There is no point of discussion that whether online wallet such as PayTM, PayU, Momoe, Mobikwik, etc are registering some good business or not in the wake of demonetization of high-value currency notes in the country. With less or no money in our pocket, the only way left for making any kind of payment is the online wallet startups. If you are thinking of avoiding such online facilities and heading next to the nearby ATM to withdraw some cash then two things will affect you most and bound you to revert your idea.
First, the limitation of an amount under which you can withdraw only 2,000 (now it extended up for 2,500) and the second one is the big crowded line that will take hours of time to clear. Well, after hours of efforts you are just back to square one. Keeping the same in mind, every next person in the country nowadays is using such payment methods as well as many of them have started downloading these facilities/applications into their smartphones.
Hence, the network of these services has been growing at an exponential rate and so is the profit of companies rolling out these offers. Here we are making a note of those firms that are getting benefit from this new implementation of scrapping the old INR 500 and INR 1000 currency notes. Read will Indian economy be affected by demonetization ?
Being offered with facilities such as e-commerce transaction, bill payments, money transfer, entertainment, money storage and quick payment among the others, PayTM has already become one of the largest and popular online payment wallets in India and now the bold move against unaccounted money has pushed its growth further as well as increased the volume of application users.
Going by the reports, PayTM has garnered 700 percent hike in traffic, 300 percent surge in app downloads and about 1000 percent enhancement in saved money in its wallet facility till the day and still increasing. With the average number of transactions per applicant which used to be 2 or 3 in a week, has now gone up to 18 to 20 per week.
A small verbal sparring has also happened between the PayTM’s CEO and Mr. Kejriwal over an issue of an advertisement made by PayTM to congratulate Mr Narendra Modi on the move.
This Bengaluru based mobile payment wallet scheme allows users to store their credit card details to make payments easily at various grocery stores, restaurants, transportation and other retail outlets. Unlike the other applications like PayTM and Mobikwik, which facilitate payments with an effective wallet solution but stores a fixed and limited amount of cash, Momoe gives you the better option by using credit card option. Along with such features, Momoe has got a tremendous hike in the last few days in terms of their overall platform traffic as well as the number of card details to the account.
- PayU Money:-
The central government’s decision to replace the existing higher value notes of INR 500 and INR 1000 with fresh INR 500 and INR 2000 notes has not only chickened out people who had hidden their illegal money from the government but it has also disquieted the public as they have their legal earnings in same currency notes. Moreover, it also leaves the public with no money in their pocket. These changes, however, give a major push to all the online payment wallet. PayUMoney, which is a Gurgaon based firm that facilitates online payment solutions has introduced its wallet service recently in the market. One touch check-out, lucrative discount and cashback schemes on every transaction make it different from the other payment wallets.
MobiKwik is an independent online payment framework that presumably connects 25 million users along with more than 50,000 retailers. This mobile wallet enables users to add money using a credit card, debit card, net banking and even doorstep cash collection service, which can be employed to make payments for their regular expenses. Apart from these, Mobikwik has also added a cash pick facility for its valuable users for some days. A consumer can click on ‘cash pick up’ option the Mobikwik app, a spokesperson of the payment wallet will come to them to exchange INR 500 and INR 1000 notes and will directly load it into their e-Wallet, thanks to Livemint that has shared such information in their report. That means you can avoid all the frustration of standing in long queues in front of the banks and ATMs.
Citrus Payment Solutions application lets you transfer your money as well as cash storage and payments facility and allows you to go anywhere without carrying cash in your wallet. All you are going to need is a smartphone and an app and you are far away from all these above-mentioned troubles. Read more on Online Wallets.
Besides, other online payment wallet framework like State Bank Buddy, City MasterPass, ICICI Pockets, HDFC Chillr and Lime, are defining themselves by their suggested name. All the platforms are receiving great success during this cashless situation. Well, all these cash-related problems are just for the time being and will be resolved, but, the great thing is it will get a wide range of users towards such services and lead the Digital India Programme as well.