Top Story

Home >> Digital >> Article Presented By, IDMA - Mathrubhumi.com presents e4m's IDMA 2018, gold partner - Republic TV           Techमंच - exchange4media presents Techमंच - Digital Conference 2018, gold partner - Mathrubhumi.com

Digital wallet game in India all set to begin after demonetisation

15-November-2016
Font Size   16
Digital wallet game in India all set to begin after demonetisation

The recent demonetisation move by PM Narendra Modi has resulted in a sharp rise in the use of online payments. Leading digital wallet player Paytm claims that it has witnessed 700 per cent increase in traffic, resulting in five million transactions per day, while MobiKwick has reported a whopping 2000 per cent spike in its traffic and almost 20 fold increase in overall transactions since the announcement was made by the government.

The masses, including small business vendors, are lapping up cashless payment options in the hope to tide over the present cash crunch, which according to reports is going to last for some time. Given the scenario, the critical question to ask is: are digital wallet companies equipped to sustain the current rush of customers and more importantly, what steps should these companies undertake to ensure new customer engagement once the cash crunch situation is resolved.

Highlighting how the age of digital wallets has finally come to bloom and how digital wallet companies were prepared for such a situation much before the demonetisation move was initiated by the government, Nitin Misra, Senior Vice President, Paytm, says, “While the demonetisation has led to a surge in Paytm’s traffic over the last couple of days, we have been scaling our systems for over a year to serve half a billion consumers by 2020. Hence we were fully prepared to tackle the current rush of customers. As far as engagement goes, for the last year we have been aggressively expanding our merchant network and as a result, Paytm today is accepted literally across every user case. We have also set bolder targets in merchant acquisition, and are aiming to reach over 5 million merchants by the end of the fiscal year.”

Experts believe that the present cash crunch situation will provide a big boost to cashless transactions, especially involving online and mobile platforms. Commenting on how digital wallet companies will redefine their status in the Indian consumer market, Harish Bijoor, Brand-Expert & Founder, Harish Bijoor Consults Inc., says, “The future is digital. As everything from entertainment to education to money goes digital, digital wallet companies will need to re-define their status in the great Indian consumer market. What these companies have achieved thus far must be treated as beta stage offers. They have established platforms, have been running after customers of the B2B and B2C kind, and have been able to manage traffic or a particular order to date. Post Prime Minister Narendra Modi's masterstroke on demonetisation, which I call a 'Modistroke', the opportunity for digital wallets is bound to boom. If you were carrying traffic of X, expect that to be 200X if not 2000X! That is the kind of preparation that these digital wallet companies need to have made to date.”

While India has attempted its big push from a cash only economy to the intended cash free economy, in the course of this big jump the online wallet game is about to witness a new turn. Summing up the road ahead for the digital wallet players, Bijoor adds, “The true-blue digital wallet game is about to begin. And guess what, this is true for credit cards, debt cards and card companies of every kind that believe in electronic transfer of funds from point to point.” 

Tags paytm digital wallets MobiKwick Nitin Misra Harish Bijoor

Varun Raina, Marketing Manager, Airbnb India speaks to exchange4media about the successful #LiveThere campaign and how Bollywood helps them connect with its young consumer

Tim Castree is all praises for his team in India and trusts it to be a result of “an excellent execution of agency’s global strategy” headed by Kartik Sharma

Siddharth Dabhade says Criteo’s technology allows brands to engage with shoppers, create relevant experience on retail apps, thereby driving sales and profits

Shantanu Gangane says OTT platform Viu plans around 20+ originals and is all set to enter the Tamil market with a mix of syndicated and original content

right
left
OFF THE CUFF HAS JOURNALIST ARUN SHOURIE IN CONVERSATION WITH SHEKHAR GUPTA IN MUMBAI IAA HOSTS FIRST INDIAA REGIONAL AWARDS (TELUGU) IN HYDERABAD BREAK THE CEILING TOUCH THE SKY 2018 SEES OVERWHELMING INDUSTRY PARTICIPATION 10TH EDITION OF ABC EUREKA AWARDS IN MUMBAI CELEBRATES WORK OF PARTNER AGENCIES EMINENT JURY PICKS LOUDEST’S 100 MOST POWERFUL INDIAN MUSIC BUSINESS LEADERS MODE LOFT BY SABGROUP LAUNCHES SIGNATURE MENSWEAR POWER DRESSING CLOTHING LINE TOP MARKETERS DISCUSS ART AND SCIENCE OF EFFECTIVE LISTENING @PITCH CMO SUMMIT 2018, DELHI THIRD SEASON OF ‘INDIA’S TOP DIGITAL PLANNERS’ RECOGNIZES EXCELLENCE IN THE DIGITAL INDUSTRY WOMEN ECONOMIC FORUM 2018 SEES DISTINGUISHED GLOBAL PERSONALITIES IN ATTENDANCE PEPPER CREATIVE AWARDS 2018 RECOGNIZE THE BEST IN ADVERTISING IN SOUTH INDIA RADIO CITY’S POWER OF RADIO MEET HOSTS TOP ADVERTISING INDUSTRY LEADERS TOP INDUSTRY PERSONALITIES ATTEND ZOOM-MYNTRA EVENING TO CELEBRATE THEIR PARTNERSHIP LEADING MARKETERS, EXPERTS SHARE INSIGHTS ON DIGITAL TRANSFORMATION @ADOBE SYMPOSIUM IN MUMBAI NICKELODEON TRADE PARTY SEES MARKETING INDUSTRY LEADERS AND THEIR FAMILIES IN ATTENDANCE GOLDEN MIKES RADIO ADVERTISING AWARDS 2018 RECOGNIZE INDUSTRY’S MOST DESERVING ACHIEVERS AIMA MANAGING INDIA AWARDS HONOUR THE BEST IN THE INDUSTRY BW BUSINESSWORLD’S GREAT INDIA DEBATE BRINGS TOGETHER INTELLECTUALS ACROSS INDUSTRY SECTORS BW BUSINESSWORLD SMART CITIES CONCLAVE PATNA 2018 SEES EMINENT INDUSTRY LEADERS IN ATTENDANCE EMINENT JURY PICKS WINNERS OF GOLDEN MIKES RADIO ADVERTISING AWARDS MADDYS 2018 SEE TOP ADVERTISING AND MARKETING INDUSTRY LEADERS IN ATTENDANCE

Abraham Thomas, CEO of Radio City, and L V Krishnan, CEO, TAM Media Research, talk to exchange4media about a recent Nielsen report on radio

The announcement was made by the third judge of the Madras High Court, with an order expected later this evening.

Sanjay Goyal talks to exchange4media about the fast changing norms at companies, the current employment scenario and what would a workplace be like by 2025.