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digital payments: Bank accounts open in minutes, digital payments take seconds That s what the next tech decade will build on

Synopsis Marking six years of the Digital India initiative, PM Modi has aptly described this to be India’s techade. Technological advancement and the rapid penetration of internet have integrated over 1 billion citizens across India into a common financial, economic and digital ecosystem. Around three decades back, I was working with Kerala’s fishermen. In an attempt to enhance their returns – they were getting a mere 20% of the market price of fish – we introduced new technology like fibreglass crafts and outboard motor and even launched beach-level auctions. However the greatest challenge which persisted was to open bank accounts for fishermen in order to streamline payments. In those days, it would take us a minimum of ten months to chase physical banks and manage to register a single account holder. Know Your Customer was an alien concept. Cut to 2021, you can walk into a bank branch and open a bank account in moments with e-KYC and biometrics. Reducing waiting time fr

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