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People are paying for phone, utilities, and other conveniences without having to carry loads of cash

I happened to be in India last November when prime minister Modi announced the demonetization program, where 86% of the currency in the form of two paper bills (Rs. 500 and 1000 denomination) were made defunct. People were given time to deposit their existing currencies in the bank. Those who had unusually high volume of such currencies were supposed to declare the legal source or face stiff penalties such as 60-75% tax. The goal was to catch the money hoarders and black marketers who avoid paying taxes on such undeclared money.

Four months later, I happened to visit India last February. Everyone suggested I download an app called Paytm. I could transfer money from a bank account instantly. What was convenient with Paytm was that I could use it at gas stations, small stores, and even at roadside vendor shops. Everyone seems to have installed the Paytm station where you point the smartphone with a Paytm barcode and the transaction happens instantly. You can check your balance any time. I noticed people are paying for phone, utilities, and other conveniences without having to carry loads of cash. To incentivize more usage, discounts are doled out by many vendors.

Paytm, based in Delhi, has raised $738 million from investors inside and outside India (Alibaba, SAIF Partners, Goldman Sachs, Singapore’s Tomasek, Taiwan’s Mediatek, etc) at a valuation over $5B. Paytm wallet users exceed 150m. Clearly the demonetization has come as a boon in dramatically increasing it’s usage. They have also started their international operation by making the digital wallet available in Canada earlier this year.

Why haven't the digital wallets not taken off big in the U.S.? We have Apple Pay and Google Wallet for a while, but their usage has not been spectacular. One of the reasons may be the wide use of credit and debit cards that consumers are used to. But in a developing country like India where credit/debit card usage is quite low, a digital wallet like Paytm scores big. The company expects to reach profitability next year and may be one of the new unicorns (>$10B) soon.

Read the original blog entry...

About Jnan Dash
Jnan Dash is Senior Advisor at EZShield Inc., Advisor at ScaleDB and Board Member at Compassites Software Solutions. He has lived in Silicon Valley since 1979. Formerly he was the Chief Strategy Officer (Consulting) at Curl Inc., before which he spent ten years at Oracle Corporation and was the Group Vice President, Systems Architecture and Technology till 2002. He was responsible for setting Oracle's core database and application server product directions and interacted with customers worldwide in translating future needs to product plans. Before that he spent 16 years at IBM. He blogs at

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