Ram Sewak Sharma, Chairman, TRAI explains how digital wallet companies should work together in order to make their services feasible.
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00:00 Wallets are a great idea. There is no doubt about it. But somehow my feeling is that unless
00:15 wallets also you know if you are Airtel money fellow then you can do only Airtel related
00:21 recharge and some kind of thing or whatever recharge Airtel has tied up with some companies
00:26 there you can use your wallet. Now interoperability I mean and we have nothing I have nothing
00:32 against wallets anything which can ease the you know pain of this digital inclusion is
00:40 a welcome step. My only thing is that if you want this to really become scalable then you
00:47 need to have some kind of system where these things become interoperable. So wallets must
00:54 talk to each other. There should be some method so that you know if I am transferring money
01:01 to you and you hold some other wallet and I hold some other wallet I should be able
01:06 to seamlessly do that. So this is something which needs to be done and the only way it
01:11 can be done is to have a common authenticator third party authentication because my authentication
01:18 of my wallet will not work in your wallet's authentication. So if you have a common authenticator
01:24 across various systems which actually Aadhaar provides a third party authentication that
01:31 will facilitate and that can make this happen. Only thing is that people will have to come
01:38 together people will have to share and look today's world sharing has been successful
01:45 in large technology areas. Sharing of towers I mean immediate example is telecom sector.
01:51 Sharing of towers has worked wonders. The same infrastructure can be used. So even when
01:57 you are competitors you can agree on certain protocols you can agree on certain sharing
02:02 of certain parts of your you can have common APIs. That is the way to go rather than looking
02:09 at it oh my wallet is there I will do this wallet in the whole country. So everybody
02:15 starts doing that and nobody succeeds. It's better that we realize and similarly for banking
02:20 also various banks even today are having what is called a kiosk banking. So in a panchayat
02:27 you will find that there is somebody who is sitting with a computer PC and they are doing
02:30 the biometric thing. They have their own biometric data I don't know why they are taking biometric.
02:36 If this country has taken biometric of 970 million people and created identity for them
02:41 why should various other domains continue to take biometric and why not use the common
02:48 authentication API of the UIDAI to do the authentication. But still they are doing biometric
02:54 fine. So they are actually creating this is a state bank kiosk. Those people who are the
03:01 state bank customers will be able to do it great but what about the other bank customers.
03:06 Other banks also have customers there. So I think we all have to ensure that we have
03:14 a pipe which actually can transit everybody's business. So shared pipe. Maybe solution belongs
03:21 to one entity but that solution should be shareable or that solution should be having
03:28 APIs or having connectivities so that it is able to be utilized by all the banks and then
03:34 you know you can have much better ubiquitous banking.
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