After UPI, Aadhaar, and DigiLocker, India’s chief technology officer, Nandan Nilekani is betting big on, what you may call, Finternet.
In an exclusive interview with AIM, Pramod Varma, the CTO of EkStep Foundation who partnered with Nilekani on this project, spilled the beans on Finternet. Citing the vision paper, Varma explained that Finternet was inspired by the nature of the internet.
What is Finternet?
“The internet itself has no borders and no specific purpose of its own. But it has unleashed countless possibilities through the innovations of entrepreneurs, leading to what we now recognize as the post-internet effect,” explained Verma.
He said, at present, people engage in activities like podcasting, streaming, and gaming, which are all powered by the internet. “The way the internet continues to push the boundaries is truly remarkable. Similarly, a vision is emerging for a universal financial transaction infrastructure, a layer above the internet, called the Finternet,” explained Verma.
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