India recently passed the U.S., as it became the second-largest smartphone market in the world after China. The Country has made amazing improvements in identity, data collection and money transfer technologies, in order to address the massive population of unbanked. Today 80% of the population has an Aadhaar number - 12 digit government issued identification number, which allows easier connectivity and the ability to carry out p2p money transfers through two user Aadhaar numbers. These are great steps towards reaching financial literacy and connecting emerging markets to financial services.
The confluence of these three factors, alongside efforts to improve financial literacy and the increasing availability of mobile wallets, payment banks and small banks, has the potential to create a flourishing digital ecosystem with an immense amount of available data. This will be game-changing for businesses like NeoGrowth, which makes it our mission to leverage these new data sources to revolutionize lending for Indian small businesses. A competitive market of cashless financial services is good news for the future of financial inclusion in mobile-savvy India.