The implementation of demonetization, banning of Rs.500 and Rs. 1000 notes were done to ensure malpractices and curb black money. This is why Indians turned to digital money, and this trend appears to have stuck.
An upsurge in the use of the digital transaction channels pushed providers in the E-Payment Solutions Market In India to make their offerings safer, and as a result, we now have a host of digital wallets, net banking, IMPS, NEFT and online transfer alternatives to choose from. It was tough to make this sudden shift from physical to digital cash but citizens were happy that they did because they experienced a greater level of convenience when making or collecting payments.
Going by our understanding, here’s what’s available in the market today.
• Debit and credit cards
• Cash on delivery
• Mobile payments
• Online bank transfers
All of these payment modes are extremely big today, but it’s still the debit and credit cards that are used the most. It’s possible that many users consider cards to be safer, or that they are familiar with them. Mobile payments come in second, especially after UPI was implemented and top m-wallets like PayTm, FreeCharge were strengthened via the KYC norms.
Of course, card usage will always be a winner here as the payment is instant and that it’s connected directly to the bank account, but this depends a lot on the individual and how much they wish to spend. So, based on the consumer priority list, payment solutions would be as follows.
• Card payments as credit/debit cards registered a higher issuance number and they’re used a lot.
• UPI owing to the convenience factor, low to non-existent usage fees and security has been enhanced via the PAN numbers.
• Mobile wallets, only due to the convenience factor, it reduces the need for physical cash and works even when ATMs don’t.
• Online bank transactions that fall in last as you do have to be in front of a PC, have a good internet connection and so it’s inconvenient, time-consuming and has to fit bank formalities.
An upsurge in the use of the digital transaction channels pushed providers in the E-Payment Solutions Market In India to make their offerings safer, and as a result, we now have a host of digital wallets, net banking, IMPS, NEFT and online transfer alternatives to choose from. It was tough to make this sudden shift from physical to digital cash but citizens were happy that they did because they experienced a greater level of convenience when making or collecting payments.
Going by our understanding, here’s what’s available in the market today.
• Debit and credit cards
• Cash on delivery
• Mobile payments
• Online bank transfers
All of these payment modes are extremely big today, but it’s still the debit and credit cards that are used the most. It’s possible that many users consider cards to be safer, or that they are familiar with them. Mobile payments come in second, especially after UPI was implemented and top m-wallets like PayTm, FreeCharge were strengthened via the KYC norms.
Of course, card usage will always be a winner here as the payment is instant and that it’s connected directly to the bank account, but this depends a lot on the individual and how much they wish to spend. So, based on the consumer priority list, payment solutions would be as follows.
• Card payments as credit/debit cards registered a higher issuance number and they’re used a lot.
• UPI owing to the convenience factor, low to non-existent usage fees and security has been enhanced via the PAN numbers.
• Mobile wallets, only due to the convenience factor, it reduces the need for physical cash and works even when ATMs don’t.
• Online bank transactions that fall in last as you do have to be in front of a PC, have a good internet connection and so it’s inconvenient, time-consuming and has to fit bank formalities.
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