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

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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.

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