Current developments could rapidly reduce the need for carrying cash
Banking in India is truly witnessing what Nandan Nilekani calls the “WhatsApp moment". WhatsApp, started in 2009, disrupted the messaging business of telecom companies. Nilekani argued in 2015 that the banking business in India will also be disrupted as payments will move to mobile and lending to algorithms. The entity with better technology will attract more deposits and disrupt the banking business.