Madhur Deora on India’s Digital Payment Boom
IMF Podcasts, November 9, 2017
Source details
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- Madhur Deora on India’s Digital Payment Boom
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Bibliographic details
- Published: November 9, 2017
Overview
- Publication date: November 9, 2017
- Format: Podcast episode featuring Madhur Deora, PayTM Chief Financial Officer
- Theme: Rapid expansion of mobile payment platforms in India and their developmental impact
Key findings and observations
- When the government of India "last year declared that much of its currency in circulation would cease to be legal tender, digital transactions surged."
- Mobile payment platforms like PayTM "stepped in to fill the void."
- Mobile payment platforms are "providing small loans to people who’ve never had access to credit."
- Mobile payment platforms are "providing financial services to millions of people unable to open a traditional bank account."
- Madhur Deora asserts that "financial technology is having an impact on India’s development."
Context and event
- Madhur Deora joined a seminar about Fintech during the IMF World-Bank Annual Meetings.
- The podcast is produced as part of the IMF podcast program, produced by Bruce Edwards (International Monetary Fund) with Rhoda Metcalfe as an independent journalist and audio producer.
Implications and policy-relevant points
- Digital payments can substitute for cash when large-scale currency policy shifts occur, as evidenced by the surge in digital transactions following the government's currency declaration.
- Fintech platforms can extend credit and basic financial services to populations excluded from traditional banking.
- The intersection of government policy (currency/legal tender changes) and private fintech response can rapidly reshape payment behavior and access to finance.
Production and credits
- Behind the mic: Bruce Edwards (International Monetary Fund) and Rhoda Metcalfe (independent journalist and audio producer).
- Featured guest: Madhur Deora, PayTM Chief Financial Officer.