India: The Future Of Fintech, Cashless Society, And Total Inclusion

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TechnocracyNews: The United Nations already declared Fintech as the chosen financial system for Sustainable Development, aka Technocracy. It is, of course, all digital and includes creative blockchain technology for management and control of everything. It also demands 100 percent inclusion of all citizens in the system. This IMF article shows how India is leading the way. ⁃ TN Editor

A digital infrastructure known as the India Stack is revolutionizing access to finance.

The India Stack is widening access to financial services in an economy where retail transactions are heavily cash based. A digital ID card dramatically lowers the cost of confirming people’s identities. Open-access software standards facilitate digital payments between banks, fintech firms, and digital wallets. And access to people’s personal data is controlled through consent.

The expansion of digital payments, facilitated by the stack, is an important driver of economic development in India and has helped stabilize incomes in rural areas and boost sales for firms in the informal sector (Patnam and Yao 2020). Other emerging market and developing economies could learn from the experience.

Layer 1: Digital identification

The first step in the creation of the stack began in 2010 with the launch of a biometric digital ID system dubbed Aadhaar—Hindi for “foundation.

Layer 2: Interoperable payments

Even as the government was widening access to bank accounts, India’s fast-growing fintech firms were launching digital wallets and mobile money.

Layers 3 & 4: Trust through consent

Data is emerging as a key part of the digital economy. Access to, and control over, it increasingly determines an economy’s growth, equity, and stability.

Lessons from India

No single aspect of the India Stack is entirely unique. However, its comprehensiveness has succeeded in building a more inclusive digital economy from the bottom up. Read More…

Opinion: India, with 1.2 billion people, has put the fulfillment of prophecy into action unaware by the majority.

(79.8% of the population of India practices Hinduism, 14.2% adheres to Islam, 2.3% adheres to Christianity, 1.72% adheres to Sikhism, 0.7% adheres to Buddhism, and 0.37% adheres to Jainism)

While we get only a few readers from India, I am continually amazed by readers who come from Indian cities whose names I cannot pronounce and wonder if they are part of the 2.3% of the country. I get even more amazed that a few come to our site from near-by Bangladesh direct (signed in).

In my interview with Jimmy DeYoung last Saturday, I was asked questions about China’s entry into central bank digital yuan, while completely unaware that India has already moved to digitize its massive population. Here is what I said:

“the US Federal Reserve is moving forward with its own version of a Digital Currency even though it is now lagging behind the Chinese …

  • Since the Fed would monitor every transaction, Bank Accounts will be unnecessary
  • Because digital money will be programmable, it will change the entire structure of money – the Fed will be able to automatically deduct taxes, freeze funds, limit or deny transactions to go through, think about this: purchases of firearms -DENIED. fossil fuels – DENIED. Unapproved medical care – DENIED. Financial support of certain political candidates- DENIED.”

Revelation 13:16-17 and Daniel 9:27 are clear. One government will have complete control of the world economy for 3.5 years. It won’t be the Federal Reserve, it won’t be the European Central Bank (in its current structure), and it won’t be the Bank of India, or China, but all four are falling in line.