Sujith Nair, chief executive and co-founder of non-profit Foundation for Interoperability in Digital Economy/Beckn Protocol said recently the organisation got a small network live in Brazil in an Amazonian city named Belle.
“It’s a skilling network. We are seeing some early work in Africa and Europe. Conversations in sustainability and circular economy have started not just in India where there is scale but also in developed economies, which I never imagined,” Nair said, at the Bengaluru Tech Summit on Wednesday.
The Beckn protocol can be implemented by platforms, organisations and governments to create integrated digital networks across diverse sectors of e-commerce, mobility, energy, and manufacturing. It enables the creation of peer-to-peer decentralised networks for pan-sector economic transactions.
Munish Bhatia, chief executive of account aggregator Finvu said when they started out in October 2021, the company used to get 10,000 user consents in a month. But now the company is getting six to seven million user consents in a month. “In the last one year, we’ve seen 5x growth,” Bhatia said.
An account aggregator enables the sharing of data between individuals and financial institutions. Lenders can review this information before providing a loan to an individual or an entity.
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Open source, is another big driver for how we think we should approach some of these external markets, said Sheetal Lalwani, co-founder, and chief operating officer of JusPay Technologies. “What we have done for our payments platform for the US market is we have completely rewritten it in a language called Rust and we open sourced it. We call it Hyperswitch for the US market,” Lalwani said.Everything is out in the open and the company is now focused on making its first-end clients use the open-source version for free. “We don’t want them to pay anything. But we want you to run it on a production scale on real systems,” he said.
