India does more real-time online digital transactions than the US, China and Europe put together, Department for Promotion of Industry and Internal Trade (DPIIT) Secretary Anurag Jain has said.
“India has a paperless, presence-less and cashless solution for everything. The public digital infrastructure of India is unique. It is based on open systems, open architecture and open network, which allows everyone to plug in and removes entry barriers,” he said at an interactive session on ‘Inclusion on the Back of Technology: Best Practices’ at the CII Partnership Summit on Tuesday.
Training required
Technology has become an integral part of financial inclusion, J Venkatramu, MD and CEO, India Post Payments Bank pointed out in his presentation at the session, according to a press statement issued by CII. “A lot of training is required for end-users towards embracing technology. Financial literacy camps and enabling users to use smartphones has been an inflection point for banking. Going forward, capacity building efforts for end-users will provide greater impetus for embracing technology,” he added.
There is a need to enable lending for social enterprises and monetising impact, noted Grameed Capital CEO, Royston Braganza. He said India is showing global leadership in reaching the underserved. If financial inclusion and technology are brought together, it would result in a world where everything can be achieved everywhere, all at once, he added.
Stressing on the importance of building cyber resilience, Ravi Aurora, Executive Director, Global Policy Affairs & Community Relations (USA), Mastercard, said that data principles must be centred around benefiting the user. Having a set of security mechanisms in terms of tokenisation and anonymisation is important to create a security infrastructure to maintain trust, he added.