2017-07-05 01:25 PM
William Suberg
India, Cash in addition to Blockchain: Digital Payments Set to Surge inward 2017
86 per centum of Indians state they volition brand digital payments this year, piece the country’s digital payments marketplace position volition hold out worth $500 bln past times 2020.
Statistics reported by Quartz today present the fledgling sector, which benefited from India’s cash crackdown inward Nov 2016, has enormous potential - in addition to Blockchain could play a key role.
“Using Blockchain makes transactions secure, unhackable in addition to transparent. It takes out the middleman, provides real-time online transactions, in addition to information is safe,” Rajashekara Maiya, associate vice-president in addition to caput of production strategy at fiscal information giant Finacle, said inward an interview amongst the publication.
The Indian regime is pushing for a major reduction inward untraceable cash transactions, amongst digital biometric-enabled payment methods every bit a key replacement option.
Correspondingly, Maiya is closely eyeing the technology.
“Finacle has spoken to many academics who’ve conducted cardinal question inward Blockchain (and) Silicon Valley startup companies,” he continued.
“It helps us inward price of changing the image of payments—especially cross-border payments—and the digital identity of a customer. We’ve trained some twoscore of our staff, who nosotros telephone telephone the ‘Blockchain dark bench,’ to work their noesis to create solutions.”
India is ready to regulate cryptocurrency in the nigh hereafter every bit the medium becomes an attractive investment alternative for those lacking religious belief in governmental economical policy since the currency reforms.
