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That's huge, Frank and Morris. Big cheers for fintech and the innovation that's yet to come !!

It is ironical that the world is faced with the prospect of vanishing ATM machines because no one wants cash. And cash withdrawal may become more costly because the networks are losing money.

The underbanked and marginalized are the ones who are more dependent on cash compared to others and they would get impacted even more as less cash availability and less cash acceptance (in store) becomes a whirlpool that sucks them in.

Cash, it may seem finally, is not the King anymore.

It will be interesting to watch this space with personal remittances market being dominated by online services such as  Transferwise, Remitly and Remitr.

Great initiative and will surely be a huge advantage to innovative startups in India. Would look forward to more specific details of the focus areas of the lab and active engagement with startup community.

This is a great move to remove barriers in faster and low cost movement of money across borders, particular intra Euro region remittances. - Sandeep Todi, Remitr (Remitware Payments)

Advocates of readiness will have numerous examples of why #CashlessIndia should not have been hurried the way it was. Without a doubt, better planning for cashless transactions could have preceded the #demonetization process. That would have reduced public angst considerably.

There is a strong public opinion for cashless, the trouble is only about the way it was done. If the objective was shock treatment, well then it has been achieved!