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Bill Gates Foundation Praise India’s Policies for Financial Inclusion

– Bloomberg

  • News
  • Posted by Good ID team (Good ID)
  • 4 January 2021

Speaking from Singapore’s Fintech Festival, Bill Gates noted how India’s financial technology efforts in establishing standards and open source technologies, provide a good example for the rest of the world

Gates referenced the work the Bill and Melinda Gates Foundation is doing to roll out open source technologies - like that utilized in India - across the globe.

“Indian digital payments took off after the government pushed demonetization in 2016, invalidating 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.”

Bloomberg noted that the UPI is mandatory, as are zero user fees, encouraging widespread adoption of digital payments.

Gates said: “If people are going to study one country right now, other than China, I’d say they should look at India... Things are really exploding there and innovation around that system is phenomenal

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