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Post demonetisation, e-wallet cos go on hiring spree to meet surge in demand & competition

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Post demonetisation, e-wallet cos go on hiring spree to meet surge in demand & competition

While the other sectors are facing the brunt of the demonetisation, e-wallet brands like Paytm, FreeCharge, MobiKwik and others are laughing their way to the bank. In order to meet the sudden surge in demand and competition in this space, these brands are looking to expand their team and hire fresh talent which will help the e-wallet category to grow in the coming days.

Paytm is looking to hire several students from India’s best college in the upcoming placement season. The company has already conducted campus placements across engineering colleges and b-schools across the country, including NIT, ISB and IIT, and is looking forward to hire many more students from India’s elite educational institutions.

Commenting on this, Amit Sinha, Senior Vice President - Paytm said, “Paytm is expanding quickly and we are constantly on the lookout for talent to help us keep the acceleration in momentum. Over the last couple of years, we have hired several bright and enthusiastic students from the country’s premier institutions including IITs and IIMs, XLRI, BITS Pilani and the Indian School of Business among others, and we are incredibly happy to announce this year will be no different.”

MobiKwik also has plans of expanding their team in the coming months by adding around 200 employees. Speaking about it, Mrinal Sinha, COO, MobiKwik said, “We have already added 5 million users this month and are preparing ourselves for rapid growth within the next few months. Keeping this in mind, we shall hire around 200 employees at various levels, to further strengthen our engineering, BD, consumer ops and marketing teams.”

As per reports, FreeCharge is planning to expand their customer acquisition team, post demonetisation. The company had reported a sharp 12X overnight jump in the average wallet balance on the following day of the announcement, as consumers loaded up their wallets.

One of the major problems in this category has always been about awareness, but after the PM’s announcement, these brands have seen a tremendous increase in traffic, in their number of downloads and the number of merchant enquiries have also seen a spurt. To add to it, competition in this space has also increased in the last few weeks as these players introduce new features to get more consumers on board. Other than catering to the everyday customers, their attempt has also been to reduce the hassles of the unorganised retailers and shopkeepers who have been affected the most.

Last week Paytm introduced a new ‘PoS’ feature, which they immediately had to withdraw on security concerns. This feature was supposed to eliminate the need for a physical point-of- sale terminal or a card swipe machine. Few media reports suggest that FreeCharge had plans of bringing a similar app-based model in the market. But owing to security reasons, the plan was never executed. Immediately within few days, MobiKwik even came up with a new feature called ‘Lite’ to address the problem of low internet connection. Infact, recently Paytm founder has expressed that demonetisation has turned to be extremely beneficial for the company as they have been adding around 6 lakh new users every day.

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