Failed mobile banking project opens doors for bitcoin adoption in India

Mobile banking will not be coming to India anytime soon, and this creates a new opportunity for digital currency like bitcoin.

The country had been planning to expand the reach of financial services locally using a new set of mobile banking services, the Jan Dhan-Aadhar-Mobile (JAM) trinity. Under the JAM trinity, the government will link a local’s bank account number and mobile number with their Aadhar or Indian identification number “with an aim to better target and transfer financial resources.”

India’s mobile banking plan appears to be very solid. On paper.

The country already has the infrastructure ready to provide the basic mobile banking services, and the experiment looks ready to take off. Then the government had one realization—the so-called consumer on the street was not interested.