Faceless, Paperless, Cashless India | Time-lapse of India's Digitisation journey

Описание: #fintech #paytm #phonepe #digitisation #digitalpayments #india #digitalindia

It's amazing that as recently as 2008, when the recession struck, fintech players like Paytm PhonePe GPay BharatPe Razorpay etc. didn't even exist.

Fast-forward to FY22, 7,422Cr digital payment transactions were recorded in India. And by 2025, India is set to account for ~70% of all digital payments.

The boom in FinTech is expected to add 21 million new jobs and contribute nearly $1T to India's economy by 2025.

India's digital payments represent a dramatic shift in consumer behaviour.

I could not have imagined a golgappa vendor to be using digital payments just a decade ago.

When we create infrastructure that empowers access to everyone we can create amazing economies of scale.

As history teaches us, when costs drop drastically, new behaviours emerge.

What do you think is the role of traditional banks in the new financial world? I'd love to hear your views.

Video source: Data Rush