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Pleasure to read your post Ketharaman. However I had pause for thought at "AXA Fizzy doesn’t make claim process frictionless. It eliminates it altogether." .. A claim process is MEANT to filter out fraudulent claims, so as to keep the service sustainable and cost effective. Fortunately for mankind, human intervention is still important despite tech wizardry.

Reminds me of when Santander put Jenson Button in an ATM in the UK, although handing out bank notes is a little different :-) http://digitalmoney.shiftthought.co.uk/the-jenson-button-what-bankers-should-do-next/

Thanks for the background @RalfOhlhausen @Ketharaman and others. It is good to have experts such as yourselves share so as to move this important decision forward.

While banks/fintechs may differ, for me it is the customer who is most important. Anything that bypasses customer ability to restrict sharing or adds risk to their data security is of first concern in my view.

Great insight Ketharaman. I'd been wondering how Amazon India is coping with some of the delivery issues you mention, as the logistics infrastructure is quite different in their early markets. They will need patient investors as they build up in India, as their policy of covering the customer could be expensive until they reach the scale at which costs can be absorbed.

Very interesting but I'm wondering, with 23 founding partners and 8 sustaining organisations would this not be a sea change from the way services utilising blockchain have been so far implemented? On reading this it seemed to me that attempts to "harmonise" blockchain initiatives could have unintended consequences.

Great coverage Ketharaman. Waiting to try out some of these services during my visit in a few weeks time. Pretty historic time for the development of payments, not just for India but for the world. User Innovation helped in the development of Mobile Money, now I'm eager to see how it rapidly shapes services in India and helps in growth.

I think WEF did well to provide their prediction in terms of  "10% of global gross domestic product (GDP) stored on blockchain technology", considering that the potential applications are so diverse.

Another important factor that goes both for and against is over 40% shareholding (aiming for 70%?) from Chinese Alibaba Group/Ant Financial with their immense experience through Alipay, which long ago claimed more consumers than PayPal. In these days of privacy/cybersecurity risks, foreign ownership of a payments wallet considerably differs from that of ownership of Maruti.

Post title seemed to me to suggest surge is DUE TO security issues being addressed, though could not find evidence of that. Seems to me banks still have some work to do to get apps to stage where they can securely and reliably offer full suite services, especially in view of all that a smartphone is used for today and new cybersecurity threats.