Post demonetization, people flocked to digital wallets for mobile payments instead of bank apps
Long before demonetization and a scramble to find alternatives to cash, India had laid out a unique tech infrastructure for a digital economy.
Bill Gates was so impressed with it on a recent visit that he exclaimed: “India is on the cusp of leapfrogging!”
But leapfrogging only happens with mass adoption. Although Aadhaar had identified and authenticated a billion Indians, and UPI made mobile payments as simple as sending a message or mail, banks dragged their feet over it.
To a question from Tech in Asia on how the Paytm app will be different from UPI-powered apps by traditional banks, Vijay Shekhar Sharma pointed immediately to customer experience. “Banks are not great at rolling out UPI,” he said. But for Paytm, “this is the truest opportunity to build something designed for unique Indian needs.
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