Gates Foundation to help payments banks with tech, innovation

Photo sourced from Bill & Melinda Gates Foundation website

The Bill & Melinda Gates Foundation will help newly licensed payment banks in technology sharing and innovation as it expects India to become a global showcase for digital payment systems in the next three to five years, Daniel Radcliffe, senior officer at the financial services for the poor (FSP) programme at the foundation, said in an interview on Friday.

The Gates Foundation, which is the largest private philanthropic organization in the world, is not looking to take equity stakes in these new banks but is open to grant money for product and technology innovations to help reach financial services to the poor, Radcliffe said in a telephone interview.

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