India's digital financial approach is a global model, says Bill Gates
India's digital financial approach is a global model, says Bill Gates
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Microsoft founder Bill Gates praised India’s policies for financial innovation and inclusion, saying his philanthropic foundation is working with other countries to roll out open-source technologies modelled on India’s effective implementation. India has built extremely capable platforms for money transfers and reliable identification, including the world’s largest biometric database and a system for sending rupees between any bank or smartphone app. 

Gates expressed his opinion that those policies have drastically reduced the cost and friction of money distribution to the poor in the country, especially during the pandemic. “If people are going to study one country right now, other than China, I’d say they should look at India,” Gates said at the Singapore Fintech Festival on Tuesday. “Things are really exploding there and innovation around that system is phenomenal.”After the demonetization in 2016, Indian digital payments took off as the demonetization invalidates most of the country’s high-value bank notes in a move to curb corruption and push Indians away from cash.

The Unified Payments Interface, or UPI, has taken off thanks to booming smartphone use and wireless data rates among the lowest in the world. “India is a great example,” the co-chairman of the Bill & Melinda Gates Foundation said during the virtual conference. Gates organization is now helping few countries that don’t have established standards to roll out similar systems based on open-source technologies, he added. 

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