I read about COOPaisa initiative from the Internet. First up all let me congratulate the entire team materializing an idea like COOPaisa and rolled out at the right time when people are literally struggling due to recent demonetization move.
I understand that at cashless economy would be the future. At the same time, it also raises concerns about the feasibility of going digital , security , the privacy of individual etc. Following new developments that are happening in the country after demonetization is announced, corporates are trying to hand hold the implementation of the cashless economy with an intent of monopolizing the entire cashless transactions. Once established without any doubt corporates start increasing rates causing the burden to common people, by then people would not have the alternative option to even think about and hence trapped and exploited. This is extremely dangerous and worrisome. Unfortunately, government is supporting such activities which should not have been the case.
An initiative like COOPaisa is an alternative model which is more decentralized and consider those who are not digitally “well off” too. COOPaisa is implemented by a cooperative bank in Malappuram district of Kerala also known as people’s bank. Cooperative banks are organically connected to people of that locality where the bank operates unlikely to that of private banks. I am waiting to see such an initiative to be adopted by whole such cooperative units of Kerala and the country and save people from not trapped by corporate giants.
(It would have been greater if COOPaisa like project released under any free software license so that better and faster maintenance and adoption.)