We think that our future will be filled with e-wallets only, especially when one considers how easy it is to use one – easy interface, merchants that accept it and that it’s now integrated with online malls. And after identifying the kind of opportunities it holds, there is an increase in the number of players entering the market.
This kind of competition isn’t going to affect the E-Payment Solutions Market In India in a bad way because there is a small gap between demand and supply. Then, even an e-payment solution matures over time, so do the players who make them while others might get acquired – overall the technology survives and gets better.
You can use an e-payment solution just about anywhere. In fact, big names in the service provider field like Ola, BookMyShow have recorded many several instances of the use of digital cash. And to capitalize on, they even offer their users several offers to encourage the use of e-payment wherever possible – even adding more options where necessary.
At the end of the day, everyone is a winner because brands that have integrated their apps, services with digital cash can retain an even higher number of customers, who find it easier to use the service or app.
What users benefit from is a much better, seamless, secure and faster payment experience. And, in certain cases, the service provider can even reduce transaction charges earning a higher revenue yield in the long run.
‘But, it began with demonetization really'
In India, after demonetization came into effect, a number of people had to take to e-payments, mobile wallets and other forms of digital dough as they no longer had physical cash. Not only were they keen on using online payments, but they also had no other choice at the time.
Companies that developed these solutions stepped up to the new opportunities in front of them and opened even more e-wallet services or bettered the ones they already had. So, at this time users, government and mobile payment developers benefitted – and this is just what’s required to make India more digital.
Then, it’s a matter of security
The reason why demonetization was necessary is that the government wanted to make the Indian economy cashless, so it could be more transparent and bring all citizens into the tax bracket.
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