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, 10 February 2021

A matter of { mere } 4 years

 


 

Times of India ( 08 Feb 2021 ) carries a big advt on front page, which reads ( partly ) :

--------------------------------------------------------------------------------------------

ICICI Bank  / iMobile Pay / POORE INDIA KA PAYMENT APP

Link Savings Account of Any Bank

Pay Anyone on Any Payment App

{  Introducing  iMobile Pay  - Powered by UPI  }

----------------------------------------------------------

Q >    But I don’t have an ICICI Bank account

A >     No problem ! You can link any of your Savings Account from any bank in

          India

-------------------------------------------------------------

Q >    Can I pay to shopkeepers or friends who use Google Pay, PhonePe , Paytm

         etc ?

A >    Yes ! You can safely send money to , or receive money from all payment

         apps that use UPI

---------------------------------------------------------------

Q >   What if I don’t have their account or UPI details ?

A >    Just select their mobile number from your phone’s address book. We’ll do

         the rest !

---------------------------------------------------------------

Q >    Can I do bill payments and recharges ?

A >    Yes, you can pay bills and do DTH & FASTag recharge instantly !

---------------------------------------------------------------

Q >    So , is iMobile Pay just a payment app ?

A >     No, it’s a banking app too !  You can apply for Personal Loans and Credit

          Cards with great offers

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


Some 4 YEARS back , I sent following mail to our Policy Makers :


A Matter of Time ………………………..[ 03 Jan 2017 ]

 

Extract :

 

So  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 ? )

  

*  Of course , future Mobile Wallets will subsume within itself , ALL AUTOMATIC

    PAYMENT APPS, using which ( individually ), currently I make following digital

    payments :

    #    Property Taxes / Locker Fees / Housing Society Charges / MTNL 

    #    Mahanagar Gas / Tata Power / YOU broadband / Vodafone / TATA Sky TV 


    I expect , a future Mobile Wallet to take care of ALL my periodic dues,

    automatically

 

*  Without doubt , a future Mobile Wallet will need to serve all major regional

    languages

*  Equally important, all future Mobile Wallets will have to be SPEECH ENABLED

   Read : How To Go Cash-Less  [  27 Nov 2016  ]

  

The party introducing this feature first, will be the WINNER !

Rest will remain followers !

Let there be no doubt

Paytm / MobiKwik / FreeCharge / Itzcash / SBI Buddy and a dozen other Mobile Wallets , are not going to take it " lying down " from BHIM !

The jury is out !

 

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

Today , 4 years down the line, I wonder :


In the TOI advt., ICICI raises following question – and answers :


Q >    So , is iMobile Pay just a payment app ?

A >    No, it’s a banking app too !  You can apply for Personal Loans and Credit

         Cards with great offers


So , I hope, someday soon, on my behalf,  iMobile will ( without consulting me ) :

Ø  # Buy / Sell shares for me ( the ultimate / automatic / AI driven  Algo-trading ? )

Ø  # Keep re-arranging my FD portfolio (  Wealth Management )

But than who knows – some startup might do this in 4 MONTHS instead of in 4 YEARS !

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

With regards,

Hemen Parekh  /  hcp@RecruitGuru.com /  11 Feb 2021

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