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Today people can send money using dozens of apps to one another or make a purchase at a local shop. In the future, we believe people will be able to do so much more, helping people and our overall economy. As per the latest Economic Survey released earlier this year, household savings has declined steadily over a six-year period of 2012-17 from over 7 to over 6.5 per cent. While this is one reason why household consumption is up, it is also a clear indication that for Indian households the potential of savings and turning them into investments is quite high. Can this behavioural shift take place due to digital tools along, with the realisation that Indians will need to save more for a secure future through investments in financial instruments such as pension products?

We were lucky to hear from Shivkala, who runs a social enterprise called Things Etc. in Mumbai giving hundreds of women across the country a place to sell handmade crafts. She started using WhatsApp payments, which have made transactions easier. Now her sales are up because people trust it and they don’'t have to download a new app - and the artists she works with get to see exactly how much they are earning. Hypothetically, if one of those artisans, a 20-year-old starts to save Rs 20 a day by making a digital transfer, she can get an inflation indexed monthly pension of Rs. 11,000 for 20 years at age 60. This could lead to a more secure future for her and keep her out of poverty.

Research shows that access to financial products and services empowers people to achieve their dreams and prohibits them from falling into poverty. India and its central bank have done a tremendous Job so far, to reach every nook and comer of the country to ensure rural branches or bank correspondents to cover every village and district. This is India’s chance to build on that success by using digital technologies and platforms such as WhatsApp.

Another opportunity is if we could support the local shopkeeper’'s ability to build long-term capital? Instead of keeping cash at home, what if people could build a financial record of their savings and transactions, earning them credit and the ability to invest in their future? In the past it would take days to set up this kind of investment plans. Soon, financial institutions will be able to do this nearly instantly for their customers right on their mobile phone and provide access where it is not currently available. I have spent decades telling the stories of our diverse and vibrant nation. From banking reforms to a stock market boom, India witnessed an unleashing of private enterprise and consumer demand that has brought us to this unique moment in history. I am humbled and amazed at how far we have come and inspired by the opportunities before our nation. We are charting a unique path forward. Together we can build a more prosperous and Digital India.

What method of payment is Shivkala using according to the passage?

A) Not given in the passage

B) Whatsapp

C) Paytm and Googlepay

D) Direct bank transfer