Smart-wallets to facilitate demonetisation
The demon of demonetisation has scared the living daylights out of India’s cash-based economy. Whether the aam-aadmi is indeed suffering or whether the quantity of black money unearthed justifies the collateral discomfort is best debated on the sterile but bloody timelines of social media, but what we need right now is a way to facilitate payments -- small, ad-hoc payments -- that keep the engines of commerce running. Can technology play a role here? It certainly can. Let us see how. First we need to popularise software, app-based wallets like SBI Buddy and PayTM with which people can transfer money to each other merely on the basis of their phone numbers. While prima facie these are good options there are some drawbacks. First these are closed-systems, which means that one can only transfer money to someone who already has an identical wallet software. This means, for example, that a person can transfer money from his SBI buddy to someone who has SBI Buddy but not to someon...