intezaar

अब इंतज़ार नहीं होता |
हर पल साल जैसा लगा करता था, उन बीते दिनों में,
अब इतना इत्मीनान नहीं होता ||
गुमान था हमें अपनी सहनशीलता पर |
अब उस गुमान का मैं वजूद खो बैठा ||

Towards Financial Inclusion

India has been sleeping for long, but not anymore. One initiative after the other leads to one conclusion, that India is yearning to leapfrog the world leaders.

The latest initiative is the new system in place that allows free funds transfers. (Although a couple of us already knew about it through the discussion with Viral from UID office). National Payments Corporation of India(NPCI) is leading this initiative which will enable 24-hours payment system
allowing free remittance to any account across India.

We know about a couple of mobile fund transfer facilties functional around the world:
- M-paisa in Kenya
- Wizit in South Africa
- Smart Cash in Philippines
- Intra-bank in US and UK

How does this differ from the present payment gateways?
The system in place will work in collaboration with banks and telecom companies. This will not tie up the systems with any banks or telecom operators, hence giving it the required flexilbilty to scale up. Seconly, it will be free to use ulike the Visas.

What will happen to the Visas and Master cards?
Time will tell!

What do you all think?
I am waiting to hear.

(http://www.livemint.com/2010/10/03194721/New-system-that-allows-free-fu.html?atype=tp)