The E-Payments/Digital Wallets Industry in India:
Demonetisation largely worked in favour of the many digital wallets in India. We saw many new start-ups in this segment. The incredible increase in the number of e-wallets has been contributing immensely towards making cashless India dream come true. As our shopping patterns are ever changing so is the need to make this experience easier and seamless. The payments platforms and gateways have also been seeing a huge change in their ever evolving features. Mobile-wallets or E-Wallets have replaced our Credit and Debit cards and will soon replace our wallets completely. Imagine a future with no wallets, all payments from - merchant payments to parking payment to shopping eating toll plaza payments everything getting integrated to these e-wallets, we definitely will be a cashless country then. The e-wallets work in a simple online account format and connecting that account to your bank account. They are simple to use and easy to integrate with your Bank accounts. Now that’s a smart way to making your life easier. With aggressive competition from Credit and Debit cards they have also come up with reward points and cashbacks. It will be interesting to check how Demonetisation shifted the users from the Cards to the E-wallets.
Having started as just an online recharge and bill payment platform the e-wallets are now also available on most popular online merchants. Most of the e-commerce players have integrated the wallets and now this is moving toward the brick-mortar retailers. Its interesting to see how small vendors around a locality also are now on e-wallets like - Paytm, Freecharge, Mobikwick, Oxigen and PayU. The increased usage and shift by the users have made banks re-think on their payment approach. As a result of which we have seen some banks come up with their own wallets like - Citi Masterpass, HDFC Payzapp, ICICI pockets, State bank buddy.
Lets check some interesting facts on this Industry:
- The first bank to introduce credit cards was Central Bank - Central Card in 1980
- Highest number of online payments are done for Fashion
- Total number of Credit cards in India is 2.12 Cr
- Total number of Debit Cards is 56.5 Cr.
- India is seeing a 40% growth year on year in digital transaction
- The next big step will be converting smartphones into payment devices.
We bring some great deals for you from the various categories that E-Wallets have to offer - Mobile recharge, Utility Bill payments, and more to explore!
Mobile and DTH Recharge:
With having to face tough competition from Credit and Debit cards the E-wallets have been coming up with some astonishing offers on Reward points and Cash-backs. Some insanely crazy deals will leave you surprised. Like get 300% cash-back on your first 3 transactions from Freecharge and what more to ask when these don’t even take more than 10 seconds to complete. Now just with a few clicks you could recharge your DTH connection and say goodbye to your earlier calling and waiting hassles. Check the awesome deals we bring to you from - Paytm, Mobikwick, Freecharge,PayU and more.
Utility Bill payments :
These payment platforms have been most popular and useful specifically for easing out our daily utility bill payments. From using these to make your electricity bill payments, landline payments, Water connection payments and gas connection payments you can find it all here. Mostly used for electricity bill payments these platform have turned out to be our saviour in this era. And now gladly you can sit anywhere and make your payments online and get rewarded for it also get cashbacks and discount deals. We surely couldn’t have asked for more. Let find what more do they have to offer - Paytm, Mobikwick, Freecharge and PayU.