Demonetization has indeed brought about a digital revolution in India, don’t you agree? During the initial demonetization days unorganized and unconventional users such as the newspaper, milk, autos, small Kirana merchants, auto drivers and cabs faced plummeting sales. Everyone had no option but to accept the cashless mode of payments. But once they got the taste of how easy and convenient digital payments are there was no turning back. Mobile wallets emerged as one of most popular mode of payments during these times. One of the key factors for success of mobile wallet was the ecosystem created by operators and the growing mobile subscriber base in the country. Mobile phone users have crossed 1 billion mark and there are more than 300 million smart phone users in the country today.
The digital movement continues. Just think about it, did you ever think of paying your auto guy money from your e-wallet? Now if you notice, many local Kirana stores or even your trusted veggie seller at the weekly market has a POS swipe machine or a PayTM QR code sticker. The digital wallets also help in making and receiving online payments for these unconventional sectors.
Uncategorized and unconventional sectors are now quite comfortable using digital service once they are hand-held through the process. Did you know? The Indian government has a channel “DigiShala” dedicated to guide and teach viewers about technology? It is support like this that makes embracing technology easier for unconventional sectors. Even if some are skeptical of using technology at first, with a quick demonstration they soon realize how easy digital payments really are.
Besides, now, one can just stay at home and pay electricity bills, phone bills, and even government taxes online. Cable TV and broadband recharges have moved online long ago and continue to gain pace. The convenience without the hassle of standing in long queues the billing centers is super-attractive for consumers. Times have changed and those who resist risk being swept aside.
The recent Ganesh Utsav festivities across West and North India saw for the first-time volunteers and devotees offering donations using latest payments methods such as QR code. This year’s heavy rains were a dampener in so far as people visiting the pandals were concerned but this did not stop them from making a beeline for the digital darshan, and for the digital donation. Devotees who were forced to stay at home opted to make digital offerings to Lord Ganesha and earned his blessings.
If you look at the merchants selling their goods on Amazon, you will be amazed to see just so many small and medium players with such a variety of vares. There are wooden toys, handmade toiletries, and home supplies. There are specialty portals dedicated to everything from traditional tribal arts and crafts to homemade Biryani – and they all happily accept digital payments today.
Forward-thinking schools in cities across India are also accepting digital payments – Vidya Valley School in Pune tying up with our very own PayPhi are a great example. The payments come faster, the management of the process is simpler, and the effort involved is less – all great reasons to go digital.
This is just the tip of the iceberg – there are a variety of sectors that are feeling their way into the digital payment revolution. They know that if they embrace digital payments, they can reap the benefit in terms of increased sales, faster settlement cycles, and a more polished public image. Sounds good, doesn’t it?