Digital Wallets

Digital Wallets: why is it needed in India?

The Indian wallet market is awaiting significant growth as Indian consumers are increasingly getting cut off from cash and plastic money, according to a leading data and analytics company GlobalData. India is one of the top markets globally in terms of mobile wallet adoption with 55.4% of people using mobile wallets more, according to Consumer Payments Insight Survey 2017.

The demonetization drama in the country has brought out the idealistic situation around us of less paper money. The effort has only ignited the fire of cashless environment in the system. People had been going around, waiting in long queues for converting their cash into some digital form. This was purely a hassle rich experience for so many people!

This strange announcement by Prime Minister Narendra Modi had left everyone taken aback. Demonetization not only took all the cash away from people but also left them with no accountability unanswered. Although things are looking to be back on track but will gradually shift to normalcy. The growing use of cashless means for payment has presented a huge opportunity to retailers.

The crisis in the country took away about 70% of people’s buying power and making it hard to materialize purchases. A lot had to be borne to ensure no petty spending was impacted. Nowadays Indians think about the digital payment system largely for more or less their spending.  

And Indians were curious to know about the E-wallets to make their underlying transactions, but although it isn’t that easy for all the Indian to turn around the digital side,mostly all educated people are looking towards the E-wallets as the future of payments. Most of the companies like Paytm & Mobikwik have just simplified digital payments for Indian citizens. Also, this way the companies are leaving a mark in the company as well.

All the e-wallets are primarily based on the foundation of security and encryption.  A safe e-wallet can take care of all finances in an instant, and also ensure the security aspect of the transactions. It helps you to do all online and offline tasks with a certain level of surety including payment for bills, transport and recharges through online facilities.Digital wallets are digital payment systems where one has the money saved and can use for all possible transactions. 

This is most certainly here to stay and also will valid for Indians for such digital indulgence.

Read More: Fintech and Digital Wallets- Basics of Financial Inclusion

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