Since November 8, when PM Narendra Modi announced the demonetisation of Rs 500 and Rs 1,000 notes, digital payment has been a hot topic of discussion. The government came up with a number of strategies to help people cope with the cash crunch and move towards the Digital India ideal. One such step was the launch of the Bharat Interface for Money (BHIM) app on December 30, 2016, which has witnessed 15 million downloads since.
Speaking during a session titled ‘Digital Payments: Waiting for the WhatsApp Moment of Indian Finance’ at the Times LitFest in Bengaluru, Nikhil Kumar, Head of Development Ecosystem at India Stack, a set of APIs that allows the government, startups, and developers to leverage a unique digital infrastructure to address problems, said, “What the US did to GPS years ago, we are doing it with digital identity and payment now.” Nikhil, 27, presided over the session with FreeCharge CEO and Chairman Govind Rajan. The open API team at iSPIRT has been a pro-bono partner in the development of these apps.