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<ul><li>On the anniversary of demonetization, Business Insider takes a look at how digital payments benefitted from the note ban. </li><li>According to a RBI report, the number of digital transactions is going to go from 20.6 billion in December 2018 to 87 billion in December 2021.</li><li>Payment companies like <keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword>, MobiKwik continue to be leaders of digital payment transactions.</li><li>However, currency circulation is back at a 5-year high.</li></ul>Three years ago, Prime Minister Narendra Modi in an evening address shocked the nation by banning ₹500 and ₹1000 currency notes. The move crippled the economy, threw businesses into confusion, the effects of which are being felt even today. But there is one billionaire, Paytm founder <keyword id="198636" type="PERSON" weightage="20" keywordseo="Vijay-Shekhar-Sharma">Vijay Shekhar Sharma</keyword>, and his peers including 19 new digital payments <keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">startups</keyword> clearly gained from the note ban. And Sharma knew the potential of this decision the moment it was announced. The day after demonetisation, Paytm released a front page advertisement in most Indian newspapers, thanking the Prime Minister for the note ban while the rest of the country cribbed and clamoured for cash. At the same time, according to <a href="https://www.moneycontrol.com/news/business/startup/demonetisation-how-paytm-gained-from-note-ban-and-why-it-used-pm-modis-pic-in-ads-2432963.html">reports</a>, Paytm saw a 200% increase in downloads on the night of demonetisation. In August 2016, Paytm was valued at $5 billion, which went up to $6 billion in the next year. Today, the company is set to hit $16 billion valuation, according to <a href="https://www.businesstoday.in/current/corporate/paytm-to-raise-another-usd-2-billion/story/384762.html">reports. </a> Paytm had 140 million users in October 2016, and today has over 350 million users. In the Hurun India Rich List 2019, Paytm founder Vijay Shekhar Sharma is the only startup founder to be in the top 50 of the list. Sharma has a net wealth of ₹20,400 crores. And he is not alone. Since 2016, there are over 19 funded startups that have come up in the digital payments sector with 10 of them coming up after demonetisation. The sector since 2016, has seen great investor investment over $641.6 million in funding, according to Tracxn (the number excludes startups founded before 2012 like Paytm, Mobikwik etc.) According to a Reserve Bank of India <a href="https://rbidocs.rbi.org.in/rdocs/PublicationReport/Pdfs/CDDP03062019634B0EEF3F7144C3B65360B280E420AC.PDF">report</a>, the number of digital transactions is expected to increase more than four times from 20.6 billion in December 2018 to 87.07 billion in December 2021. “The payment system transactions in 2017 grew by 44.8% over the previous year (over a strong year-on-year growth of 56.4% in 2016) even after cash availability normalised after demonetisation showing that non-cash payments were slowly becoming a habit for the users. This is also demonstrated by the growth of 54.3% in the financial year 2018-19 over the previous financial year,” said a Reserve Bank of India report. The government-owned Unified Payments Interface (UPI) has crossed 800 million users already and its transaction volume has grown from just 285,000 in November 2016 to 1.15 billion in October 2019. 
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 The use of cards and electronic wallets among people has definitely increased but its link with demonetisation is not clear. Data showed that electronic payments in retail transactions decline in the year of demonetisation and the one after that⁠— may be due to fall in consumption due to the cash crunch and confusion caused by the note ban. It’s only in financial year 2019, that electronic payments showed a sharp increase. 
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 Cash is coming back However, while digital payment continues to be on the rise, cash too is creeping back into the market with big numbers. 
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 However, according to experts the number is still low compared to India’s GDP. “Economic growth has been possible through many transactions – that are done primarily in cash. This demand for cash has led to a large growth in the Currency in Circulation (CIC). CIC grows with GDP, and inflation. Even after demonetization, CIC has come back up rapidly – though not to the same level as would be predicted by GDP growth rate and inflation,” said the Nandan Nilekani report on digital payments in India. See Also: <a href="https://www.businessinsider.in/stock-market/economy/news/moodys-rating-and-outlook-for-indian-economy/articleshow/71967678.cms">Upgrade post demonetisation, downgrade post tax cuts⁠— Moody's mood swings expose the economist’s inertia</a>

A new billionaire in India’s top 50⁠ and 10 new startups that have demonetisation to thank

<keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> government’s ambitious ‘<keyword id="3003094" type="UNKNOWN" weightage="100" keywordseo="Startup-India">Startup India</keyword>, Stand Up India’ campaign aimed at boosting entrepreneurship marked its first year anniversary on January 16, but the mood is much muted compared to last year. 
 
<a href="http://www.businessinsider.in/budget-2017-what-india-can-take-away-from-uks-startup-friendly-policies/articleshow/56661376.cms">ALSO READ: What India can take away from UK’s startup-friendly policies</a> 
 Around 800 start-ups founded after 2011 have shut shop already, signaling a deteriorating health of the sector, according to data analyst firm Tracxn. The year 2015 had seen an 87 percent increase in the number of <keyword id="6362513" type="ORGANIZATION" weightage="20" keywordseo="Startups">startups</keyword> being founded, the number dropped by 67 percent in 2016. <keyword id="6357455" type="EVENT" weightage="20" keywordseo="Funding">Funding</keyword> has also decreased in 2016 by around 47.7 per cent. 
 
<a href="http://www.businessinsider.in/exclusive-this-food-startup-is-giving-competition-to-subway-with-its-changing-organic-menu/articleshow/56661488.cms">ALSO READ: Exclusive: This food startup is giving competition to Subway with its changing organic menu</a> 
 As we race fast towards the <keyword id="6360189" type="COMPANY" weightage="20" keywordseo="Union-Budget">Union Budget</keyword> for 2017-18, let’s take a look at how ‘Startup India’ fared in the last one year: The Startup India initiative had received only 1,368 applications by mid-December 2016, of which only 502 were recognized as startups by the <keyword id="1122545" type="ORGANIZATION" weightage="20" keywordseo="Department-of-Industry-Policy-and-Promotion">Department of Industry Policy and Promotion</keyword> (DIPP). 
 
Hits 
 1) While initiatives like start up certification, roping in bodies like <keyword id="128665" type="ORGANIZATION" weightage="20" keywordseo="CBDT">CBDT</keyword> to give tax breaks to entrepreneurs, setting up incubators and tinkering labs have been lauded there is a lot more that could have been done. 
 
2) While the progress is slow, the ecosystem feels much supported as the government put light on their struggles and achievements. 
 
<a href="http://www.businessinsider.in/flipkart-ranked-number-1-amongst-indias-most-trusted-e-tailing-brands/articleshow/56660932.cms">ALSO READ: Flipkart is Number 1 amongst India’s Most Trusted E-Tailing Brands</a> 
 
Misses 
 
1) A lot of entrepreneurs and investors think that demonetization and the lack of exits in start-ups by investors are adding to the gloom; After demonetisation, the investors are afraid to exit their investment due to slump in the IPO (initial public offering) market. 
 
2) Anyone who has business sense knows that only a few of start-ups will be profitable in the first three years and so this handful can avail themselves of the tax break. 
 
3) When it comes to the ‘fund of funds’ under the initiative, Rs500 crore has already been provided as fund corpus in 2015-16 and Rs. 600 crore has been earmarked for 2016-2017. 
 Cumbersome procedures to access funds from the Rs. 10, 000 Cr. corpus have, however, made the plan a non-starter and <keyword id="6391656" type="COMPANY" weightage="20" keywordseo="SIDBI">Sidbi</keyword> has committed only Rs. 129 crore to VCs so far so the progress has been slow. 
 
4) There is still no exemption is MAT (Minimum Alternate Tax) which could’ve helped businesses to cut losses. 
 
Budget Expectations 
 
This year’s Budget to be announced next month is expected to be a big one for start-ups. 
 
The startup ecosystem is expecting the government to announce initiatives to support them like: 
 
1) Widening of the tax-free regime to five years from three years 2) Online payments through net banking, <keyword id="6358921" type="COMPANY" weightage="20" keywordseo="UPI">UPI</keyword>, credit and debit cards may get tax exemptions.

First anniversary of PM
Modi’s ‘Startup India’: Hits & Misses

<ul><li><keyword id="21793" type="ENTERTAINMENT" weightage="20" keywordseo="cameo">Cameo</keyword> is a Chicago-based celebrity shoutout platform that brings fans closer to their favorite stars.</li><li>On their recent trip to India, <keyword id="8388609" type="UNKNOWN" weightage="60" keywordseo="stefan-heinrich-henriquez">Stefan Heinrich Henriquez</keyword>, CMO &amp; GM International, Cameo and <keyword id="8360802" type="UNKNOWN" weightage="20" keywordseo="steven-galanis">Steven Galanis</keyword>, Co-Founder &amp; CEO, Cameo spoke about their optimism about the Indian market.</li><li>Currently, Cameo has close to 20,000 celebrities including Hollywood stars, musicians, sportspersons and reality TV stars on its platform.</li><li>Some of the most popular stars on Cameo include <keyword id="24691" type="PERSON" weightage="20" keywordseo="snoop-dogg">Snoop Dogg</keyword>, <keyword id="16437" type="PERSON" weightage="20" keywordseo="Charlie-Sheen">Charlie Sheen</keyword>, <keyword id="2879531" type="PERSON" weightage="20" keywordseo="Caitlyn-Jenner">Caitlyn Jenner</keyword> and Kevin O’Leary, amongst others.</li></ul>Imagine your most-favorite stars record a personalised video for your birthday, anniversary, or any other special occasion. It is now possible thanks to Cameo, a Chicago-based celebrity-shoutout platform, and it is coming to India. Founded in 2017 by Steven Galanis, Martin Blencowe and Devon Townsend, Cameo is a platform where users can pay for celebrities to make personalised video messages. Some of the most popular names on the platform today are Snoop Dogg, Charlie Sheen, Caitlyn Jenner and Kevin O’Leary. That the idea caught up quickly in the US is perhaps clear from the fact that Cameo received a funding of $50 million earlier this year. Business Insider caught up with Co-Founder &amp; CEO Steven Galanis, and Chief Marketing Officer and GM International Stefan Heinrich Henriquez to understand why the two think Cameo will do well in India. Cameo’s story so far With the advent of social media, fans have come closer to their favorite stars than they ever have been. And it was when Cameo’s Co-founder Blencowe shared a video of a Seattle Seahawks player recording a congratulatory message for his friend who had just become a father with Galanis, that the idea first took shape. In 2017, Cameo started out with 300 celebrities on board. The number swelled to 4,000 celebrities in 2018. Currently, close to 20,000 celebrities from across the world are a part of the platform. The platform is favourite among a wide range of audience from 18 years old to up to 50 in the US, according to Henriquez, a former exec at <keyword id="6762469" type="UNKNOWN" weightage="20" keywordseo="TikTok">TikTok</keyword> and YouTube Red (now YouTube Premium). “Cameo gives users the most personalized fan experience. Celebrities and influencers are always looking for new ways of connecting with their fans. Till now, there hasn’t really been a direct-to-consumer way for celebrities to connect with their followers. So we thought of simplifying the process in which they’re interacting with their fans, while also making the fans happy. That’s how Cameo came into being. The platform really enables people to get someone else’s attention,” he said. Cameo’s business model is simple Cameo brings celebrities from different industries on the platform, fans can get in touch with them by simply signing up for the platform and pay for short-video content to be created by them. 75% of what the user pays goes to the celebrities. “When celebrities put up content on Cameo, they get a majority of the cut. It gives people a direct access to their stars. Moreover, the talent on our platform is getting a new way to monetize their content while talking to their fans, which wasn’t really possible before,” Henriquez explained. India: The opportunities and challenges New-age platforms like YouTube, Snapchat and TikTok have witnessed massive growth in India in the past few years which makes the Cameo team confident that it will see a good uptake in India. On what kind of opportunities the Indian market presents to them, Henriquez says, “I have been a part of both YouTube and TikTok and have witnessed how the platforms have grown in India. I am fascinated by the country. It is really diverse and almost like a continent in itself, rather than a country. People are crazy about their stars and there is a huge opportunity to connect and we are really excited about expanding to India.” While India presents a lot of opportunities for growth, it could also be a daunting market to crack. Elaborates Henriquez, “India is a complex market. It has so many different cultures and languages. A one-size-fits-all approach cannot work here. That way, India is similar to Europe because it has different languages, customs and sub-cultures. Even the music styles and preferences of different places are different. So we have realized that it’s key to connect with local stars. We’ll not only partner with the English-speaking people but also look at localizing our offering.” While Galanis agrees that cracking the language code would be critical for them, he says he’s looking at it more as an opportunity rather than a roadblock. “On our recent trip to Japan, we realised there are huge cultural differences between markets. Our aim on this visit is to learn who are the people Indians want to see on the platform. Secondly, there are a lot of different sub-cultures and languages here and getting that right will be key. In the US, Cameo is looked as the coolest new tech company to come out since TikTok and we want to ensure it has the same momentum when we enter India. It is also important to enter the market at the correct price points and we will make those changes according to the market here,” shares Galanis. <div type="Video" msid="72297140" hostid="261" title="Cameo is currently working on its strategy to enter the Indian market" thumbUrl="https://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid=72297140"></div>

 The vision for Cameo Talking about where he wants to see Cameo in the next 10 years, Galanis says, “We believe that there are over 5 million people today who can be on Cameo. New stars are being created on TikTok and other platforms everyday and we want them all to be a part of our platform. We want Cameo to be the primary way that talent is able to monetize direct-to-consumer. We are more like an e-commerce marketplace with a lot of social media aspects to it and if we go in the right direction, we have the ability to build the first social network not based on an ad-revenue model. Unlike a platform like YouTube where videos could be monetized or demonetized, on Cameo you know every piece of content is getting paid for by someone, and that’s an interesting space."

Cameo, the “coolest thing since TikTok”, can get you a birthday shoutout from your favourite celebrity

You Searched For "demonetization anniversary" and got 3 results

A new billionaire in India’s top 50⁠ and 10 new startups that have demonetisation to thank

Sanchita Dash

First anniversary of PM Modi’s ‘Startup India’: Hits & Misses

Tanya Dubey

Cameo, the “coolest thing since TikTok”, can get you a birthday shoutout from your favourite celebrity

Samarpita Banerjee

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