While two fifths of Indians don't have a bank account at all, the nation is rolling out a brand new system for its newly introduced identity cards that'll allow Indians to make payments with just one card.
The new ID system has had a mixed response from the population, with some seeing it as a means to monitor the masses and others understanding that it gives them more rights and improves the nations record keeping. Regardless of that, 440 million of these non mandatory Aadhaar cards have been issued – equating to around a third of Indians now owning one.
Working in a similar way to PayPal or M-Pesa, Aadhaar will work as a go-between for users and the bank account they own. This is excellent news for users as they're already authenticated due to it being the national form of ID.
This means that users can now send money to one another, pay for goods and services with it, and for corporations to make use of too – such as paying wages into bank accounts.
Think of it as being able to pay by using your Social Security number or National Insurance number.
However, the biggest attraction for such a payment method in India isn't really the draw of a simple and easy payment method – it's the fact that it'll reduce the chances that users will lose money to corrupt officials.
Still, there's that pesky problem of having 40 per cent of the population entirely unbanked.