Hi Friends,

Even as I launch this today ( my 80th Birthday ), I realize that there is yet so much to say and do. There is just no time to look back, no time to wonder,"Will anyone read these pages?"

With regards,
Hemen Parekh
27 June 2013

Now as I approach my 90th birthday ( 27 June 2023 ) , I invite you to visit my Digital Avatar ( www.hemenparekh.ai ) – and continue chatting with me , even when I am no more here physically

Wednesday, 12 February 2020

From “ E-pay “ to ” E-play “



Context :


Extract :

Ø  The Reserve Bank of India (RBI) has prepared the ground for allowing competition to the National Payments Corporation of India ( NPCI )
Ø  The new entity will set up, manage and operate NEW PAYMENT SYSTEMS, especially in retail space, comprising but not limited to ATMs, white-label point-of-sales ( POS ) machines, Aadhar based payments, and remittance services

Ø  It will also develop NEW PAYMENT METHODS, STANDARDS and TECHNOLOGIES and spend on raising awareness of payment systems

Ø  The NPCI operates the RuPay and the Unified Payments Interface ( UPI ) networks

Ø  It links all the ATMs of different banks to ONE NETWORK and manages other forms of electronic payments
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Some 3 years ago, I wrote :

[ source :    A Matter of Time    /     03 Jan 2017   ]

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Today's Mantra  :  Competition is the Mother of Innovation


Just wait to find out which Mobile Wallet comes up with the following " innovations " first :

*  All bank accounts of a person ( in different banks ) become inter- operable / fungible ,
   through seamless interlinking , using Aadhar / UPI Interface in a Mobile Wallet
   No need to " select " a particular bank name

  
*  All transactions using a Mobile Wallet, automatically entered in BLOCK-CHAIN database
   commonly shared by ALL banks


*  Wallet based algorithm will  move funds across different bank accounts  for best yield ,
   constantly searching for best interest rates offered by banks on Fixed Deposits

   This will happen automatically , much like algorithm-based share trading , taking
   advantage of price differences in two bourses located 300 km apart ( in one thousandths
   of a second ! )

   No rocket science here considering availability of " BEST PRICE " apps for thousands of
   goods and services


   And since computing power of mobiles are doubling every 18 months ( Moore's Law ),
  nothing will stop algo-trading through a Mobile Wallet , as well ! ( Demat A/C on Wallet ? )

=========================================================

It is very likely that the RBI-inspired COMPETITION ( to NPCI ) may come from technology companies like TCS – INFOSYS – WIPRO – L&T INFOTECH etc

And though the selected entity will set up a payment network ( similar to NPCI ), as mandated by RBI, it will not be just another “ also ran “ !

Directors of these companies would want to go from “ E – Pay “  to  “ E – Play “ , described above

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12 Feb 2020

hcp@RecruitGuru.com


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