The Indian economy is predominantly cash-driven with only 5 per cent of the country's Personal Consumption Expenditure done electronically. This shows that there is a huge unexplored market for payment companies. It will require all players across the payments value chain to create much greater innovation in payment services.
The government-run Life Insurance Corporation (LIC) that controls more than two-thirds of the life insurance business in the country, has shown unwillingness to bear the cost of the proposed Rs 30,000 life cover under the Pradhan Mantri Jan Dhan Yojana.
