It's not just evangelising a vision of inclusive India, but personally developing large chunks of the digital building blocks of that future
The stage was set in Mumbai, India’s financial capital, at the Jio World Centre, the city’s business district. People from world over were meeting to celebrate India’s fintech revolution and talk about what’s next. A senior official from the National Payments Corporation of India made a simple, almost cursory, announcement that Nandan Nilekani would speak for a bit. Nilekani, chairman of Infosys Technologies, but in the day’s context, chief evangelist of tech for an inclusive India, didn’t disappoint.
India, and specifically the Reserve Bank of India (RBI), “is showing the world how to combine regulation and innovation,” he said at the beginning of his brief 10-minute speech. He spoke of how the world is marvelling at India’s fintech revolution, with Aadhaar and the Unified Payments Interface (UPI), but ever looking ahead, added “this is just a part of the journey, there are a few things that are coming.”
In particular, the Account Aggregators system that the RBI is putting in place holds out the promise of making credit and lending as simple as sending a payment today, and will touch off its own set of revolutions, he said. Another big initiative is the Open Network for Digital Commerce (ONDC), which will allow India to disaggregate ecommerce with participation from literally everyone—retailers, supply chain businesses, payments companies, and so on—with a big impact on hyperlocal commerce. “This combination of credit with UPI, enabled by the Account Aggregator system and ONDC, will fundamentally reorder the supply chain of India,” making it more efficient and easier to get products and services to everyone, he outlined.
The day’s events included the launch of additional features on the UPI platform, including the ability to make payments via an “offline UPI” feature. And ever dreaming big, “today we have about 260 million people using UPI, and with the launch of offline UPI, I think we can add another 500 million users to the payments system,” Nilekani said.
(This story appears in the 15 December, 2022 issue of Forbes India. To visit our Archives, click here.)