August 11, 2015
The digital money discussion right now is louder than it ever has been. Mobile payment companies are witnessing a slow but steady change in consumer behaviour. People are trying out Apple Pay and several other wallets. At LTP, we have profiled more than 1500 startups and talk to amazing innovators every week. All this is good but in the bigger scheme of things, all this is just a scratch on the surface. Don’t you think something is missing?
Let me ask you a question: how many secure mobile payments do you make in a month? Two or four transactions per month? Slightly more? Eight to nine transactions a month? Now, think about how many times traditional money exchanges (give and take) your hands; most probably five or 10 transactions a day. You probably know where I’m getting at with all this. In this article, I will try to build a case for a truly cashless world where all these transactions need to go digital.
If we want to move to a cashless society, we surely need to start thinking about several cashless transactions per day and not just monthly experiments. So, what ar ...