Location : Wabbit Hole
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|Subject: In India, a new banking system to reach the masses Fri Mar 03, 2017 10:31 pm|| |
|At a furniture store outside India's capital, a salesman scans the manager's ID and takes her fingerprint on a biometric device attached to his cellphone.|
Within minutes, Meenakshi Sharma becomes eligible for an account with Paytm, joining the hundreds of thousands who have signed up to a payments banking system that is revolutionising India's retail sector.
Before the government's shock decision in November to withdraw high-value bank notes from circulation, around 90 percent of everyday transactions in India were in cash.
The sudden cash shortage forced millions to join the formal banking sector for the first time, helping Prime Minister Narendra Modi meet a long-term goal.
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