The Indian government suddenly announced on November 8 that the old 500 rupee and 1,000 rupee banknotes would be out of circulation from 0:00 on November 9, and new 500 rupee and 2,000 rupee banknotes would be issued at the same time, and the public could exchange their old banknotes for new ones before December 30.

Due to the insufficient supply of newly issued banknotes, this can make a large group of third brothers miserable, and there are long queues in front of banks and ATMs around the country to "exchange money".

At the same time, most people are still facing the dilemma of having to go home and start all over again the next day due to the lack of new bank notes.

The Indian government claims that the move is aimed at cracking down on corruption and unsolicited black money. But the common people were miserable.

You said, if you change money, you can change money, you have to get a preventive shot in advance, so suddenly announced the "demonetization order", which caught the people completely off guard.

Or maybe you have to prepare enough for the new banknote, and after waiting in line for a day, it's finally my turn.

Damn, the teller told me there are no new bills, come back tomorrow!

Even if someone succeeds in getting a new banknote, it is not easy to relax.

This is because the first new banknotes to be available in large quantities in India were the new 2,000 rupee banknotes, while the new 500 rupees were very rare.

The main banknotes in circulation are Rs. 2,000, Rs. 100, Rs. 50, Rs. 20, Rs. 10 and coins.

This means that even if people have a 500 rupee bill in their hands but can't spend it, a 100 rupee note becomes a sought-after item that can be effectively circulated.

In addition to withdrawing money, it is another headache for people to deposit their abolished 500 rupee and 1,000 rupee banknotes in their banks.

Because according to the regulations, depositing old banknotes into a personal bank account requires the submission of various identity and address information according to different amounts for verification, and the procedures are very troublesome.

It often takes more than a year or even two or three years for a currency to exit the market in an orderly manner under normal circumstances.

The speed of India's action this time is simply lightning fast, and the ear thief bell rings and the bell jingles!

India is a highly cash-dependent country, with more than 90% of transactions completed in cash.

In this context, the one-time abolition of 86% of the banknotes in circulation can be imagined how hard this "demonetisation order" will deal to the Indian market!

As soon as the demonetization order was issued, India's stock market plummeted, highways were paralyzed by traffic strikes, the agricultural sector was damaged, and business activities were largely suspended.

The paralysis of the entire market in India has affected not only economic activity, but even the daily life of every Indian.

The banks are also being hit!

People flocked to banks from all directions, and every bank was caught in a run.

There was a long queue of people who exchanged banknotes, and those who could not exchange money made trouble in front of the bank, and even smashed the bank, and there was chaos everywhere.

The world's major financial institutions have lowered their forecasts for the Indian economy.

Zhang Yida received the news as soon as the demonetization order was issued.

Ruixiang Industrial Investment Fund has invested hundreds of millions of dollars in India, investing in and acquiring six technology companies, and Zhang Yida has personally invested $100 million in OYO Hotels.

Most of these companies will face a big impact because of the demonetization order.

The only exception is BBPay.

The introduction of the demonetization order is bad news for other industries, but it is good news for the electronic payment industry.

Within the first hour of the demonetization order, BBPay added nearly $2 million to its accounts across the country, compared to a typical $200,000 per day.

Zhang Yida urgently convened a remote video conference and instructed BBPay's CEO Singh to start advertising on a large scale, and be sure to eat this wave of policy dividends.

After receiving Zhang Yida's instructions, BBPay began to move, and huge billboards were quickly erected in large supermarkets such as New Delhi and Mumbai.

On the other side of the increase in payment customers, there is a wide range of payees, including not only major shopping malls, restaurants, hotels, but even taxis and grocery stores have begun to collect payments through BBPay.

The Government of India has also taken steps to strongly encourage electronic payments.

For a time, the electronic payment industry not only found a good opportunity for rapid development, but also helped the government and the people reduce the difficulties of the transition period.

More than a month has passed, and the shocks caused by India's demonetization order have gradually subsided.

Zhang Yida connected to Singh again through video conferencing software, ready to inquire about the development.

A bearded Singer appeared on the screen in the conference room, his majestic body taking up more than half of the screen.

The first thing Singh said was, "Boss, you're really like a god!"

He smiled again, "Now that the impact of the demonetization order has gradually subsided, we at BBPay are definitely one of the biggest beneficiaries of this incident!"

Zhang Yida smiled and nodded, "Let's talk about it!

"In the more than a month since the implementation of the demonetization order, more than 20 million people have started using BBPay wallets.

Traffic to the company's website skyrocketed sevenfold, and the number of smart client app downloads increased threefold.

The total number of registered users exceeded 75 million, and the number of cooperative merchants exceeded 1.5 million, which was initially the same as the number of merchants accepting credit card payments. ”

Zhang Yida frowned, but still slowed down, and asked: "How is Paytm? I heard that their registered users have exceeded 150 million, and the number of cooperative merchants has exceeded 2.1 million?"

"Yes," Singh said with a heavy face, "In the Indian market, Paytm is the number one in the industry, and we at BBPay can only rank second, and the third place is FreeCharge with 30 million users."

In addition, I heard that Samsung Group is planning to launch a payment app, Samsung Pay;

WhatsApp, an instant messaging app with 200 million users in India, is also exploring payment options for Indian users;

The Indian government is also planning to launch the Bharat QR code payment system, which will allow users to easily transfer money between bank accounts;

Flipkart has acquired PhonePe, a UPI payment platform founded by its former employees, and the majority shareholder behind Flipkart is China's Penguin Group;

In addition, Google and Amazon are also said to be launching their own mobile payment wallets in India......"

The demons are dancing!

Zhang Yida sighed that India, with a population of 1.3 billion, is a piece of fat that can't be fatter!

Domestic Internet giants Ahri and Penguin, mobile phone giant Samsung, international Internet giants Facebook, Google, Amazon, and the Indian government have all set their sights on electronic payments.

A large market comparable to China's domestic market, although the economy is slightly worse than China's, but it is also worthy of a continent.

Isn't Xiaomi making a fortune in India?

India's economy has not been able to develop economically because of social conditions such as the caste system, the low status of women, and the inequality of wealth.

In fact, even with these conditions, India's GDP growth rate was 7.3% last year, and it is expected to be 7.1% this year.

From 1978 to 2013, China's GDP growth rate was far ahead of India's almost every year.

By 2014, India's GDP growth began to surpass China's, becoming the world's fastest-growing major economy.

However, last year, China's total GDP was $11 trillion, while India's was just over $2 trillion, and China's per capita GDP was $8,000, while India's was just over $1,700.

Anyway, no matter whether it is compared with countries or per capita, the gap is four or five times.

Of course, India does not accept this figure! They believe that their country's GDP is more than twice that of China.

Indian Prime Minister Narendra Modi is still very iron-fisted, and this time he is under so much pressure to carry out currency reform, which is to force the Indian people to deposit cash in banks.

Promoting the digitization and systematization of money will lay the foundation for the development of India's modern payment system, which is conducive to the long-term development and circulation of India's commercial trade.

At the same time, it also facilitates tax supervision.

There is a clause in the demonetization order that the government will not ask residents if they deposit old currency worth less than 250,000 rupees in the bank.

Beyond this limit, residents face punitive taxes of up to 60% if their savings do not match their reasonable income.

The reason why Zhang Yida is so concerned about India's demonetisation order is because after the demonetisation order, mobile payment broke out in India.

In the case that Europe and the United States cannot enter, India has become the most important overseas market for Mobao payment, which has to be paid attention to.

"Singh, I'm allocating $50 million to BBPay, are you confident that by the middle of next year, I will increase the number of registered users to 150 million?"

Singh is a little embarrassed, in half a year, to double the number of users, 75 million, the cost is only 3.4 billion rupees, which is converted to less than 50 rupees per user.

He said: "Boss, I'm afraid this is a bit difficult! Although the demonetization order has promoted the development of the electronic payment industry, it is also very difficult to increase the number of users by 75 million in half a year.

I think it's more realistic for us to adjust the target to between 100 million ~ 120 million. ”

Zhang Yida shook his head, "Singh, I don't like bargaining. At present, the number of our C-end users is fully double that of Paytm, and if you don't catch up, do you want to be the second in 10,000 years?

In terms of the number of cooperative merchants, we are not much worse than Paytm. Therefore, the gap between us and them is not as big as you think, so unbridgeable.

As far as I know, the current unit price of Indian financial products is about 0.5 US dollars, which is equivalent to 3.44 yuan and 34 rupees.

I'm going to give you 3.4 billion rupees, and if you use it properly, you can get 100 million users. ”

When he said this, Zhang Yida was also very envious.

At a time when the cost of customer acquisition for domestic mutual finance products is as high as thousands of yuan, India is still quiet, and the cost of customer acquisition is only more than three yuan......

Indirectly, it can also be seen that the competition between startups in India's Internet finance industry is not fierce for the time being, and there is not too much hot money pouring into this industry.

Maybe the situation will be different next year, all the giants will enter the market, and soon there will be a fight between the gods, and the cost of customer acquisition will definitely rise.

Invest more advertising money now to save money in the future.

The second of 10,000 years poked Singh's sore spot!

Before BBPay was acquired, he was still the boss, and when the company was still called MobiKwik, he was always crushed by Paytm and was the second in the industry for several years.

Later, in the face of the excessive burning of money in the electronic payment industry, he could not afford it, and the financing could not be financed by Paytm, which was blessed by the giant Ahri, so he chose to sell the company to Zhang Yida.

Deep down, he didn't have the idea of bringing BBPay to India first, but he never had the support of a powerful force.

He is not one of those untouchables who idle, idle, as a noble Kshatriya, his name is "Lion", and he also has his own pride.

"Okay, 150 million is 150 million, and I will definitely accomplish this goal. ”

Singh was heartbroken and agreed.

"Okay, when a man does a career, he has to show some courage and be awkward. ”

Zhang Yida added: "The cooperation between OYO, Zomato, and Ola and BBPay is going well, right?"

Singh nodded, "It's going well, thanks to a few of their companies, which has greatly broadened our payment application scenarios."

Hotels, food delivery, and taxis are all high-frequency payment scenarios, which are very helpful for improving the transaction activity of BBPay users. ”

Zhang Yida smiled, this is all the remaining model of domestic play, copied to India to test the water, it seems that the effect is not bad.

However, it seems that Ola is about to start a new round of financing and launch its own mobile payment platform, OlaMoney.

If that's the case, we at BBPay will be affected. Singh said worriedly.

"Okay, I see! just ignore it for the time being, just be mentally prepared!"

Zhang Yida sighed, there is really no tiger in the mountain, and the monkey is the king!

This is true for Grab and GoJek in Southeast Asia, and Ola in India.

Does Didi in China dare to launch his own payment platform? Ahri and Penguin's two fathers will teach him how to be a man.

There are no giant Internet companies in Southeast Asia and India, so there are many fewer constraints, and you can play as much as you want.