India’s Unbanked Slowly Joining the Global Online Community

Reading this article I was amazed by the opportunity that presents itself in India.

For example:

Only 40% of India’s 1.2 billion people have bank accounts
Only 36,000 of India’s 600,000 villages have a bank branch
The national ID program has issued 220 million ID cards thus far

This is a huge market of non-consumption as it relates to commerce especially online commerce.

Vikram Akula highlighted this opportunity in greater detail in his book “A Fistful of Rice” where he talks about microfinance and the opportunity to bring India’s rural communities online and into the global commerce economy.

These efforts in India, China, Indonesia, Mexico and South Africa are a step in the building economic cycle that will take millions of the world’s populace that currently are non-consumers and eventually introduce them to the global cross border commerce