2016 assures of ‘palmy day’ for digital payments & mobile wallet industry

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Mumbai, December 29
Phasing out year 2016 assured of ‘palmy days’ again for digital payments, as the move of demonetisation is all set to revive the digital payments and mobile wallet industry, the future of which was generally seen dark before the launch of the unified payments interface(UPI).
Since November 8, mobile wallets have been everywhere, from LPG Gas Cylinders, on-demand cab hailing apps, and even at off-the-corner shops. Plastic transactions have slumped around 25 per cent per month since November 8 in the wake of demonetisation and the government’s aggressive push-led by Prime Minister Narendra Modi for a predominantly cashless society. While card payments grew the most in organised retail, even small roadside merchants appeared to be shifting to digital payments.
From month on month, now we are checking weekly growth data which is showing a jump of around 5 per cent per week, which is a very healthy number, said Lokvir Kapoor, CEO of Pine Labs said. The company facilitates installation of point of sale (PoS) terminals at merchant outlets. The average value of each transaction which had slipped to Rs 2,000 from Rs 2,700 before November 8 has now stabilised at that level.
Pine Labs is processing around 1.1-1.2 million transactions on an average per day after the withdrawal of Rs 500 and Rs 1,000 notes. Before November 8, the number was around 5 lakh on an average weekday. The number has picked up in recent days.To encourage digital payments and a transition to a cashless economy in a strategic manner, the government of India has recently announced daily, weekly and mega awards worth Rs. 340 crores for consumers and merchants on small digital payments from the Christmas Day. The National Institution for Transforming India Aayog(NITI Aayog) which is a policy think-tank established by the Narendra Modi government to replace the Planning Commission, has announced the launch of the schemes such as Lucky Grahak Yojana and the Digi-Dhan Vyapar Yojana to give cash awards to consumers and merchants who utilise digital payment instruments such as e-wallets, USSD, smartphone apps for personal consumption expenditures. PayU, a leading online payment service provider in 16 high growth markets, dedicated to create a fast, simple and efficient payment process for merchants and buyers. 250 payment methods and PCI certified platforms are designed to meet every consumer’s needs.
In India, PayU covers nearly 60 per cent of the entire e-commerce and processes over 40,000 crores of Digital payments in India annually.
PayUBiz is the industry leading payment service provider and its clientele includes the likes of Jet Airways, Amazon, Airtel, Snapdeal, Jabong, Ola, Bookmyshow, Insurance companies and many more. PayUIndia also has under its aegis PayUmoney, the fast, easy and secure payment solution which can be used by anyone who wants to collect payments in the country(be it Individuals, brick and mortar businesses, startups, freelancers, schools, hotels, utility companies, residential societies, Telcos, Insurance companies, traders, retailers).
The solution is presently used by over 2,00,000 merchants all across India. Driven with the zeal to create powerful financial services solutions, PayU acquired Citrus Pay, a Mumbai based Fintech Company in September 2016. Amalgamating the strategic acumen and trail-blazing financial technologies, PayU India is poised at revolutionising the mobile and digital payment ecosystem.
Paytm is the country’s largest mobile payment and commerce platform. With the current user base of more than 150 million, Paytm is on a mission to bring half a billion Indians to the main stream of the economy using mobile payment, commerce and soon to be launched payment banking services. Consumer brand of India’s leading mobile internet company One97 Communications, Paytm is headquartered in New Delhi NCR. The company’s investors include Ant Financials (Alipay), Alibaba Group, SAIF Partners, Sapphire Venture, Mediatek and Silicon Valley Bank.

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