In India, digital payments are relying more on blockchain technology, with IndiaChain, a government-owned blockchain network, in the spotlight to become the largest state-owned blockchain network in the world.
Blockchain technology is transforming multiple industries by enabling transactions to become more secure and transparent, and allowing different parties to access information at the same time.
It has been analyzed that the Government of India has set its sights on building a secure digital infrastructure for the country, with IndiaChain, to allow industry players to create their own applications on this major decentralized infrastructure.
However, the initiative is expected to drive India towards a decentralized shared economy, while allowing banks and financial institutes to carry out activities such as international remittance, contract management, payments, loans, and KYC with greater efficiency.
In the meantime, blockchain solutions are enabling the unbanked across the nation to make digital payments more easily.
Likewise, at retail checkpoints, self-help kiosks operating on the Internet of Things (IoT) network are already allowing customers to browse products and make payments without waiting in queues. With more digital payments being carried out, the overall financial system is also relying less on cash.
However, in rural areas, ATC (all-time-cash) vans are being deployed to serve approximately 60 percent of the Indian population and introduce new methods of payments.
It is hoped that the initiative will help the unbanked become familiar with digital technology and embrace digital payments in the future.
Thus, with these developments across India, all eyes are on one of the world’s most populated countries and the direction of its payment systems, with experts who are eager to see how blockchain solutions will transform the way Indians make payments in the future.