Mobile wallets are soon becoming the preferred mode of payment for online transactions. The last year has been all about shopping on websites versus mobile apps. However, this year it will not be about shopping, but about how to pay for the purchases. Mobile wallets still remain largely untapped in India. This trend is shifting gears, according to industry analysts.
Everybody gets a share in the pie
It is a win-win situation for all players. The industry is said to be valued at roughly Rs. 1.2 lakh crores, and has the potential to be the next big thing in Indian ecommerce. With smartphone usage picking up pace, introducing and encouraging the use of mobile wallets for payments will not be a herculean task for the service providers. Reports maintain that smartphones are more in number than bank accounts. This shows that promoting the use of mobile wallets will be a lot easier than encouraging users to get a bank account; thereby a credit or debit card.
The industry leaders
PayTM, MobiKwik, mRupee, Citrus, and Airtel Money are the leading players in the mobile wallet sphere. As the concept is still new, these companies will have to work on creating a niche for themselves. They will have to work on establishing and popularising the concept among buyers. Offers and trial packs will go a long way in creating an impression among buyers. It is also important for mobile wallet companies to retain their customers. One time usage and trials need to translate to long term relationships for the concept to take hold.
Mobile wallet companies also need to establish a solid alliance with other players like marketplaces and sellers. The winds of change are blowing, and the market seems to be set to welcome technology that makes online transactions simpler.
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