The mobile friendly generation is finding little use of cash in hand and is using digital money for as many things in life as possible.
A typical week for 35-year-old Kolkata-based travel consultant Debolina Banerjee goes something like this—she surfs the net, manages to pay household utility bills and gets to shop online. “I do all of these activities from home, using my smartphone and laptop,” she says with a grin. She uses Paytm and FreeCharge for paying utility bills, buying movie tickets and to buy grocery and items of daily requirements. “I also book tickets and use Uber and pay for it all through digital wallets,” she adds. She keeps minimal money in her purse and feels that digital money has made handling cash a breeze.
Banerjee is an early adopter of digital money. “I have used net banking facilities for fund transfer for years now. Receiving and paying money has become so much easier with digital money. I also help my aged parents with payments and online shopping,” she adds. Like her, many others are shifting towards digital payments, as it can be done using a smartphone.
Less cash, more convenience
November 2016’s demonetisation hastened digital transactions and today, most people have at some point or the other used some form of digital payment. To encourage greater digital transactions, the government has clearly mandated through regulations and initiatives, its desire to push for a less cash economy. So, we have key enablers in Aadhaar, UPI, Bharat QR code and BHIM, which is taking the digital route from the big cities to small villages.
“Unlike a bank account, a customer can simply download a wallet app and start using it without a full KYC process. The factors that will drive leaders in the wallet space would be availability of a large customer base and a large merchant ecosystem so that customer can enjoy a seamless use of the wallet for all her requirements, “says Kunal Pande, partner - IT, KPMG in India.
This story is from the August 2017 edition of Outlook Money.
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This story is from the August 2017 edition of Outlook Money.
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