Eons ago, much before we got accustomed to multimedia gizmos that now can live without, Albert Einstein observed: "I believe in intuition and inspiration. Imagination is more important than knowledge. For knowledge is limited, whereas imagination embraces the entire world, stimulating progress, giving birth to evolution. It is, strictly speaking, a real factor in scientific research."
In India, an inability to prove identity is one of the biggest barriers preventing the poor from accessing benefits and subsidies. Public as well as private sector agencies across the country typically require proof of identity before providing individuals with services – be it opening a bank account, getting a phone connection, travelling in a train, applying for school/ college admission, availing subsidised food grains by the underprivileged, applying for a job etc. This approach is especially unfair to India’s poor and underprivileged residents, who usually lack documentation and find it difficult to meet the costs of multiple verification processes.
An essential requirement for envisioning India's future in the coming decade is to recognise that the parameters, which determine national development have changed in recent years and will change further in future. I strongly believe that this would require one to constantly keep changing systems, processes and procedures intact. This will open up greater possibilities than ever before. A powerful set of forces is accelerating the speed of social change throughout the world. These include a rapid rise in the levels of education, high rates of technological innovation and application - ever faster and cheaper communication that dissolves physical and social barriers, both within countries and internationally, an easier access to information and the further opening up of global markets. It is here that IT plays a pivotal role. We have to take Digital India as a business transformation and proactively identify opportunities in advance and invest in it before demand actually arises. Digital transformation is nothing but change management as it impacts all levels of functioning-be it any task, activity or process.
India is witnessing a renewed sense of consumer optimism powered by a buoyant economy. The resulting upward trend in economic activity and the growth in volumes will require innovation in electronic payments to deliver a holistic "commerce engine" that support new entrants and enables smooth financial transactions. The Indian government’s big push towards ‘Digital India’ is heartening, as it will result in increased e-Governance and thereby greater consumer convenience. This momentum towards a more 'Digital India' will lead to a further increase in e-commerce, which has already seen phenomenal growth in the last few years. The e-commerce industry will continue to maintain high adoption rates with the consumer increasingly moving towards mobile-based services. There has also been an increased smartphone adoption in India with an expected rise to over 500 million by 2018. With 900M mobile users spread across the country’s less accessible regions, enabling payment services on these mobile devices will help address the challenge of a very significant acceptance gap. We will increasingly see "digital convergence" where the consumer will pay with multiple devices for online, in-app and Near Field Communication (NFC) experience linked to a common account. The focus on building ‘Smart Cities’ will also lead to the emergence of 'smarter services,' assisting in electronic payment flows across areas such as utilities, transit, municipal fees, tolls and duties.
Of 34 crore Financial Inclusion Accounts added since 2014, 24 crore now have a RuPay Card. Out of these, 13.2 crore or 55 per cent have been used at least once, according to a report by the SKOCH Group entitled, PMJDY Drives Financial Inclusion Home: A Performance Analysis of the PMJDY.