In 2016, A team of developers partnered with fintech, alternative credit company, Capital Float. This was the first digital platform to provide its users option to provide their consent using Aadhaar enabled signature.
Here, the India-Stack (https://www.indiastack.org/) team started development for the first of its kind world’s largest open API space to catapult India in its digital age. India Stack is a set of API’s that allows government, businesses, startups and developers to utilize an unique digital infrastructure to solve multiple problems. The layers enables presence less, paperless, cashless service delivery.
For those not well versed with tech, API are application platform interfaces, in short it is a particular link to enable an app to fetch authentication of data and sometimes allow to fetch the data itself to provide over it’s own platform.
The below image shows the pilot project made by the team at India stack.
If you’re not living under the rock for many months, maybe years, you can see an uplifting sentiment in the market around digital infrastructure such as payment etc. We are moving towards an age of more and more digital transactions where lower use of cash is prominent. Cash is something which is probably not going to be obsolete in coming 5–10 years but, dependency over paper currency bills is going to reduce much in coming years, that’s for sure.
We, here in INDIA, are very successful in building a virtual infrastructure to create opportunities for multitude of applications. It has increased the convenience drastically for people. This majorly increases or decreases productivity for people along the way.
The following is the population graph and estimate for future
As we can see the population has increased drastically over the years and going to increase more in the coming years. India currently stand at ~74% literacy rate but that was never acted as a deterrent for us to use the digital infra India is creating right now.
This journey and the standing of India is only due to various public -private partnership. Also, the current govt. of India is somewhat willing to experiment with different ideas to uplift the country.
Below is the real time digital transactions happening in various country and it shows where we are standing right now.
It’s a happy journey for that India is showing new way to provide transactional power to the people. I wish, “GOD SPEED, INDIA!”
…until next time, don’t forget to share and show love. Happy transacting!
