Prime Minister Narendra Modi Gave the Approval on E-Wallets in the Demonetization World:
Before the time the Prime Minister, Narendra Modi, would be revealing his decision on demonetization of Rs. 500 and Rs. 1000 in India, the larger majority of Indians had been showing a great interest in mobile wallets such as – FreeCharge, Mobikwik, Ola Money, PayTM, Alipay, PayPal, etc., as alternatives to the note equivalent. This is in relation to how fast the world is changing or advancing towards embracing technological innovations – these group of people do not have interest in using cash, hence they prefer an electronic alternative. And that is true about life. The glory of the latter is always greater than the formal. We give up the old for new.
To me, it seems that this revolution that is taking place would soon bring the money value back to it`s natural worth as it was in the beginning.
To continue with the report, their interest had given them the gut to be taking a close look at mobile wallets as mentioned above together with many others and improving the system the more even though it was reported by the India`s Press Trust in Dec 15, 2016 that some of the E-Wallets were not yet as secure as they had to be and in contrary, it was also reported that others believed that mobile wallets were chances that would really drive the implementation of a device that would enable payments regularly digitally.
Here are comments you might need to know about the new trend dominating the world at present:
PayTM CEO`s Comment over Digital Money:
Shekhar Sharma, PayTM CEO, commented that to let all know the position of his heart in the world these days, he said that they were in the era of keeping digital currency and that it had been a brilliant pace by the dear Prime Minister who made a change from inconveniency to an unbelievable result.
Not long after that, the CEO of FreeCharge company, Govind Ragan also commented saying that the number of the individual that enrolled in the account of the company which they realized instantly after Narendra`s speech on Tuesday night significantly increased by 12-times till Wednesday morning which was nothing compared to the normal daily cash inflow.
Based on these scenarios, I realized that according to the statement messaged from PayTM, it was not only increase in the enrollment they noticed after the PM`s speech, but also, there was a noticeable 435% boost in the general traffic – 200% got registered from their mobile app downloaded, and 250% rushed into the deal instantly. I also rejoiced when I saw the rise of the moment. And that alone was not the end of all success about the transformation. We just begin. Also, the saved cards grew by 30%, the expansion of 1000% in money was added to PayTM`s wallet. There was 40% growth in registration in Mobikwik`s account in just 18 hours.
Try to take a breath before you read on for you are to be informed the more… 🙂
FreeCharge CEO Govind Ragan gave his own reasons for being on the side of “mobile wallet revolution” saying it was a simple way forward to invest money, trace your expenses and of which you are not to bother with security with because of the two-factor verification system in place for protecting your transaction when making payment. And he even used taxi services like Ola and Uber proclaiming that it would be convenient to book a taxi and paying without anyone following you up for your change. He said because it was so simple with automatic process that made the taking of rides easier.
One very thing to know is that mobile wallets are yet pretty restricted in the way they could be used and where they are used even though this might change in the nearest future through UPI (Unified Payments Interface) – and this would make transaction online so easy and affordable for people. Govind proceeded in his conversation with Gadget 360, believing that sooner, the change mentioned above lately would replenish the whole wide world. After that, he then asked if anyone had read about what happened in Sweden where he referred to the stable rally on going cashless in Sweden.
He aforesaid then that, banks would be turning any client who asked for cash away and that it would not be long that India would also become cashless unless if the right steps hadn’t be taken. Then he made them know the ecosystem they needed to have in the first place and explained to all the people about the advantages of mobile wallets.
So who’s going to win the war on cash? The government or the masses? Let’s talk.