Close

Digital, changing the payment landscape in rural India

July 10, 2018 487 Views 0

Pramod Saxena, Founder & Chairman, Oxigen Services India Pvt. Ltd. and Member of IvyCap Mentors Board, gave the keynote address at the IvyCap Meet about the evolution of digital payments in rural India.

 

Value creation is taking place all around us. Technology today has taken a different trajectory. The companies that are at the top of the bracket for values, and did not exist until a few years back, have now gained phenomenal success in a very short span of time. Gestation period for businesses has become less and where businesses used to take over 40-50 years to become phenomenal success are now reaching that stage within 12-15 years. A remarkable example of value creation are the leading global technology companies that are Apple, Google, Facebook, Amazon and Microsoft, continue to work with technology innovation.

These companies have created a billion dollar of valuation with the approach of finding a handful of right people.

The Indian startup ecosystem too is taking an innovative turn with the reform of Digital India. Digitization is embarking within every sector and bringing about a transformation, and banking and payments is one of them. Innovation in payment systems has come from the implementation of NPCI (National Payments Corporation of India) and UIDAI (Aadhar cards). Innovations like Aadhar and QR code payments system have given opportunities to private players like ours to venture into digital payments and empower rural and urban India with ways of digital transactions.

A vast potential of our rural India remains untapped because of the lack of opportunities. A primary challenge that people in rural areas face is that they do not have equipments to mechanise the crop. Digitisation can bring about this change in agriculture. The economy can grow at a much faster rate with improved Internet penetration, adaptation of digital technologies in transport, education and farming, and adopting digital ways of transactions.

There is so much value and scope of innovation in the rural areas that more and more entrepreneurs should be exploring the space. Oxigen originated from such desire to bring about a change and improvement in rural India. We are driven by the goal to make own promoted business into a global enterprise focused on innovation, to provide vast range of aggregated services coupled with mobile payment solutions to the masses, both rural and urban, in a predominantly unbanked and under banked environment.

The advice that I would like to give to new age startups is that there is no substitute to hard work. Hard work along with persistence and choosing your team wisely is what makes businesses successful.