Indian finance sector witnessing “Whatsapp” like movement: Nandan Nilekani

Aadhaar_Logo.svg_Envisioning a cashless & paperless future powered by Aadhaar-based authentication, Infosys co-founder and former UIDAI chief Nandan Nilekani said that Indian finance sector is now witnessing “Whatsapp” like moment.

“The emergence of payment banks, e-sign, Immediate Payment Service (IMPS), and other technology revolutions, backed by information communication technologies (ICT) is transforming the finance sector,” he said.

“In 2009, there was a WhatsApp movement in telecom, and in 2015, there is a WhatsApp movement for finance in India as change is coming on many fronts.”

At a gathering of industry leaders across retail, healthcare and financial services, Nilekani demonstrated the new iris-based authentication feature of Aadhaar.

“The new feature would replace a two-factor authentication with a single click of a camera in the coming months,” said.

Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔

Get a chance to meet the Who's who of the NBFCs and Insurance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.