POWER AND PERILS OF MONEY GOING VIRTUAL.
How to save Nation’s Economy from fast impending disruption.
Short link: http://wp.me/p1ZsI2-11j
To whomsoever it may be of interest.
Introduction: Technology get continuously updated as time moves on and no one can stop it. It is also a fact that advancements of most Technologies disrupt the path it grown through. To walk, and walk all the way with the disruptive path converting it as advantage, is the way to go.
Incidentally I happened to be there in managing the initial roll out and later the Operation & Maintenance of one of the earliest GSM systems in India in Mumbai in 1995 and also in the implementation of the first IN based Prepaid service in GSM India. Along with it, I had also innovated and tested out the idea of Money Management using Phones (acronym) ‘Money through Mobile’ (mTm), using CCS 7 signalling “Unstructured Supplementary Service DATA (USSD) embedded in Intelligent Network technology and the Mobile Wallet feature as early in end of 1995 when no one has heard of Mobile Payments. (Had I implemented it myself then in the late 90’s pioneering it without bothering about its disruptive effect on the Banking Industry and its eventual negative impact on the Economy of the Nation, I could have become a multi Billionaire long back.)
However, being aware of the need of having a uniform structure, applications, products and methods for it to succeed, and also in visualising the disruptive potential of such products & features working on Prepaid mode involving transaction of huge volume of money in physical and virtual forms between the Service provider and its Users when done that would need regulatory measures by Government in place beforehand to overcome its disruptive effects on Banking Industry and its eventual impact on Nation’s Economy, I did not venture to implement it myself then.
Ever since then I had been writing to Government, RBI, Planning Commission and in Print & Visual Media on this and about many other related areas such as the need of UUID, Exclusive Government owned Communication systems, networks, the Connectivity needs especially in rural and remote areas, availability and readiness of required minimum Eco system, need of exclusive Payment gateways in the form Government controlled Digital Payment Banks and so on and so forth; for its initial take off and smooth roll out across the country, in my paper Money through Mobile in the link wp.me/p1ZsI2-4g and various other related papers I published during past many years as can be seen in my blogs in papaulsblog.wordpress.com
This paper on Power and Perils of Money Going Virtual deals with “How to save Nation’s Economy from fast impending disruption” deals with a consolidated view and the following contemporary objects of late.
- INCLUSIVE GROWTH.
- ERADICATION OF CORRUPTION / BLACK MONEY, TERRORISM.
- TAX FREE REGIMES.
- UNIVERSAL BASIC INCOME.
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