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Interesting to hear this perspective as one of the main arguments people used to make was that people in rural India or wherever could now access banking produc
by omosubi 7y ago
Interesting to hear this perspective as one of the main arguments people used to make was that people in rural India or wherever could now access banking products that traditional banks refused to give due to cost. I'm assuming that's no longer the case?
- puranjay 7y agoThe current government had a massive banking drive where it almost forced the rural poor to open bank accounts. This was followed by demonetization of currency notes, which, as harmful as it was to the economy, "normalized" the idea of transacting digitally. A bulk of transactions still happen via cash but digital payments, especially UPI, are seeing increasingly wider adoption. There has been a lot of innovation in this space just to make customer-merchant transactions easier. For example, this product from PayTM basically acts as a confirmation box for UPI transactions. https://business.paytm.com/blog/introducing-paytm-sound-box-turn-your-business-into-a-smart-business/ https://business.paytm.com/blog/introducing-paytm-sound-box-... Something like this reduces the trust deficit in rural areas about digital banking products. It's going to take a long while, but technologically, it's a solved problem. I can't see any utility that crypto brings to the table except for decentralization which most consumers don't care about anyway.