Our digital payment systems can transform the creative economy
Live MintThe internet is on the cusp of one of the biggest changes in its short history—frictionless and ubiquitous micropayments. India too has all the building blocks necessary for a similar evolution—huge demand for local-language content, wide adoption of mobile payments, and massive social followings of internet stars. On the old internet, Indian language creators face a double whammy—they’re unable to compete with Big Tech for advertising budgets and are losing out to English-language services. While it is common knowledge now that India is the largest audience base for many global platforms, such as Facebook and WhatsApp, what is less often appreciated is the number of creators—firms as well as individuals—who have attracted such large followings that if even a fraction of their fans paid them, the money would vastly exceed any advertising revenues and make many projects viable. When it comes to paid content, we are at the 1994 moment of the internet, when the first digital advertising appeared amid widespread scepticism over who would pay for such tiny ads.