Hi Marty,
I think that's old news re Smartphones stats. It's now sitting around the 200 million mark.
Here are a just a few points that stood out for me that the speaker Mr. Nilekani highlighted in the video presentation below...
* There will be 600 million smartphones by 2020 throughout India.
* Money order was launched in 1880. That's how money was sent. It has now been discontinued because there has been very little volume of transactions.
* IMPS was launched in 2011 and in 3 years the volume of remittance exceeds the Indian money order which was launched in 1880. Today IMPS is 1/3 of the remittance market of India.
* IMPS will soon overtake debit and credit card sales. This real time system is already overtaking traditional payment systems in rapid speed.
* There's going to be a dramatic surge in e-commerce payments in the next 3-4 years.
* 1 billion Indian residents have an Aadhaar number already. What that does is that it provides online authentication in real time. A person can go anywhere and provide their Aadhaar number and it gives authentication in real time. No one else in the world has this system in place.
* BBPS - will create a complete digitization of bills. A bill will come into your payment box and you can pay that bill with UPI. These digital payment systems will be integrated and they will be API based.
* 1 billion Utility bills per day will be going through this platform amounting to $60 billion dollars plus per month.
* Domestic consumption is growing - which is only going to mean rapid ATM expansion (that was my input). Today we have a $600 billion dollar retail market which will be a trillion dollar retail market by 2020. Refer to this link also
http://www.ibef.org/industry/indian-consumer-market.aspx
1 billion Bank Accounts (Jan Dhan) Banking for all - India are almost there.
1 billion Aadhar Accounts Digital identity for all - India are already there.
1 billion Mobile Phones Communication & Ubiquitous Computer Device for all - India are almost there.
UPI rollout is going to start next month. Banks are going to go live with their partners, tech co's, fintech co's etc and he said the whole thing is going to explode! Why is this disruptive? UPI will cut transaction costs.
What I also took note of is one of the many platforms soon to come online - The Goods and Services Tax Network (GSTN). Essentially the Goods and Services Tax Network (GSTN) is a single platform that every invoice in the country will go to that platform. Millions of businesses who are paying Goods and Services Tax will be digitally available on the GSTN platform and that will be available as a digital stream. Which means 5 billion invoices per month across 7 million business will be going through this platform. When this platform comes online the entire business of this country will be electronically available as a digital footprint.
TSI India are right in the heart of all this.
Tony
