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Cashless India: Seeing the Vision for Financial Inclusion Come True – Part 3

Financial inclusion - Barriers to adoption of mobile payments

This is part three of a series covering disruptive banking, regulatory, technology-led and payments initiatives being taken by the government, regulatory, enterprises and private firms to achieve financial inclusion and a cashless (or a less-cash) India vision. In previous posts, we have covered:

  • Part 1 - The India Stack and UPI-enabled technology platform built on top of the "JAM" trio of Jan Dhan bank account, Aadhaar and mobile phone.

  • Part 2 - Banking - Retail Banking - BankTech initiatives aimed at increased customer reach via new payment banks and an improved business correspondent network and the role of mobile payments as an enabler of financial inclusion

  • In this post, let’s take a look at the mobile payments landscape which is seeing a lot of action but also adoption barriers that have limited its growth. We will then continue to understand the role of the infrastructure now emerging in India in overcoming adoption barriers, and how these positions India favorably to achieve financial inclusion.

An observation recently at a bus stop highlighted the crucial importance of a country’s infrastructure. I was at the bus-stop in Singapore a few days ago. When my bus arrived, the bus driver (there are no bus conductors here) stepped down from the exit door and pulled out a fold-down ramp that rested just rightly so on the footpath. He then gently pushed a wheel-chaired person, who was commuting solo, out onto the footpath from where that perso ...

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