by Karen Coppock
Sanjay Bhargava, previously a Reuters Digital Vision Fellow at Stanford and one of the initial brains behind the PayPal business, is now spearheading a movement for universal financial services in India.
Millions of people in India, and in emerging-markets around the world, do not have access to formal financial services and pay obscene amounts for access to cash via loan sharks, check cashing services and even pawn shops. Without access to credit, individuals cannot build up a credit history and continue to be relegated to informal financial services. Without credit, or the ability to save, consumption is hindered.
Sanjay lobbies for a technology-centric solution to providing universal financial services - one that firms should keep an eye on and understand. Firms could potentially play a role in pushing Sanjay and its own agenda forward - or at least use the momentum he may be creating - for the good of society and the bottom line.