
These are just some examples of the massive innovation taking place in
the Fintech startup ecosystem in India. If the policy changes succeed in
creating the right digital infrastructure, India definitely can see many
more innovative business models in the days to come.
For the green shoots which are just beginning in the Indian
landscape, demonetization may turn out be the right fertilizer for
the Indian Fintech startup community to bloom to greater heights!
srikanth.rp@expressindia.com
EXPRESS COMPUTER
JANUARY, 2017
3
contents
feature
opinion
LESS CASH ECONOMY:
OPPORTUNITIES AND
CHALLENGES
PAYTM PAYMENTS
BANK: HOW PAYMENT
BANKS CAN BE A BIG
LEVELLER IN THE
INDIAN PAYMENTS
ECONOMY
16
24
IT INDUSTRY FORESEES
STRONG BUSINESS
OPPORTUNITIES IN 2017
26
4
EXPRESS COMPUTER
TRYSTWITH
TECHNOLOGY
32
JANUARY, 2017
www.expresscomputeronline.com
EXPRESS TECH Sabha - PSU 2016
feature
40
IOT,MOBILITYAND
AUTOMATION AMONG
TOP CIO PRIORITIES
IN 2017
44
50
●
DAY-1
●
56
DAY-2
TRANSFORMATIONAL
ITAT PSU BEHEMOTH
Technology Sabha – PSU:
Glimpses of a successful
conference
●
Guest of Honour Speech
●
Keynote Address
●
How IT can improve efficiencies
in PSUs
●
Ease of digital services adoption
with the new IP
●
Using analytics for ensuring a
green environment
●
A checklist for ensuring
enterprise security in PSUs
●
Panel Discussion: Competing in
the digital world
Using open source for
competitive advantage
●
Adopting digital transformation
– An IRCTC perspective
●
Application delivery networking
●
Power back-up solutions
●
SBI’s analytics journey
●
10 things that make ESDS a
preferred datacenter and
technology partner
●
Power Discussion: ESDS
●
Panel Discussion: Securing a
hyperconnected world
●
Case Study: Using IT for
enabling real-time visibility
●
Power Discussion: Exide
●
Digital mining for improving
mining efficiencies
interviews
37
DR HUGH THOMPSON
CTO at Symantec Corporation
38
BRIJESH DIXIT
Managing Director, NMRCL
EXPRESS COMPUTER
JANUARY, 2017
5

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