The day the breaking news on demonetisation flashed across the media, Indians were left flying high and dry in a frenzy. We Indians, hitherto use paper money to meet our daily chores or for daily mundane activities.
Post demonetisation, scarcity of cash did lead consumers to a hard time queuing up in front of ATM’s or bank counters for withdrawal of cash. This inadvertently forced many Indians to fall in line with government’s initiative for a push towards more electronic transactions. The net result being that consumers have been quick in adopting mobile wallets as an easy and alternate solution for making payments through the digital route.
The demonetization drive is expanding the reach of the mobile wallet companies with active participation both in urban and rural India. Also the fact that Telecom Regulatory Authority of India (TRAI) has allowed mobile wallet companies the permission to use (USSD) unstructured supplementary service data has helped to ease out making online payments for smartphone users.
Making most of this digital wave, mobile wallet companies are expanding their reach to both urban and rural parts of the country. Most mobile wallet service providers have been making quick inroads and making hay while the sun is shining by facilitating electronic transaction smoothly so that people get familiarized quickly especially with the scarcity of cash around.
Paytm claimed to have made transactions worth Rs 120 crores as on 22nd November – a mere 14 days post government’s announcement on demonetisation. Other ewallet service providers also have hugely benefitted and are busy pushing boundaries to the limit.
MobiKwik is claiming 20 times higher growth in terms of transactions carried out on its platform. Further, the company has entered into a contract with NHAI enabling commuters to go cashless towards payment of toll fees using its ewallet services at 391 toll plazas across pan India. Another company that is targeting the rural areas is Oxigen which allows consumers to cash in and cash out. The company, in particular, has been a huge success in Bihar.
The scarcity of physical cash has led people to opt for transactions using the digital medium. The process of switching over from cash to digital platform has been smooth unexpectedly. People have a lot of reservations earlier as they think it to be cumbersome for usage purpose but having adopted the system once, they found it not only simple but feel empowered too.
It is heartening to note that small traders in Delhi which include tea sellers, vegetable vendors have started accepting payments via digital mode which includes mwallet too.
According to Assocham, mwallets are likely to command half of the market share in the mobile payment segment in the next five years. Taking a leaf from the above market trends, Senrysa Technologies is on a verge of coming up with an in-house designed and developed mwallet app called Payskp which will redefine the contours of mobile wallet application.
The app is built using a robust technology offering transactions both online and offline on its platform. The app is not only unique but one of its kind among the competition. The prime objective of Senrysa behind this innovation is to make customer’s life easier while making electronic payments safe and secure.