[vc_row el_id="navigating-unchartered-waters" type="image" bg_color="#ffffff" bg_repeat="repeat" padding_top="" padding_bottom=""][vc_column][vc_row_inner equal_height="yes" css=".vc_custom_1486361953253{margin-bottom: 20px !important;padding-top: 5% !important;padding-right: 5% !important;padding-left: 5% !important;background-color: #ffffff !important;}"][vc_column_inner css=".vc_custom_1486361714089{padding-right: 5% !important;padding-left: 5% !important;}"][vc_custom_heading text="THE CONTEXT: NAVIGATING UNCHARTERED WATERS" font_container="tag:h2|font_size:36px|text_align:center|color:%23373a3a|line_height:42px" google_fonts="font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal" letter_spacing="" css=".vc_custom_1487929448061{margin-bottom: 0px !important;padding-bottom: 0px !important;}"][vc_column_text font_size="16px" letter_spacing=""]
<p style="text-align: center;">India is just starting its digital payments journey. Currently, its performance trails other BRIC nations -- Brazil, Russia, and China. In 2014, just over 50 percent of Indian adults held an account with a financial institution compared with nearly 70 percent of adults in other BRIC economies.</p>
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<p style="text-align: center;"><strong>Digitization of person to merchant expenditure</strong></p>
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<p style="text-align: center;"><strong>Digitization of small retailer to supplier payments</strong></p>
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<p style="text-align: center;"><strong>Penetration of merchant digital payment acceptance</strong></p>
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<p style="text-align: right;"><a style="color: #2b45d6;" href="http://www.visa.co.in/aboutvisa/research/include/Digital_Payments_India.pdf" target="_blank" rel="noopener noreferrer">Source</a></p>
[/vc_column_text][kleo_gap size="40px"][vc_column_text font_size="16px" letter_spacing=""]<span style="color: #d11e3c;"><a style="color: #d11e3c;" href="https://www.globalinnovationexchange.org/beyond-cash" target="_blank" rel="noopener noreferrer">Our own survey research</a></span> shows that 97 percent of retail transactions are conducted in cash or check; only 6 percent of merchants accept digital payments; and just over 10 percent consumers have used a debit card for payments in the last year in India.[/vc_column_text][vc_column_text font_size="16px" letter_spacing=""]However, Indians are now better financially and digitally connected than ever before. This reflects in the growth in Jan Dhan bank accounts for the poor, Aadhaar registrations which provide easy biometric authentication to access services and make transactions, mobile phone accounts, and Internet connectivity. In addition, several fiscal incentives and technology initiatives have been targeted at making India a less cash economy.[/vc_column_text][/vc_column_inner][vc_column_inner width="1/4"][vc_single_image image="12350" img_size="full" alignment="center" css=".vc_custom_1520528991452{margin-bottom: 0px !important;padding-bottom: 0px !important;}"][vc_column_text text_color="#373a3a" font_size="16px" letter_spacing=""]
<p style="text-align: center;">Jan Dhan bank accounts</p>
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<p style="text-align: center;">Aadhaar accounts</p>
[/vc_column_text][/vc_column_inner][vc_column_inner width="1/4"][vc_single_image image="12352" img_size="full" alignment="center" css=".vc_custom_1520529246131{margin-bottom: 0px !important;padding-bottom: 0px !important;}"][vc_column_text text_color="#373a3a" font_size="16px" letter_spacing=""]
<p style="text-align: center;">Phone accounts</p>
[/vc_column_text][/vc_column_inner][vc_column_inner width="1/4"][vc_single_image image="9356" img_size="full" alignment="center" css=".vc_custom_1487932239744{margin-bottom: 0px !important;padding-bottom: 0px !important;}"][vc_column_text text_color="#373a3a" font_size="16px" letter_spacing=""]
<p style="text-align: center;">Indians with Internet access</p>
[/vc_column_text][/vc_column_inner][vc_column_inner][vc_column_text text_color="#373a3a" font_size="16px" letter_spacing="" el_class="square-bullet-red"]<strong>Nevertheless, the digital payments last mile remains fragmented due to several factors: </strong>
<ul>
 	<li><span style="color: #373a3a;">There are far too few digital payment acceptance points for consumer comfort</span></li>
 	<li><span style="color: #373a3a;">From the merchants’ perspective, there is insufficient demand from consumers</span></li>
 	<li><span style="color: #373a3a;">Synergies across service providers (payment infrastructure companies, banks, fintech innovators) are under-tapped in the absence of market facilitation mechanisms</span></li>
 	<li><span style="color: #373a3a;">Regulation lags behind innovation; this imbalance prevents a degree of customer protection needed for the functioning of a healthy market</span></li>
</ul>
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