The payment infrastructure in India "is probably five years ahead of the U.S.," Ezetap CEO Bobby Bose, told CNBC on Tuesday.
"India is going through a digitalization of almost everything. It started with commerce, went to transportation, and now banking and finance — which is the biggest because it literally affects everyone," said Bose. The social capital-backed mobile payments company is India's part of movement towards democratizing digital payments for the entire country, intensified by Prime Minister Narendra Modi's decision to demonetize Indian currency.
After the government wiped out two major currency bills, citizens were left with no choice but to make the transition to online banking, he said.