Aadhaar has the potential to become a huge money-spinner
With the government pushing Aadhaar at every instance, there is scope for it to become a profitable venture on its own. Now that it is established that Aadhaar based payments are here to stay, a venture with no market competition can become a recipe for success. Here is how it can become one of the most successful investment ventures of the Indian government.
It's all about creating a successful eco-system around your business
When you create a product, the primary objective is to make sure that there is demand. But when you are the government, you can just implement and the market will have to comply, as is the case with Aadhaar. Since Aadhaar is now becoming a must for verification purposes, the government will soon have everyone in the world's biggest market using its product.
Research and Development, the government way
In 2009, Aadhaar was introduced, where with a 12 digit unique identification number the government aimed to bring an entire nation under its wing. This is 2017, which means the government has spent eight years putting massive resources and manpower in motion to get everything done accordingly. It has given itself three more years to make sure there is complete penetration.
It's your country, it's your rules
All the government has to do now is ask the smartphone firms and platforms to integrate Aadhaar-authentication capability directly in their software and charge a fee for it. Not complying would mean losing out on one of Asia's biggest markets that has an ever-increasing demand for smartphones, which is not going to cease anytime soon.
Aadhaar (un) limited sounds about right
If UIDAI opts to get itself listed as a tech firm in the bourses, chances are it will negate the huge losses some public enterprises tend to go through. The stock will sell at a rocket high premium and if there is an option, it may also bring some foreign investments which the government needs to plug its infrastructural potholes.
Making the "Aangootha chap" fancy
One of the biggest headaches for payment platforms is to get into the rural sector and capture the market. Before we talk about advertisement challenges and 'you-need-money-to-make-money' stuff, it's a good time to remember that the government has Doordarshan, All India Radio and the Prime Minister himself as the brand ambassador. Any partnership would get a jump start that's unprecedented as of yet.
It's all fine but security concerns need an update
The father of Aadhaar, Nandan Nilekani may vehemently swear that the system is the most secure one that has ever been made and that there is no need to worry, concerns are still there. There have been several reports citing that Aadhaar may have some gaping holes that need to be addressed without brushing the concerns aside.
