Demonetisation and digitisation have created a huge opportunity for entrepreneurs and innovators to develop simple apps that will help people shift quickly to digital payments seamlessly, according to Sathish Vaidhyanathan, Director of Engineering (New Initiatives Group), PayPal India Pvt Ltd.

Earlier, everybody was talking about wallets and digital payment from a perspective of what percentage of e-commerce business can be tapped into. This entire dialogue has changed into what percentage of GDP can happen. Now, payment is not just restricted to e-commerce, but can happen everywhere, he said at a panel discussion on “Demonetisation to Digitisation of Payments: Moving a Billion People to Less Cash Economy”, organised by TiE Chennai in association with FSS Pvt Ltd.

Entrepreneurs should be very conscious about the ‘Four Ss’ — scale, security, simplicity and satisfaction — that demonetisation and digitisation have ushered in.

There is a wonderful innovation opportunity for companies so that people don’t consider demonetisation and digitisation as bottlenecks. How to translate impediments into convenience is in the hands of the innovators, he said.

According to V Balasubramanian, President, Transaction Processing & ATM Services, FSS, there is a huge opportunity with so many digital and mobile transactions happening, and technology at the forefront of this round of disruption.

When financial inclusion happens, transactions in ATMs will grow, he said.