Slashdot Mirror
India Just Flew Past Us In the Race To E-Cash (backchannel.com)
New submitter mirandakatz writes: Since India's prime minister banned 86 percent of the rupee notes in circulation last month, citizens have been waiting in hours-long lines for ATMs. But these circumstances have also created an unexpected progression: a burgeoning cashless economy. At Backchannel, Lauren Razavi explores how India is now beating many Western countries in adopting mobile payments, and how demonetization has triggered a radical shift toward reimagining India's enormous informal economy as a data-driven digital marketplace. From the report: "Before last month, Paytm, a mobile app that allows users to pay for everything from pizza to utility bills, saw steady business -- it was processing between 2.5 and 3 million transactions a day. Now, usage of the app has close to doubled. 6 million transactions a day is common; 5 million is considered a bad day. Rather than being forced to idle away time in excruciatingly long lines, 'people are proactively exploring other ways to settle payments besides cash,' says Deepak Abbot, senior vice president at Paytm. 'Now people are realizing they don't need to really line up, because merchants are starting to accept other forms of payment.' All of this has created a newfound system that practically incentives mobile payment. With so many people queuing up at banks every day -- and a lot of Indian bureaucracy to wade through in order to open a traditional bank account or line of credit -- the appeal of more convenient digital alternatives is easy to understand. According to a report in the Hindu Business Line, as many as 233 million unbanked people in India are skipping plastic and moving straight to digital transactions. 'Cash has lost its credibility and payments are no longer perceived in the same way,' says Upasana Taku, the cofounder of Indian mobile wallet company MobiKwik, which reported a 40 percent increase in downloads and a 7,000 percent increase in bank transfers since demonetization. 'There's chaos at the moment but also relief that India will now be an improved economy,' she says."
Apple Pay itself eclipses all of those numbers. 3 million transactions a day is nothing.
Before the government can steal something and give it to you,
You mean like how the government paid for networking research that lead to the internet? Or how they fund basic science research with grants that private companies would never do? And then the same companies just take the research and make money off of it. Brilliant innovation. Socialize the losses, privatize the gains. Yay Capitalism !
Meanwhile in the real world, it's evil capitalism that gets things done.
Said the person commenting on a SOCIAL website where people congregate under a SOCIAL contract for a COMMON goal to SOCIALLY and FREEly exchange ideas. But perhaps you're the special kind of ayn-rand-boot-licking prick who invoices their friends and peers for giving them your time.
It's not even that they know what you're doing. It's that no cash means they can "turn off" all your money. Even now they can turn off *most* of my money, but at least with cash I can buy a sandwich and get some gas until I figure out what's going on.
Just a couple weeks ago I was getting lunch and their card reader was down. Down. Think about that. The place would have done no lunch business, but they take cash. They didn't have the old-fashioned impact reader for credit cards. A lot of places don't. Yeah, they could all get those; but a lot of the cashless people are advocating things for which, AFAIK, such legacy non-electronic alternatives don't exist.