Sorry for the late edition today, took a nap and it became kinda longish! Cool news from America today, the first company with an at-home test is rolling their initial 30K tests out from Monday- https://twitter.com/JuliaTCheek/status/1240460076516872193. In Indian startup news, I wanted to share this presentation by a bunch of Founders, VCs & others on how India should tackle the virus. And the NCPI came out with an interesting notifcation:
NPCI released an interesting notification today: allowing users to withdraw cash at merchants through UPI
With the abolishment of MDR, Interchange & PSP fees (for P2M txs), it’s been getting hard for UPI apps to monetize. So cash withdrawals will provide a small revenue boost for these platforms (as they can charge a transaction fees).
A user can also only withdraw cash 3 times per UPI ID per year, which seems a little conservative in an attempt to restrict the feature being abused.
We will def see the other UPI apps quickly build & roll out this feature (as currently only PhonePe offers it) and while it’ll always be a small % of the total transaction it will definitely provide a meaningful service to both consumers & merchants
A bunch of founders & VCs came up with the document to urge the government to tackle COVID more aggressively. Some key takeaways:
“Test, test, test”- India needs to test aggressively including importing test kits, private labs & low cost testing mechanisms (maybe mobile testing locations).
Firstly, need to enable private testing (free of cost to citizens) to exponentially increase the size of the population being tested [I also feel like the GoI should pay private testing labs for this service]
Secondly, need to see how we can effectively import tests from both the WHO and possibly China & the US (maybe even South Korea)
Thirdly, need cost effective testing centres to deploy nationwide so we can efficiently test the population without a lot of hassle
In my opinion, India should also look into restricting travel, shutting down non-essential services and telling citizens to socially distance (and possibly tell them to stay indoors as much as possible punishable by law)