Real-time Payments - Biren Parekh

Not new, but I found numbers amazing and amusing.. ✨

India is way ahead of developed economies. Perhaps, there can be an argument that because of a large population, the numbers are so high. But, so is China whose numbers are 65% of India’s numbers despite similar population and whose economy is in top 3 in the world.

With the literacy rate of Indian adults standing at 70%, these numbers speak about how quickly economy may grow because of money changing hands rapidly and how easy must be payment technologies and apps for common person.

Indian government is overseeing the real-time payments reforms for a decade now and 200+ big and small banks are supporting it. With several reforms in offing and payment startups scaling up, this number is only going to grow exponentially..

Agree???

#payments #banks #economy #money #india