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Going Cashless

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Which societies are going cashless, and what models are they adopting? How can technology support governments, consumers and merchants in going cashless?

Published in: Economy & Finance
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Going Cashless

  1. 1. www.burnmark.com Going Cashless Devie Mohan @devie_mohan
  2. 2. www.burnmark.com 2 Case Study: Cashlessfor Crime and Corruption Concepcion, Colombia “Bottom up approach” in a sandbox, starting with educating children and connecting with existing systems like the Daviviendo ATMs. On implementation, you could even pay for one onion digitally.
  3. 3. www.burnmark.com 3 Case Study: Cashlessfor Economics Sweden Government-supported policies supported merchants and consumers in going cash- free, with notes and coins representing only 2% of the economy today. Swish app is used by more than 30% of population.
  4. 4. www.burnmark.com 4 Case Study: Cashlessfor Inclusion Nigeria Government banned all cash transactions over N500K, with a view to improving efficiency and reducing banking costs in reaching rural areas. Challenges still exist in the form of poor infrastructure, internet crimes, lack of trust and low literacy.
  5. 5. www.burnmark.com 5 Case Study: India India, 9 Nov 2016 The government banned the two highest denominations overnight, making rural and urban consumers scramble to open digital bank accounts with virtual KYC and make transactions through mobile wallets like PayTM.
  6. 6. www.burnmark.com India could turn out to be the best example 6 Strategise JAN DHANYOJANA • 250mn new bank accounts • 180mn RuPaydebitcards issued • 100mn accountslinkedto Aadhar J AADHAR • 1bn+uniqueidentity biometricsdone • Aadhar-basedremittance available • DigiLockerande-KYCservice implemented. A MOBILE • 1bn+mobilesubscribers • 250 mn+smartphoneusers • 370 millionmobileinternet users M Implement
  7. 7. www.burnmark.com India could turn out to be the best example 7 Strategise JAN DHANYOJANA J AADHARA MOBILEM Implement Consumer Merchants Regulatory Body
  8. 8. www.burnmark.com Urban, Semi-urban and Rural 8 The new policies work well for all types of consumers. Urban: Most use mobile wallets, digital banks and traditional bank accounts. Semi-urban: Increasingly being converted to digital payments via cards and apps (BHIM) thanks to the introduction of 1.5 million new PoS machines to merchants by the government. Rural: e-KYC offered to consumers and biometric payments available without bank accounts or phones.
  9. 9. www.burnmark.com 9 Which countries arebest positioned to go cashless?
  10. 10. www.burnmark.com THANK YOU 10 Devie Mohan @devie_mohan

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