‘Financial sector tech trends akin to WhatsApp-like movement’

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Bengaluru | Published: August 22, 2015 12:35:53 AM

Former UIDAI chairman Nandan Nilekani on Friday said current technology trends being witnessed in the financial sector were akin to a “WhatsApp-like movement", adding these had the power to change the world.

Former UIDAI chairman Nandan Nilekani on Friday said current technology trends being witnessed in the financial sector were akin to a “WhatsApp-like movement”, adding these had the power to change the world. Delivering the keynote address on “Disruption in Financial Services” at TiE LeapFrog 2015, a startup event on Friday, Nilekani said, “The fact is that the future is changing more rapidly than ever before, and you should anticipate the future.”

He said the financial sector is already seeing a revolution with the emergence of services like payments banks and e-signs. “In 2009, there was a WhatsApp movement in the telecom sector. My analysis is, in 2015, there is a WhatsApp movement for finance in India,” he remarked.

He said initiatives like Jan Dhan and Aadhar, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), licences to payments banks and digitisation of Indian economy have contributed to the WhatsApp movement in Indian economy.

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