GES 2017: Flipkart Cofounder Sachin Bansal:"Digital economy on the rise"

     Written by : SMTV24x7 | Thu, Nov 30, 2017, 11:34 AM

GES 2017: Flipkart Cofounder Sachin Bansal: Digital economy on the rise

Hyderabad Nov 30: The Global Entrepreneurship Summit Day 3 has begun and various discussions took place on Day 2 of the summit. A panel discussion on 'Payment Platforms: What’s the Next Game Changer' took place and the session was attended by the co-founder of Flipkart Sachin Bansal,Ruth Patricia Goodwin, PayPal vice president Lisa Mather have participated in the discussion.

Speaking at the summit Sachin Bansal has said that "digital payments would multiply thanks to growing e-commerce. He also said UPI platform, Aadhaar and GST were three game-changers that made digital transactions easier. The benefit of doing digital transactions far outweigh that of cash transactions and bring in transparency and curb parallel economy."

He has added that "Use of blockchain for land records by Andhra Pradesh government would be another game changer as clear land titles in India were an issue and the technology would address ".

Bansal has added that "As the volume of digital transactions would increase, cost of the transaction would drop as happened in China. Not many would realize but the cost of cash transactions would be more than two % of total transactions and then the cost of handling cash. Cash transactions would not build your history."