India is the fastest growing large economy with a developing digital architecture. One of the key initiatives of the current government is e-governance. Tech-enabled platforms like Aadhar, eKYC, Digilocker, eSign, UPI are already active available for citizens of all socio-eco groups. Mobile platforms are geared to be the biggest influencers in 2018 and in the future.
Aadhaar: The key driver
Aadhar is a biometric data base that opens up immense possibilities with fingerprint and retina scans. This has paved the way for other areas of developing digital infrastructure. One single upshot of demonetization has been the emergence of alternative methods for cash payments like credit and debit card. With mobile payment apps taking over, it seems credit and debit card sector seem to losing market share. The Aadhar is the main identity for Indian citizens- linking it to cell phones, banking, business and income tax payments. By 2020, nearly 64 of the young population working will use smart phones at work. Social integration will change the way both the government and the citizens deal with each other. Having an identity like 12 digit Aadhar number will benefit people. Identification begins at birth –in or outside the hospital. It will facilitate getting a birth certificate, opening bank account, registration in schools, loans for business, insurance, or driving license. Success of Aadhar has innovators on their toes for the next tech-enabled platforms like eKYC and UPI and digilocker. In fact, successful eKYC for Reliance Jio phones have surged the way for rapid compliance of India stack.
Financial sector boost
Earlier Indians required multiple documents for banking. One time KYC documents which have been uploaded have cut the sweat and paperwork. The government has initiated 11 payment banks. The Jan Dhan accounts have augmented and encouraged digital transactions.. It allows people to avail of insurance, and other social benefits which are linked to banking systems. Payments are made directly to the user account. As mobility is trending, the use of cell phones to open accounts is already underway. With mobile phone penetration shooting up to 79 percent in 2016, the government is aiming to make next generation of smartphone devices compliant to the digital infrastructure in the country. Already, big brands like Apple, Samsung, Micromax, Google and Microsoft are keenly looking at the Indian government for tech-enabled business platforms. The Aadhar enabled phones are likely to be another humungous success in the next two years.
UPI is another kick-starter!
Microsoft has already made it possible to integrate Skype with mobile connections. With Aadhar, even video calling is possible! Already, brains are working on UPI (unified payment interface). This will allow even non-UPI banking system to link accounts. The use of QR codes for in-store payments and instant payments is active. The day will not be far when fingerprint scan will allow payment gateways to do business. Thus it adds more to the mobility of the digital infrastructure.
India Stack begins a new era
Safe and secured connectivity is paramount and one of the greatest benefits of a tech-enabler. India stack will share personal data with insurance, records related to medical, employment and tax filing. All these will eventually relate and link to the biometric Aadhar system. It assumes importance for eKYC. With all these Indian initiative ndia stack is likely to take over as citizens start to become aware and adopt digital technology. Existing businesses, startups and developers can use the paperless and faceless API systems in real time with mobile phones. In fact, India stack is the future that will propel the country into the most digitized country in the world.