Page 46 - Banking Finance December 2016

Reactions from the Industry on

Demonetization

Important personalities in the industry have shared a new dimension to FinTech players. A golden era for
their views regarding the demonetization: Fintech start-ups has started. The move will affect the com-
mon man briefly; however, it will bring a revolution in the
"Mastercard welcomes and supports digital payments ecosystem urging people to come online."
Prime Minister Modi's announcement
- Apoorv Ranjan Sharma- co founder, Venture
regarding the ban on high value cur-
rency notes as it fundamentally ad- Catalysts
dresses the underlying 'cash engine'
that drives the shadow economy. It will "This is an important and bold step by
enable further growth in the Indian the government to curb black money
Porush Singh economy by encouraging cashless trans- and bringing economy on the right
actions and reducing crime rate. The PM's bold action and path. In one shot the black money with
leadership is a critical step in positioning India to be a leader bureaucrats and politicians is brought
in the global cashless and digital economy movement. to justice. With a jerk economy will be
Mastercard is committed to working with the government Ashok Vashist on upward track."
to provide the cashless solutions that combat corruption, - Mr. Ashok Vashist- CEO, Founder, Aaveg
create growth, and inclusion for all members of society."
- Porush Singh, Country Corporate Officer, India "This is a big move to curb black money
and Division President, South Asia, Mastercard and fake currency. This is also a great
step in the direction of going "less-cash"
but we need to see how the re-intro-
"This is a momentous decision in the
duction of higher denomination notes
government's fight against black
money. Sectors like real estate, and ATM usage limits are managed.
jewellery, etc that uses more of black However, this jolt will definitely change
Amit Bhor user behavior which will lead to higher
money will be down. This is a move of
nation cleansing and I personally wel- usage of banks, cards, digital tracking and payments with
Vivek Kulkarni come the bold move." an app like Walnut. Walnut saw a 5-fold increase in ATM
usage among its users at a much lower average ticket size
- Mr. Vivek Kulkarni - MD, Brickwork Ratings
of less than Rs 500."
- Mr. Amit Bhor, Co-Founder and CEO, Walnut
"The recent announcement on discon-
tinuing Rs. 500, Rs. 1000 currency "There is a large stash of Rs 100 and
notes is a positive step towards embrac- Rs 50 notes with RBI. However, low
ing cashless economy in India. While value notes would mean an increase in
the governments' primary objective be- the number of transactions."
hind this initiative is to curb black - Mr. Mani Mamallan, Founder
money and overcome corruption, this
Apoorv Ranjan will also play an active role in the & MD of Electronic Payment
Sharma
growth of eCommerce as well as give Mani Mamallan and Services

46 | 2016 | DECEMBER | BANKING FINANCE

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