How can financial institutions provide handholding support for the elderly?
Bhupen, a young chef from Tripura, India, uses mobile apps for remittances, as well as merchant and bill payments. He has grown fond of digital payments after his coworkers in New Delhi introduced him to payment apps. However, he discovered a different situation when he returned home to Tripura during the second wave of COVID-19. He tried to introduce his elderly father to the mobile-based payments ecosystem after seeing him risk infection to make monthly recurring deposit (RD) payments in the post-office. Bhupen and others highlight the digital revolution brewing in rural Indian households. This blog examines how we can replicate this approach beyond India to extend digital financial services to the elderly and make them digitally self-reliant.