That’s Sanjay Swamy in a nutshell. Best known for his leadership role at mChek, the path breaking startup in secure payments, Sanjay has trodden the tough and demanding path of an entrepreneur all through his career.
After completing his bachelor's degree in engineering, Sanjay headed to Paris where he learned to cuss fluently in French, while getting a Master's degree, one of which proved to be more invaluable than the other over time. A stint at Xerox PARC in Palo Alto provided a moment of epiphany and it's fair to say that things have never been to same since. Bitten by the desire to create, Sanjay embarked on a journey to build world beating teams and products that took him through startups like Ketera and Portal Software, mChek and Zipdial, which he co-founded in 2010.
An active member of the community, Sanjay is a Rotarian and a charter member of TiE. Sanjay also played a prominent role on the UIDAI project under the leadership of Mr. Nandan Nilekani. He is a frequent speaker and evangelist in the entrepreneurship and payments circuits in the country. He lives in his hometown, Bangalore with wife, Tulsi and their son.
In stark contrast to the US or the UK where 50-70% of retail payments are electronic, in India that number is approximately 3%. Banks have made a conscious effort to encourage the adoption of electronic payments, but old habits die hard, and cash continues to remain king. So what can be done to change the pace of adoption? Below are three high-level areas, including some carrots and sticks, which I believe will move the needle in India.