Google Can Read Your Mind ?

May be not yet , but it can most certainly read every blog and every email !

And even take " ACTIONS " , if it contains any useful suggestion

In my blog ( sent as email to NDA Ministers / Secretaries etc,  on 02 Dec 2016  ) , I wrote :

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Dear Shri Amitabh Kant :

There is no doubt , you will encourage PRIVATE SECTOR players to launch Mobile Wallet apps

But you have this opportunity to SIMPLIFY the use of Mobile Wallet Apps - the use , which appears " daunting " to rural folks

Here is how :

*  Based on UPI / Indiastack , come out ( in next 6 days ? ) , with M-Rup ( RuPay based 

   mobile app , linked to Jan Dhan A/c and to Aadhar Biometric verification of the user )

*  Citizen can download M-Rup ( whether on Smart phone or on feature phone ) ,from

   Google App store 

*  M-Rup can be activated only after user enters his Jan Dhan A/c number / his Aadhar

   Card number and his Mobile number , in the App

   

*  At the time of " Activation ", let the M-Rup wallet get filled up with Rs 100 ( as a freebie )

*  This initial loading of M-Rup with Rs 100, to happen, even if the user has no Jan Dhan a/c

*  This initial loading will enable the users to " experiment " transferring or receiving digital

   money ( even between friends , none of whom have Jan Dhan accounts !). Make it FUN !

I am sure , you will say :

" How does this make M-Rup any DIFFERENT from any other Mobile Wallet app ?  

  Where is that SIMLIFICATION of use ? "

  

Dear Shri Amitabh :

Like you ( and of course , Shri Modiji ) , I have a great faith in the ability of Indian software engineers ( local or NRI ) to come up with revolutionary solutions / innovations !

Just ask Sundar Pichai , Sam Pitroda , Satya Nadela , Sachin Katti , Pranav Mistry , Sanjay Sarma , Nandan Nilekani etc , if they will help implement the following :

*  Buyer  buys something worth Rs 100 from a shopkeeper

*  Buyer and the Seller , look into their own mobile-cameras ( of  smart phones

   loaded with M-Rup ) for biometric Aadhar identification / linked to Jan Dhan a/c 

*  Seller speaks in his mobile : " Muze Sau Rupiah dedo "

*  Buyer speaks in his mobile : " Inko Sau Rupiah dedo "

*  Message flashes in the mobile screen of Seller : " Tumhare account-me Sau Rupiah

   Jamah ho gaya / GST bhi kaat ke Sarkar-ko bhej diya "

*  Message flashes in the mobile screen of Buyer : " Tumhare account-se , Sau Rupiah inko

   Bhej Diya . Abhi balance me teen sau sath rupiah bacha hai "

I request all concerned , not to insult our engineers / scientists / geeks , by doubting if such SIMPLIFICATION ( based on day to day spoken language ) is possible

Doubting Thomas may want to look up ... PILOT   

{  http://www.waverlylabs.com/  }

This is the only way rural India can bypass the Jurassic Age of Plastic Cards to usher into a CASH-LESS society !

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Dear  Shri  Amitabh  Kant  :

While congratulating you - and your entire team of dedicated professionals - I request you , not to stop with launch of AEPS mobile app

Please, do come up with a version which enables millions of not-so-savvy Indians to just give a " Voice based Instructions " to AEPS app , for all of their Digital Payment transactions, in language of their choice

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Question :  Did Sundar Pichai ( Google )  read this email ?

Answer   :

Absolutely ! In case of doubt , read following news appearing in today's ( 09 Dec 2016 ) , Hindustan Times :

GOOGLE TAKES ' ACTIONS ' TO ITS AI ; TO PARTNER INDIA's GUPSHUP

Internet giant Google on Thursday said it was bringing Google Actions to its powerful artificial intelligence platform, Google Assistant

Called Actions on Google, the development interface will allow companies to integrate direct actions or directly embed the Google Assistant in a range of devices....

" Coming soon : Build Conversation Actions using API.AI and other tools ", the web site said

" The bot landscape has grown exponentially in the past year , enabling a world where intelligent , conversational interfaces will be all around us : at work, at home, on everyone of our devices and appliances " , Beerud Sheth , CEO , Gupshup said

In view of the ongoing shift to CASHLESS TRANSACTIONS , banks and NBFCs can take advantage of the move to build INTERACTIVE  VOICE-DRIVEN apps

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Besides Google , I hope members of the Chief Ministers' Committee appointed to advise the government on DIGITAL PAYMENTS , will read this email  - then call up Beerud Sheth on,

+1-855-982-2997

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09  Dec  2016

www.hemenparekh.in / blogs

  

From UPI to UTI

Of late, UPI ( Unified Payment Interface ) is talk of the town

It is high time , we also start talking about UTI ( Unified Transaction Interface )

Without naming it as such , Income Tax Department has already started compiling and analyzing , high value sales / purchase transactions , to figure out instances of suspected tax evasions

IT recently sent out notices ( Emails ? ) to some 7 lakh parties involved in 14 lakh high value non-PAN transactions, asking them to furnish their PAN details

Under several laws / rules / regulations , IT requires various agencies / entities / individuals , to furnish a lot of information whenever money changes hands

Following are a few examples :

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Who must report ?   :  Banks / NBFC / Post offices

What  ?                   :  Time Deposits ( if totaling Rs 10 L or more in a year )

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Who must report ?  :  Companies / Mutual Funds

What  ?                  :  Purchase of shares / Mutual Fund units (if Rs 10 L or more in a year )

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Who must report ?  :  Professionals / Businessmen

What  ?                  :  Cash receipts exceeding Rs 2 L from any person for sale of

                                goods / services

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Who must report ?  :  Jewellers

What  ?                  :  TCS ( Tax collected at Source ) for sale of bullion exceeding Rs 2 L or

                                jewellery exceeding Rs 5 L in cash

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Who must report ?  :  Any Seller

What  ?                  :  Sale of any other Goods / Service exceeding Rs 2 L

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Who must report  ?  :  Property Buyers

What ?                    :  TDS ( Tax deducted at Source ) for purchase of property with a value

                                 exceeding Rs 50 L ( to be reported before paying the seller )

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Who must report ?  :  Person making any payment

What ?                   :  Lottery / Game winning prizes exceeding Rs 10,000

                                ( to be reported before paying the winner )

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Who must report ?  :  Buyer

What  ?                 :  Quote PAN while buying / paying / depositing ,

                               *  Property exceeding Rs 10 L

                               *  One time payment at hotels / restaurants, exceeding Rs 25,000

                               *  Depositing cash exceeding Rs 50,000 in a day with a bank

                               *  Purchase of Foreign Currency exceeding Rs 50,000

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Who must report ?  :  Seller

What  ?                  :  Verify PAN and furnish a statement to IT department on

                                transactions

                                beyond a certain threshold

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Who must report ?  :  Banks / Mutual Funds / Companies / Registrars

What  ?                  :  Annual Information Report ( AIR ) on high value 

                                 transactions

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{ Source : Maulik Madhu / Business Line / 05 Dec / Government on Data Trail }

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Considering the effort involved in compiling / collating and analyzing such a massive data , coming in continuously from lakhs of sources , it was natural for the IT department to make use of computer based BIG DATA analytics , to narrow down those suspicious cases

In our goal to make India , a LESS CASH economy , UPI / AEPS ( Aadhar Enabled Payment System ) , was an important FIRST step

But UPI / AEPS , just does NOT cover those sale / purchase transactions which take place using Credit / Debit cards and private brand Mobile Wallets !

To ensure that these transactions too get into the database of the Income Tax department , I suggest following :

STEP  #  2

All other PRIVATE brand Mobile Wallets ( Paytm / MobiQuick / ItzCash / FreeCharge etc ), must be integrated with UPI, so that the sale / purchase TRANSACTION DATA generated through use of such private mobile wallets too gets integrated into the COMMON database of the Income Tax department

STEP  #  3

All Card-Swipe / PoS machines must be UPI / AEPS compliant, so that all sale / purchase TRANSACTION DATA generated through use of all CREDIT / DEBIT cards, too gets integrated into that COMMON database of IT

STEP  #  4

All sale / purchase transactions by all other Electronic Fund Transfer Network ( EFTN ), too must be also transmitted / deposited , into this COMMON DATABASE of TRANSACTIONS

IN  NUT-SHELL  :

All sale / purchase transactions of any kind ( goods or services ) , MUST all get into a COMMON / CENTRAL database , through introduction of a UTI ( Unified Transaction Interface )

UPI + UTI = " Less Cash " + " Less Evasion " + " Less Black "

I request Shri Arun Jaitley-ji to consider my suggestion

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08  Dec  2016

www.hemenparekh.in / blogs

                                 

Conspiracy of the Cards ?

In India , there are approx 73 crore Plastic cards in use , out of which , some 69 crore are Debit cards ( including RuPay cards )

90 % of the Debit cards are used for withdrawing cash from ATM

Of course , both type of cards can be used for purchases, by swiping on Card Swipe machines or Point of Sales ( PoS ) machines, of which , we have some 1.44 million in current use

To encourage non-cash transactions , NDA government , yesterday asked banks to order some 1 million ( 10 lakh ) card swipe machines and ensure that these are commissioned by end March 2017 ( next 100 days ? )

At an average price of Rs 10,000 each , this order will cost Rs 1,000 crore !

Even assuming that banks have no problem in respect of incurring such expenditure , there is just no way , companies manufacturing these machines can manage to produce 10,000 machines EVERY DAY , for the next 100 days ( when their current rate of production is barely 10,000 machines PER MONTH ) !

May be , they will manage to deliver in 300 days !

But that is not the issue .

The issue is :

Someone in the NDA government is working at " cross purpose " with the government's avowed goal to make AEPS ( Aadhar Enabled  Payment System ) integrated UPI mobile wallet , as THE FOUNDATION of going Cash Less ( or Less Cash )

This was stated by none other than Shri Amitabh Kant , CEO - NITI Aayog , 4 days back

He is working double-time to launch UPI based ( AEPS integrated ) mobile wallet by end of this month , as an ANSWER to mobile wallets of Paytm / FreeCharge / Mobiquick / PayU / ItzCash etc

No one knows it better than Shri Kant that the illiterate Indians in rural areas find it VERY DIFFICULT to use Credit / Debit cards , what with the accompanying complicated process , requiring remembering / typing of PIN and Passwords and changing now and then

In my earlier blog / email , I have suggested that UPI based mobile wallet be made UTTERLY SIMPLE , where , the Buyer and the Seller , only need to look into the smart phone camera ( for respective bio-metric identifications ) , then just SPEAK ( in their language of choice ) , their respective Aadhar Numbers and the PAYMENT AMOUNT

That's all !

It is time we leapfrog the Jurassic Age of Credit / Debit cards and straight away jump to the age of " Speech Enabled Mobile Wallets " , much in the way rural Indians bypassed the " Age of Landlines " and jumped to " Age of Mobiles "

Following is another example of someone / somewhere , working at " Cross Purpose "

A report in Hindustan Times ( 07 Dec 2016 ) says following , with regard to the forthcoming Union Budget :

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INCENTIVES  are likely to merchants promoting use of PLASTIC money and TAX BENEFITS could be offered to those making electronic payments

" We will put in place, several measures to push the use of DEBIT and CREDIT cards and also encourage digital payments " ... a finance ministry official told HT

The ministry could also come out with a Pradhan Mantri Jan Dhan Yojana-like scheme to spread the use of DEBIT cards , especially among the RURAL and SEMI-URBAN areas

Merchants , especially those running small businesses , would be encouraged to acquire PoS ( point of sale ) machines to facilitate payments 

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Threatened with a certain " obsolescence " within next 2 / 3 years , at the hands of the privately branded Mobile Wallets as also, the soon to be launched , UPI / AEPS linked ( and Speech based ) Mobile Wallet , it is not surprising that the existing Card Issuing companies are working overtime to convince the Government :

#  To grant some " Incentives " to MERCHANTS , who accept card-based payments

    through use of Card Readers

#  To grant some " Tax Benefits " to those making electronic payments

I am all for granting such " Incentives " and such " Tax Benefits " , but I urge the government to do so only in respect of BUYERS and SELLERS , using UPI / AEPS based Mobile Wallets , and NOT to users of CREDIT / DEBIT card

My argument is simple :

If Government extends these Incentives / Benefits to Card Users , then UPI / AEPS based mobile wallet will never take off !

No competition is precisely what those Card Issuing companies want !

For them , such budget announcements , would be " Manna from the Heaven " !

It would enable them to survive , riding piggy-back on government incentives ( - nothing more than a " life support system " for a terminally ill patient , who should be allowed a dignified EUTHANESIA ! )

Please remember ,

A UPI / AEPS integrated mobile wallet ( really , a mobile app ) can be easily configured for following functionalities ( apart from SPEECH and TRANSLATION ) :

#  Instant transmission of " Transaction Data " to servers of IT / ED / anyone else

#  Co-relation of total transaction values for a accounting year with IT return filed by a

    merchant

#  Deduction of GST and depositing into appropriate accounts of Central / State

    governments

#  Crediting into the Jan Dhan accounts of the BUYERS and the SELLERS , those

    INCENTIVES / TAX BENEFITS ( expected to be announced in forthcoming budget )

#  As suggested by me earlier, crediting a small percentage of GST amount into,

    *   EPF account of the BUYER ( if he already has one )

    *   PPF account of the BUYER ( to be created automatically , by Mobile App )

     

    We have a work force of some 486 million , out of which only 30 million are working in

    the Organized Sector, with balance 456 million in Unorganized Sector

    I believe most of these 456 million , do not have any EPF / PPF account

   By implementing my suggestion, we will ensure that our entire work force gets covered

   by a POST RETIREMENT SOCIAL SECURITY , without imposing any big financial burden on

   the government

   In itself , this suggestion would INCENTIVIZE all buyers ( no matter , how small a

  purchase value ) , to effect payment ONLY through UPI / AEPS mobile wallet !

  With every purchase made , using his UPI / AEPS mobile app , his EPF / PPF , keeps

  growing  !

  And the interest earned on PPF is TAX FREE !

SUPPORTING   FACTS  :

*  All mobile wallets put together , are expected to grow from current 20 crore to 65 crore

   by 2020 ( 3 times )  , and mobile wallet based transactions will go up 5 times !

*  One million new e-Wallet users are joining EVERY DAY , since 09 Nov !

*  72 % of internet accessed in India, happens on Smart phones ( against world ave of 50

    % )

*  On Sept 29  2016 , RBI had issued a circular stating that Aadhar-enabled PoS terminals

   were to be mandatorily installed by January 2017

   Yesterday , RBI deferred this implementation to June 2017 , since " the capacity to

   produce such machines is scarce "

   Manish Patel , founder of Mswipe ( which deploys mobile PoS terminals ) says :

   "  There is no clarity as to how the transaction will flow . Will the customer need to swipe

   his card or punch in the Aadhar number ?

   Or , will biometrics act as the second factor of authentication ?

   Unless these intricacies are cleared, PoS manufacturers cannot develop Aadhar-enabled

   PoS machines within the deadline "

Dear Shri Kant :

Please help the CARDS fade gently into the night !

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08  Dec  2016

www.hemenparekh.in / blogs