English Vocabulary Practice - February 29th

"Practice makes man and vocabulary perfect"

The year 2016 comes with great expectations for the evolving payments industry. A 40 per cent quantum increase in the number of banks, which will now operate in India, has witnessed the birth of 23 banks, all expected to start operations within 2016. There are more than 40 digital wallets and numerous payment protection insurance providers giving the consumer many choices as well as more products and services in the market. If 2015 was the curtain raiser, 2016 will translate action on the ground.

Slowly, but surely there is a cashless and digital payments revolution underway in India and it deserves a lot more attention than it is currently receiving. With the recent ruling, Aadhaar cards will be used in more schemes and will play a major role in financial inclusion. The department of post, which has now obtained a licence to open its payment bank, has an almost unrivaled reach across the length and breadth of the country, and could be the game changer.

In India, the credit card, a physical payment product, has been around for long but is still struggling with penetration. Yet, intangible newfangled services like mobile payments, digital wallets and payment apps have been welcomed with open arms, fast gaining popularity across demographic segments.

Vocabulary

evolving = develop gradually

quantum increase = increased amount

numerous = great in number or many  

curtain raiser = an event happening just before a important one

revolution = forcible overthrow of social order in favor of new system or change 

ruling = authoritative decision

financial inclusion = delivery of financial services at affordable costs to sections of disadvantaged and low-income segments of society

unrivaled = better than everything of the same type or unbeaten  

has been around = has been in existence or present

penetration = able to make a way in to or through something

intangible = non physical 

newfangled = objectionably new, modern

across demographic =  all sections of population

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