The 5C’s of Cashless

The Reserve Bank of India has unveiled their Vision 2018, an ambitious plan to shove the juggernaut into a cashless future. Here are their pithy yet to the point 5C’s, which focus the framework on a set of objectives.

  • Coverage – by enabling wider access to a variety of electronic payment services
  • Convenience – by enhancing user experience through ease of use and of products and processes
  • Confidence – by promoting integrity of systems, security of operations and customer protection
  • Convergence – by ensuring interoperability across service providers
  • Cost – by making services cost effective for users as well as service providers

The full Vision 2018 report can be found here. Smells like Rajan’s legacy as he wanders back to academia in the Fall. I’m very impressed by the framework’s conciseness, and the fact it embeds periodic customer feedback surveys (continuous user research) as part of the design.

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