Vastavam web: American business magnate Bill Gates on Tuesday praised India’s financial innovation and inclusion policy, reports said, adding that the Gates Foundation will be looking forward to developing open-source technological measures modeled on India’s policies for effective implementation. Bill Gates was speaking at the Singapore Fintech Festival on this day, where he lauded India’s financial inclusion policies — espeically the “ambitious” platforms for money transfer and identification — which he said will bring down the “cost and friction of money distribution” to the downtrodden in India.
“If people are going to study one country right now, other than China, I’d say they should look at India,” a report quoted Gates as saying at the Singapore Fintech Festival, “Things are really exploding there and innovation around that system is phenomenal.”
“India is a great example. They developed a lot of technologies that won’t be possible for other countries. The role of the Gates Foundation as an advocate for those who don’t have access today is to make sure there are technology standards, including open-source software and the digital identification systems, not just for financial activities but also for health, voting, and education,” Gates said. The country’s digital payment market was worth around Rs 2,162 trillion in 2019-20, RedSeer Consulting had said in a report published in August.
According to the report, wallets will continue to play a key role in its growth with the continuous increase in both frequency and user base. By 2025, wallets are expected to have a higher penetration and lower-income would eventually drive multiple small-ticket transactions.