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Nandan Nilekani sees a massive leap in digital payments in India

Around 1.2 billion people in India hold Aadhaar card at present

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Nandan Nilekani sees a massive leap in digital payments in India
Nandan Nilekani
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When the entire world is talking about a major data breach that happened at Facebook, the man behind Aadhaar innovation says India is safe when it comes to privacy and data protection.

“India is very well placed on data. The infrastructure that we have created requiring identity authentication actually has made data more secure. We have a very structured way of releasing data. India will be the only country that has a data empowerment architecture where people can use data to advance their lives, and I think the forthcoming data protection law will play a big role in that. So, I am very confident that India will have very good data privacy,” Nandan Nilekani, non-executive chairman of Infosys, said at the Global Digital Summit, #Future, currently underway in Kochi.

He is also confident about the government winning the case against the Supreme Court regarding the need of Aadhaar card for withdrawing pension.

Around 1.2 billion people in India hold Aadhaar card at present. According to Nilekani, about 300 million new bank accounts got registered in last three years. “India as a country has the most advanced digital infrastructure,” he said.

“A massive leap in the payment system is happening in the country now,” Nilekani said. The National Payment Corporation of India (NCPI) brought a revolution in the payment system by launching unified payments interface (UPI) three years back. Before demonetisation, UPI was doing around 1 lakh transactions which have now increased to 172 million. Google Tez, WhatsApp, PhonePay and Paytm are giving new life to the payment system; Reliance will soon enter the space. Mobile wallet companies like MobiKwik will also come under UPI in future.

On GST, he said 10 million new businesses got registered in the goods and services tax (GST) regime. Also, billions of more invoices will be uploaded in the coming years.

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