Cashless India under Digital India Program

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#Fintech industry is evolving rapidly in many areas. Since last few year development is happening in online banking, digital wallets. But still lacks and there we need vastly improvement. With the help of new #blockchain technology, these problems can be solved.

Why fintech only?

Technology is growing as per Moore’s law. In this fast-moving world, customer demands fast process, reliable, simple usability, secure transaction in banking and this can be achieved using blockchain.

Below are the reasons, why fintech can play major role in #India

• India have almost billion mobile users with ~350M smartphone and expected to reach ~500M( In year 2022). These user are ready to use digital banking system.
• #Indian government running “Digital India” campaign under them the Ministry of Finance, the Ministry of Information Technology, NITI Aayog and other sectors are working closely to make Fintech digitalization like “Digidhan”
• Regulatory support from government
• As per Green economic zone, reducing in paper waste also supports indirectly digitalization that leads to more access to digital system
• Under “Pradhan Mantri Jandhan Yojna (PJD)” many unbanked people are opening banking account that tends to increasing use of banking sector
• 65% young population that are ready to accept new technology by providing education and awareness

As stated, I believe, India have huge market potential in banking sectors.

Deficiency in current traditional banking

• Cost: Cost of acquisition is extremely high
• Usability: Still complex UX to navigate products.
• Credit score: Lack of deeper analytics to calculate credit score lead to bad loans
• Microfinance: Because of lack of Infrastructure, it’s difficult for most of people to get loans. H ousehold debt to GDP ratio is lowest compare to US, China, Europe. So, there is huge scope in microfinance.
• Security: Not only in India but also Internationally, lack of privacy of user is biggest issue.

This lack of services can be boost by using latest Blockchain technology. Below are the blockchain based fintech projects that could be future leader.

Current blockchain based Fintech projects

As I am considering scenario of India market, I found only one major blockchain based project named “#Cashaa( The Next Generation Banking Platform for The Next Billion)”. Cashaa have already beta tested product. In addition to this, they have recently launched their OTC beta exchange.

Features as per Whitepaper

• Completely Digital: No more hassles dealing with local banks. Smartphone becomes one top shop for all banking needs like to store, save, spend, receive, borrow and get insured
• Global & Local: Payment will be settled across the world in 200+ countries in local #currencies. So, one can use as worldwide #remittance.
• Instant and Low cost: Payment will be made in 30 mins across world with low flat fee
• Secure: Single click security and user-controlled restriction on funds
• Strong KYC, AML

In addition, other features like trading, lending, microfinance will be available.

International blockchain based Fintech projects:

• #Ripple: Inter-settlement network to be used in the transaction by banks
• #Omisego: Vision to build a crypto payment network
• #Xapo: Bitcoin based debit card but can’t use as bank
• #Monaco
• #Humaniq,# Crypterium etc.

It’s still very early to say, this above mentioned companies will be Fintech leader or not. But, What makes world class Fintech companies?

Below are the few parameters:

1. These companies try to solve real-life problems that common people faces on daily basis
2. They never afraid to experiments, they accept mistakes, they fail to deliver but learns from that and move forward with more force, they do innovations. Their main goal it the growth of company. Their adaptability to new technology varies as per requirements.
3. These companies hire great innovators with positive mindsets.
4. These companies provide strong KYC, AML policies and compliance to make it fully compliant with regulations

The company, who will be first to adapt this condition, will win the race. #Cashaa follows this footstep strongly and being first in India, they could be Leader or have ample opportunities to become one.

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Conclusion: The lack of services of current banking system can be solved using latest blockchain technology. With the combination of covering huge potential market like India and leveraging blockchain technology, company can easily become leader in Fintech.

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Disclaimer: These are my personal views. This article does not constitute an invitation to purchase or sell securities in any jurisdiction or a solicitation or investment advice in #Cashaa, $CAS token or any cryptocurrency, and is published for information purposes only. The reader undertakes to carry out appropriate research and in any case to consult a professional before taking any decision regarding #Cashaa. To find out more, visit the website https://cashaa.com/