ValueNotes Connect

Welcome to the November issue of ValueNotes Connect.

In a surprise move last week, the Indian government announced that 500 and 1000 rupee notes ceased to be legal tender. Without doubt, the demonetisation measure is the latest step in what seems like a well-planned move towards financial inclusion.

In the near-term, there will be slow growth and limited money supply. But this was clearly part of a premeditated process which began a while ago – with the linking of PAN numbers, Aadhar cards and bank accounts. In the long run, the move will boost India’s GDP, forcing even the corner shops to bank their earnings.

Is India moving towards a cashless economy? Eventually yes, particularly with the Unified Payments Interface (or UPI). The ability to make and receive cashless payments (to/from anybody), instantly will drive financial inclusion enormously. It’s already begun…

And do read our case study on how we helped an international payment solutions provider tap a multi-billion-dollar opportunity in India.

As always, we hope you enjoy reading our newsletter, and we look forward to your comments.

Best regards.

From cash-rich to cashless

by Nandita Harendra

Last week, Indians woke up to much of their cash (in hand) becoming worthless when the government announced the demonetisation of 500 and 1000 rupee notes. Despite the immediate disruption caused to businesses and the endless scramble for a few notes of legal tender, the majority of Indians support Mr Narendra Modi’s bold attempt to rid the country of unaccounted money. There’s no doubt the government’s demonetisation measure will impact industries and small businesses in the short run. GDP growth will slow in the near term; money supply will be limited.


Unified Payments Interface, a silent revolution in Indian banking

by Arun Jethmalani

We recently let go of one the best RBI governor’s we’ve had. Banks are awash with bad loans. Stressed balance sheets are limiting growth and the government is unable or unwilling to sell stakes in banks. So where’s the revolution? Have you heard about the Unified Payments Interface, or UPI? Probably, yes – given the media attention the UPI received. And like most, your probable first reaction is – so what? We already use PayTM or Freecharge or whatever. We already transact online from our mobile phones. What’s the big deal?



  • Case study: How ValueNotes helped an international payment solutions provider tap a multi-billion-dollar opportunity


Some client problems we have solved:

  • Opportunity assessment in the Indian mobile payments industry
  • Partner selection study in the banking & card payment segment
  • Opportunity assessment study for high transaction platforms
  • Detailed investment appraisal of an Indian IT Company for a global PE firm
  • Due diligence study to benchmark competitors in the virtual card industry
  • Segment analysis of the banking & card payment systems market in India


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