During the Bharat Inclusion Summit in Bangalore, Infosys Co-Founder and Non-Executive Chairman Nandan Nilekani highlighted the importance of getting the product market fit, pricing, and business model right for enterprises to succeed in the digital era. He also discussed the significance of Aadhaar and UPI, two major digital initiatives in India.

Nilekani shared that Aadhaar, the world's largest biometric ID system, was introduced in 2009 and reached a billion users in 2016. Similarly, UPI (Unified Payments Interface) was conceived in 2013 and now processes 300 million transactions per day.

Nilekani also discussed the potential impact of ONDC (Open Network for Digital Commerce) and assisted commerce, stating that it could be a game-changer for the industry.

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Currently, ONDC is live in 181 in the alpha phase and in two cities in the beta phase, with 35 network participants including Delhivery, Dunzo, Meesho, PayTm and more.

According to Nilekani, external events and market conditions have played a significant role in the success of digital initiatives like UPI. He noted that the scale and pace of change in today's world create opportunities for everyone.

Nilekani also touched upon the rise of cryptocurrencies and the resulting consideration of central bank digital currencies (CBDCs). He explained that while the argument for having a CBDC on the retail side is not clear, given the existence of products like UPI, on the wholesale side, CBDCs could help reduce transaction costs in overseas settlements.

The Bharat Inclusion Summit, organised by the Bharat Inclusion Initiative (BII), is a platform “to reflect upon the lessons and deliberate on the way forward for inclusive fintech in India,” according to its website.

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(Edited by : Shoma Bhattacharjee)