Among the bustling streets of Gurgaon, outside New Delhi, a young woman enters an Oxigen branch located within a local government center. She shares her Aadhaar card (her unique biometric identifier), places her finger on a small black box, and within minutes she’s opened a bank account. She deposits her weekly cash earnings from her hair salon into her account and puts 700 rupees (roughly $10) into savings. She then transfers $50 to her cousin in Agra with only 1 percent in fees, compared to the typical 5 percent. This is the future of banking in India and potentially the world.

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