India has recently moved away from making 80% of payments in cash, with 60% of the population unbanked. Even so, India’s GDP is forecast to grow by 7.4% in 2018, and the economy is set to overtake both the UK and France in size over the next few years. A consumer product like Nuggets, which enables secure ecommerce payments, has potential in accelerating India’s move towards a cashless society.
Using blockchain technology, Nuggets enables people to make payments without having to share their personal data. That protects them from fraud, and eliminates the need for a username, password and payment details to be shared.
Government support has played a critical role in Nuggets’ development. In its early days, the startup was selected by the UK Financial Conduct Authority (FCA) for its Project Innovate, enabling Nuggets to test its product with consumers in the regulatory sandbox.
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