Saturday, 14 January 2017

POST Post-cash choices in India

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Unified Payment Interface, or UPI, provided by various banks could be considered safer than other modes in this respect. In case of UPI, one needs to enter only the Virtual Payment Address, or VPA, of the recipient, which is more secure and easy than sharing credentials such as account numbers and IFSC codes.

From Digital payment: Post demonetisation, which digital payment method to use? Here’s how to choose - The Economic Times

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According to provisional data released by the Reserve Bank of India on Monday night, the usage of debit and credit cards at point-of-sale (PoS) terminals has declined in January after peaking in December.

From Digital transactions decline in January as cash crunch eases - Livemint

I think, however, that there is some evidence that India’s transition to post-cash economy is real and that the electronic alternatives have traction. In true Clayton Christensen disruptive innovation tradition, I look to the less-regulated corners of the market and the margins of conventional products to uncover the next big thing. And here, I note, that not only are the red light districts responding to the new order by adopting mobile payments, but so are kidnappers.

The modus operandi of the criminals came to the fore with the abduction of 26-year-old resident of Indore, Harish Chouhan. After being released by abductors after recieving ransom through a PayTM account,

From Mathura kidnappers accept online payments - Vrindavan Today

Not Bitcoin, I note. So, I think that we can conclude that mobile payments do indeed provide a viable post-cash infrastructure but that early adopters of new payment technologies are responding positively to the challenges of the transition. All good news for us on the digital money side of the means of exchange fence.

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