Boomtime for E wallets & Plastic Money

Boomtime for E wallets & Plastic Money

Posted by P. Charitha on November 10th 2016

It has been a day and a half since PM Modi delivered his masterstroke against black money and demonetisation of the Rs 500 & Rs 1000 notes. Troubles and tribulations are galore with the aam aadmi at the suffering end rushing to change for the small change ( pun intended). But he is bearing it with a smile and a smirk that this has put an end to corruption and black money hoarders. It is also seen as the Prime Minister’s move to establish a cashless & digital economy. 

The implications of this 8 ‘o’ clock evening stroke  are many and we leave the economic impact to the intellectuals to debate on. Now what comes into fore is the cashless transactions which are going to pick up in the coming years. Yes... we will now see the chai walas and the kaam wali bais and the rest of the market getting into using more plastic cards to pay and the upwardly mobile and middle class get used to using the online wallets systems. We can expect more credit/debit card transactions happening from the unorganised sectors too and of course not to mention the long lines in front of ATMs .This again would mean increasing the number of the ATMs by the banks and we might see them in the remotest of the places. The nationalised banks which have a hold in the rural areas have to start searching for spaces to set up & operate these ATMs and we might end up seeing them in the small hut tenements for people to use. 
 
According to Tracxn, a start-up intelligence and market research firm which gave a report that online wallet start-ups are the most acquired in 2016 herald this  trend in India & we can see it continue in the future. So what we are going to witness is the increase in digital payments & online transactions for almost everything to a huge extent. 
 
So with PAYTM currently ruling the market  we might soon see the nascent fintech companies who are slowly emerging in the E payment platforms segment to soon pick up pace. Cashless transactions, e-wallets , online transactions  now leads to innovation in fintechs, growing number of start-ups and a cashless economy.

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