India stack - A detailed presentation
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Towards presence-less, paperless, and cashless service
delivery
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Layered Innovation
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Mass Flourishing!
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TCP / IP, Internet, SMTP (Email), GPS
Fundamental Technology Innovations, Govt. Funded, Publicly
Available
Payments Visa/Master, ApplePayEvolution of Payment Systems,
Security Frameworks, ...
Open APIs, Platforms Google MapsLarge Scale Infrastructure, Private
Companies,
Smart Phones Android, IOSTelecommunications & Computing
Technologies - Hardware Innovations
T E
C H
S
T A
C K
Layering of Innovation
Govt. Technology
eCommerce(Amazon)
Taxi(Uber)
Hotel(Airbnb)
------
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Aadhaar Hourglass Architecture
� Identity as a utility, an enabler
� Allows innovation on all sides� Amplifies ecosystem players
Biometric Sensors
Phones Tablets
Attendance Device
Micro ATM
Healthcare Apps
SIMFinance
Apps
UPIDigital Locker
APB AEPSDBT
eSign
Aadhaar
Applications / Systems
Devices
● Minimal● Standardized● Simple design● Easy to execute● Easy to write a law
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J A M - The Foundation of the India Stack
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Pradhan Mantri Jan Dhan YojanaBANKING FOR ALL
8Source: As on 20 Dec 2016, http://pmjdy.gov.in Nandan Nilekani, 2016
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1969 1980 1993 2001 2014 2015 2016
Ushering in a new ERA of DIFFERENTIATED
BANKING
+2149 Years, 14 New Banks
BANK NATIONALIZATION
New Banks
On TapBanking Licenses
+10
+2 +2
Accelerated by regulatory innovation
2nd Aug 2016
Nandan Nilekani, 2016
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1 Billion in 5½ Years
Source: Data from http://www.uidai.gov.in 10
950 M
600 M
300 M
100 M
50 M
1093 M
A Ubiquitous Digital Identity Infrastructure for a digital desh.
The Aadhaar system can
authenticate 100 M transactions per day, in real time!
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The rise of smartphones
Current sales
about 25M smartphones per quarter
Source: Ericsson Mobility Report 11
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The Evolution of the India Stack - Built on JAM
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2010 2011 2012 2013 2014 2015 2016
950 M
1005 M
190 M
Aadhaar
Mobile
JDY
2009
944 M
600 M
100 M
Source: Ericsson Mobility Report, PMJDY, Aadhaar Web Sites
AEPS
APB
Aadhaar Authentication
Aadhaar eKyc
eSign
UPI
Consent Architecture
Digilocker
1+ B
1+ B
250+ M
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Name DoB/Age Gender Address Mobile/Email
1234 5678 9012
UniqueLifetime
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AadhaarAuthentication
NO MORE PHYSICAL PRESENCE
Are you who you claim to be?Only a yes/no answer
Anytime anywhere14
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Aadhaare-KYC
NO MORE PHOTOCOPIES!
Access ONLY via authenticationNo more fake identities
No more paper
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eSign - eliminating wet signature
Application Service Provider (ASP)
1.Online request for Digital Signature
2. Request for PoA/PoI Data
4. Online Instant Digital Signature
Issued
3. PoA/PoI Through eKYC
eSign Service Providers (ESP)
UIDAI (for Aadhaar
eKYC)
Existing DSC non-scalable due to physical verification, paper process, and use of dongleseSign allows all Aadhaar holders to digitally sign anytime anywhere
Open API based, allowing applications to easily integrate
Residents needing to sign a
document
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Digital Locker - eliminating fake papers
Open API based
Ecosystem driven
Digitally protected
Source: https://digilocker.gov.in 17
Multi-provider Digital Locker
EcosystemIssuer Requestor
Users
Issues Documents Digitally
Accesses Documents Online
Approves Access
No Physical Papers No Fake Documents
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Validation & Assurance
Virtual Payment Address
Minimal Issuer/Acquirer Cost
Ubiquitous - Bank accounts
Easy Immediate Payments
Timely Notification
Unified Payment Interface
Push & Pull Payments
@Every one with a bank account can send money to any bank account in India!
Real-time postingFunds are not locked!
Immediate notifications of the payment made
Payments can be initiated by payer or payee.
Real-time validation of the account and balance
No need to disclose account information.Allows account portability, enhances privacy.
Smartphone replaces card and PoS machine!!
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● Open interoperable API ● 1-click 2-FA experience● 4-party model allowing unbundling of application from bank● Virtual Payment Addresses hide bank details and allows features like one time
VPA, amount limited VPA, revocation, etc.● Merchant can use smartphone/featurephone to eliminate PoS● e-Mandate, e-Cheque and biometric authentication are coming on UPI 2.0● Markup allowing pluggability for addresses, credentials, and channels
State of the Art architecture
19Source: http://www.npci.org.in
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● Structured consent artifact and log system
● User controlled data sharing, data flow, and data retention
● Separation of data and consent flows
● Consistent with current legal frameworks
Electronic consent architecture
Data Consumers (Banks,Credits Providers etc)
CONSENT Collector
Data Providers(Banks,Telco,Hospitals,etc)
Consent Flow Digitally signed consent artifact
Data FlowSecure data sharing
based on consent
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PRESENCE-LESS LAYER Aadhaar AuthenticationUnique digital biometric identity
with open access of nearly a Billion users
CONSENT LAYER Open Personal Data StoreProvides a modern privacy data
sharing framework
PAPERLESS LAYERAadhaar e-KYC,
E-sign, Digital LockerRapidly growing base of paperless systems with billions of artifacts
CASHLESS LAYER IMPS, AEPS, APB, and UPIGame changing electronic payment systems and transition to cashless
economy
COMMERCE(GSTn)
CREDIT(RBI)
INVESTMENTS(SEBI)
OTHERS
I N D
I A
S
T A
C K
SKILLS
JAM Jan Dhan, Aadhaar, Mobile
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Source: UIDAI, NPCI, TRAI Website, Conversations with NPCI, eMudhra, Deity officials
600 MnAuthentications/month 500M unique ids
1.103 BnEnrolments In 6 years since launch
340 MneKYC in 3 years75 Mn unique ids
367 MnAPB Accounts Linked1.2 B Transactions worth 4.5 B USD in 3 years
>2.5 Mne-Sign in 15 months>0.8 Mn unique ids
2.9 MnDigilocker users & 15 months
4.8 MnUploaded Docs
10M+UPI VPA in < 6 Months
259 MnJan Dhan bank accounts
350 MnSmartphones
1060 MnPhone numbers
Jan Dhan Aadhaar Mobile
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Source: UIDAI Website, Conversations with NPCI, eMudhra, Deity officials
India Stack Ecosystem
25 ASA 293 AUAAadhaar Authentication
23 KSA 216 KUAAadhaar eKYC
4 eSign ESPs
1 Digital Locker Provider
830 Banks (APB)
127 Banks (AEPS)
32 Banks (UPI)
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GSTN Platform
Goods & Services Tax Network (GSTN)
API based platform
GSPs can provide basic and value-added services to taxpayers
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GSTN will process
5 Billion invoices a month
across 70+ Lakhs businesses!
Source: GSTN website
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Bharat Bill Payment System
API based platform allowing innovation on delivery models
Ecosystem incentives aligned for rapid adoption
Multi-channel (web, mobile, offline, etc) with multi payment methods (card, cash, UPI, etc)
Unbundling bills, access, payments and rebundling for any-to-any
Bills can go into Digital Locker which can then be shared with consent for a use (e.g. loan)
~1 BillionBills per month
~250 Billion INR
monthly payments
25Source: Public data and NPCI website
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Electronic Toll Collection
Interoperable RFID tag and API specifications
Works across 350+ toll booths on national highways
All vehicle classes, ~60 Million, supported
4 Large banks ready to be issuers and acquirers
Built as an Open API platform. In future, can be used for dynamic pricing, congestion pricing, parking apps, etc.
It can also be used to auto link transport manifests for ease cross border movements.
26Source: NPCI website and discussions with NPCI
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India will go from data poor to data rich nation in 5 Years ...
Digital Identity
Paperless Process
Commerce
Payment
Social
Machine Learning & Algorithms
… allowing data driven decision making for scale and inclusion!
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Nandan Nilekani, 2015 28
The phone will replace the card as the ‘What you Have’ authentication factor
WHAT YOU
KNOW
WHAT YOU
HAVE
WHOYOUARE
PIN / Password Card Proof of Identity
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Nandan Nilekani, 2015 29
Combining Security with Convenience
Biometric smart phones enable 1-click 2-factor authentication
WHAT YOU
KNOW
WHAT YOU
HAVE
WHOYOUARE
Smart Phone Aadhaar
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The future is here!
Smartphones with integrated Aadhaar compliant Iris recognition available for commercial use!
Source:http://news.samsung.com 30
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Aligns market goals with social goals
No physical presence required (reduces more costs)
Increases trust - allows a new business architecture to emerge
Broad based, ubiquitous, inclusive platform
Cuts Onboarding Costs
Cuts Transaction Costs
Allows Innovation
Why is the India Stack disruptive?
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Digital footprints - build value for the consumer & businesses
A Trust networks
A Skills repository
Build credit history
Manage customer workflows with user consent
Other Innovative Businesses
Reimagine Market Services
Innovative Businesses
Aadhaar - officially valid document
KYC for Regulated Markets
MicroATM Distribution
Mobile Payments
Paperless, Presenceless, Cashless -lowered costs, market expansion & financial inclusion.
Regulated Market
Enrolment - Digital id for all
Subsidy reform - deduplication
DBT - Aadhaar as a financial address
Biometric Attendance
Government
India Stack Adoption Sequence
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Impact of the India Stack - Large Bank
Retail Customer Onboarding - Reimagining the User journey with Aadhaar, eKYC, e-Sign and Digital Locker
Source: McKinsey & Company - Financial Services and Digital practices
Turnaround Time down from
6 days to 1 hour
Reduced Drop Offs First Time Right> 99%
Branch Capacity
Freed up by 10%Back Office
No longer required33
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Impact of the India Stack - Large Asset Manager
Source: McKinsey & Company - Financial Services and Digital practices
Transaction Time down from
4 hours to 2 mins
Reduced Operational cost Improved customer retention
Statement Processing time down from
1 hour to < 1 minCapacity
Freed up for lead generation
Reimagining Channel Management - Digital Transformation with Aadhaar eKYC
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Impact of the India Stack - New Telecom
Source: Conversations
On boarding time Time down from
1 day to 10 mins
Saved Rs 15 / SIM issued Saved 15,000 Trees
Onboarding Rate
50M in < 2 monthsCustomer Experience
"Walk Out Working"
Customer Onboarding - Digital Transformation with Aadhaar eKYC
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© Nandan Nilekani, 2016
India Stack - Taking Off
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All layers of the stack have shown tremendous growth!
Source: UIDAI
5K
13.5M
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© Nandan Nilekani, 2016
India Stack - Taking Off
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eKYC has seen tremendous growth in recent months!
Source: UIDAI
200K
4M
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Providing credit without friction
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No Credible Data
Servicing Cost
Sales Cost
In today’s model, Rajni can never get a loan!
Customers with the lowest
default rates have the
highest interest rates
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Need a loan
Sees loan
offers
Accepts best offer
Receives loan
Sells Goods
Repays loan
Agrees to share
data
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7 Key Steps For Rajni to get a small intra-day loan
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Consent Architecture
Credit marketplace
app
Credit market-
place
paperless contract
Transaction a/c & app
Payment app
Payment app
Need a loan
Sees loan
offers
Accepts best offer
Receives loan
Sells Goods
Repays loan
Agrees to share
data
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Each step requires a solution
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Need a loan
Sees loan
offers
Accepts best offer
Receives loan
Sells Goods
Repays loan
Agrees to share data
Consent Architecture
Credit marketplace
app
Credit market-
place
paperless contract
Transaction a/c & app
Payment app
Payment app
Aadhaar/eKYC
digilocker
API for loan
offers
eSign Digilocker
UPI
authorization
api
UPI
UPI
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Each solution is enabled by the India Stack
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Cashless & Paperless
Digital Footprints
BusinessMicro-Credit
Business Growth
Feeling of Wellbeing
Virtuous Cycle of Credit to the first mile
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0 5 : 0 0 mins
Photograph is public domain. License info:All photos published on Unsplash are licensed under Creative Commons Zero which means you can copy, modify, distribute and use the photos for free, including commercial purposes, without asking permission from or providing attribution to the photographer or Unsplash.CREATIVE COMMONS ZERO: http://creativecommons.org/publicdomain/zero/1.0/
Completely digital 5 minute lending process
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Pilot overview and key participants
LENDERS MARKET PLACES DATA PROVIDERS
● April to June 2016● Consumer and business loans
● Small ticket size: 10 K to 1 Lakh● Multiple geographies
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Alt Lender
Traditional lender
Origination & UnderwritingExpected additional savings of 60%
Risk costsLimited savings as original savings from data analytics
Loan Servicing15% of overall costsExpected savings of 50% CollectionOver 10% of overall costs
Expected savings of 30%
Impact of India Stack on new credit system
Costs
New Entrant on India
Stack
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Millions of Borrowers
Data DrivenAlgorithm Driven
Consented Data SharingEnabled by Mobile
Electronic ContractsDigital Payments
Credit Marketplaces
Thousands of Lenders
Digital Footprints
Credit at scale
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Making investments accessible
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Investment at scale
49Source: NCAER-CMCR survey, www.openthemagazine.com, discussions with ScripBox
Low Cost, High Volume, Low Ticket Size
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Sachet Sized Transactions!
With reduced costs, minimum ticket sizes will come down, volumes will go up!
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TXn Cost Comm. Break Even Ticket Size
Rs 50 50 bps Rs 10,000
Rs 5 50 bps Rs 1,000
Rs 2 50 bps Rs 400
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To Increase Market Size 10x or 50x
Cost of Doing Business Must Come Down!
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Enabling The Skills Marketplace
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The Skills Problem
Low trust environment
Employers do not trust credentials
Training is not a differentiator
No premium for quality
No accumulation of skill credentials
Lack of mobility
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Training, Apprenticeship &
Certification
TrustedCredentials
Employment
Credible History
Differentiated Earnings
Virtuous Cycle for Skills
Guru-Shishya ParamparaEcosystem of
institutes/agencies
Aadhaar, Digital Locker for portability
and trust
Market places like LinkedIn, Babajobs, etc.
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Skilling at scale
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COMMERCE
TRANSPORTTOURISM CONSENT ARCHITECTURE
DIGITAL LOCKERCOMMON IDENTITY
SKILLS
EXPERIENCE
Networks and aggregators driving mass skilling in several domains
India Stack allows skill and experience to be portable
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India Stack as Digital Infrastructure
Regulatory Policy
Market Making Policy via Challenge Grants
100s of Experiments - Low barriers to entry - Level playing field - Aligned to national issues - Rapid success/failure cycle
A robust
foundation to
enable innovative
solutions to
India’s hard
problems
Innovative Solutions to India’s Hard Problems - Commercially Viable - Far reaching consumer impact - Reinforces experimentation
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Thank You