Frontiers Market Series

Digital Money Grid India

The course takes 4 weeks to complete
The course is self-paced, you will require 4-6 hours per week
The course is delivered online in our digital classroom.  

Start Date: TBC

Enrollments Close: TBC

Course Fee: Free

Course overview

The Government of India has embarked on a remarkable path to connect all its citizens onto a digital platform through which they can confirm their identity and consent to present relevant documentation to and financially transact with anyone else in the country, for whatever purpose, online and in real-time. We call this the Digital Money Grid, and it presents an opportunity to close the financial inclusion divide in a country that until recently held the largest number of unbanked people in the world. The Grid rides on public payment infrastructure coming from retail payments and ubiquitous mobile phones. This is linked to a broader e-Government agenda, which has the potential for bringing an unprecedented level of efficiency and transparency into the delivery of a whole range of public and social welfare services.

Who should attend this course?

The course is for professionals in digital money or digital financial services wanting to develop a fuller understanding of the emerging landscape for digital payments and financial inclusion in India. The intended audience includes professionals in India who expect to apply the understanding gained through the course directly in their market, as well as those outside India who want to understand and learn from the Indian model and experience.

The course assumes, although it does not require, a background knowledge of digital financial services, such as a student would have after completing DFI’s Certificate in Digital Money.

What are the intended outcomes?

  • Identify what is distinctive about India´s financial services market
  • Understand the end-to-end game plan behind the steps being taken by the authorities in India
  • Assess the prospects for various types of players going forward
  • Decide how feasible it is to apply the Indian model to other countries

What you will learn

  • Week 1 - Context

    The first week provides the market context, including on people´s financial attitudes, and the structure and evolution of the banking system and telecoms market.

    • Course overview – what´s special about India
    • Banking & telecom market dynamics
    • Cash crunch!
    • M Sharma & S Aggarwal on the informal financial lives of the poor

    Optional: Welcome to India – for non-Indians

  • Week 2 - Building Blocks

    The second module covers a number of building blocks that have been or are being put into place by a collection of public entities, chief among them the Aadhaar biometric identity and authentication system, and the NPCI´s mobile-enabled switch and unified payments interface.

    • Digital identity & Aadhaar
    • Interbank infrastructure & IMPS
    • Payment interfaces & UPI
    • Other aggregation & standardization initiatives

  • Week 3: Architecture

    In the third week we look at the overall architecture of the emerging digital money grid, including the API framework known as the IndiaStack, and the enabling regulations issued by the RBI for licensing and account opening.

    • Connecting People: JAM & PMJDY
    • The IndiaStack
    • Regulations: Licensing & KYC

  • Week 4 – On the rails

    In the final week, we look at service provision through the grid, by the Government for the delivery of social programs and by various categories of financial service providers.

    • G2P payments
    • Distribution: Business Correspondents
    • Service providers: Land grab & beyond
    • Summary & key lessons

Your hosts for the course

World-Class Practitioners

Anil Gupta
Associate Director at MicroSave

Mr. Gupta was Program Manager Infosys. He holds master’s degree in Management and Technology with specialisation in Strategy and Finance from IIM, Bangalore and IIT, Kharagpur.

Ignacio Mas
Executive Director, Digital Frontiers Institute

Dr. Mas is a Senior Fellow at CEME at the Fletcher School. He has been deputy director at the Bill & Melinda Gates Foundation, and has held senior telecoms jobs at Vodafone and Intel. He holds a SB degree from MIT and a PhD from Harvard.

Manoj K Sharma
MicroSave’s Managing Director – Asia

Mr. Sharma is a development finance and SME specialist with over 23 years of experience in Afghanistan, Bangladesh, India, Indonesia, Italy, Kenya, Lao PDR, Nepal, the Philippines, Papua New Guinea, Sri Lanka and Sweden.