128: How Digital Payments Are Revolutionizing India ft. Infosys Chairman and Co-Founder Nandan Nilekani
The Bid
The Importance of Electronic KYC in India
Right now 1.3 billion Indians have the ID. They use it to authenticate themselves, they can do an online identification and that does about 80 million transactions a day. A micro ATM is nothing but a small mobile phone, smartphone with a maybe a peso on it. And if I want to withdraw money from my bank account, I just go to the neighborhood grocery store; he gives me 500 rupees. So suddenly, you are made cash in cash out accessible to a billion people.
Over the past 14 years, India has undergone a digital transformation that has caught the attention of the world: It has built a digital identity system that has created unique IDs for over a billion Indian people and launched a digital payment system that has revolutionized consumers’ access to financial services and healthcare. Host Mark Wiedman is joined by Nandan Nilekani, Co-founder and Chairman of Infosys to talk about how the country is building a digital public infrastructure that brings new economic growth for society
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