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Tag: Digital Money

  • Simplification of wallets key to digital payment’s success

    Simplification of wallets key to digital payment’s success

    MUMBAI: In a world fast moving towards all things digital, simplification of wallets will be the key to digital payment’s success.

    Addressing the session ‘Paving the way for Digital Money in India’ at IAMAI’s Digital Money 2015 Summit, Nykaa.com chief strategy officer Nihir Parikh said, “To go truly digital, there needs to be a process of paying through wallet that is less cumbersome. It should be a one click check-out like cash-on-delivery option. The time has arrived for integrated payment gateway, unless this is in place, it will be difficult to evolved digital payments.”

    Panelists at the session concurred that while women shoppers shopping online has increased phenomenally, 80 per cent of them still use cash –on-delivery as mode of payment. The last couple of years have seen a rise in internet banking, use of debit card for online transactions and usage of mobile wallets.

    The panelists were of the view that unless there is consolidation in the wallets segment, user base will not grow. Since by 2018, almost 50 per cent of internet users will be from rural India, the digital payment platform needs to embrace simpler and consumer friendly forms of transaction.

    A holistic approach towards payments ecosystem is inadvertent and digital platforms have provided a great opportunity for financial inclusion, in every aspect.

    The panel included Amazon India payments head of strategy and products Srikanth Rajagopalan, Yepme CEO Vivek Gaur; PayU Money business head Virender Gupta; Nykaa.com chief strategy officer Nihir Parikh, E-Billing Solutions  director Bhavin Mody and ItzCash Card general manager & business head Bhavik Vasa. The session was moderated by Billdesk co-founder and director Srinivasu M.N.

  • IAMAI to host summit on Digital Money for Digital India

    IAMAI to host summit on Digital Money for Digital India

    MUMBAI: India’s internet economy is flourishing rapidly. With over 350 million internet users and over 213 million mobile internet users the future of digital in India seems to be bright.

     

    With the growth of digital commerce, the digital payment industry has shown steady growth. According to IAMAI-IMRB’s Digital Commerce 2015 Report, 45 per cent of the online shoppers prefer cash on delivery as a mode of payment, 21 per cent prefer payment through debit card and 16 per cent via credit card. The other modes of payment, which are used are Internet Banking (10 per cent) as well as prepaid cash cards, mobile wallets etc (8 per cent).

     

    With this framework, Digital Money 2015 Summit with the theme – Digital Money for Digital India – organized by the Internet and Mobile Association of India (IAMAI), gains significance.

     

    The digital economy cannot be overlooked as various forms of digital payment are taking significance in India. digital payment is no longer restricted to e-commerce transactions now. White label ATMs, payment banks, mobile wallets, POS are all part of the digital payment ambit.

     

    With different social sectors schemes by government and digital India gaining prominence and priority, this year’s Digital Money Summit has relevance like never before. While there are many industry leaders who will be speaking at the summit, the special address by eminent economist and Niti Ayog member Bibek Debroy is significant, as very few can be expressive like him on the importance of digital payment in the backdrop of digital India.

     

    The Digital Money Summit will have industry representation from bankers, payment banks, and mobile wallets among others. The day long summit will have speakers like Bank of India chairman G Padmanabhan; PayTM founder Vijay Shekhar Sharma; ItzCash Card chairman and managing director Naveen Surya; RBL Bank head – strategy Rajeev Ahuja and Fino Paytech managing director and CEO Rishi Gupta. 

     

    Speaking about the Digital Money 2015 Summit, IAMAI president Dr. Subho Ray said, “India is in the cusp of digital revolution. No longer is digital payment a phenomenon of the urban elite. Today, the digital payment platform is the biggest enabler of financial inclusion. The summit this year will be interesting from the perspective of emergence of the platform and its relevance in digital India program.”

     

    By keeping accord with the theme, Digital Money 2015 Summit will have sessions like Investor’s view on digital payments industry in India. They sessions will focus on Digital Money for Digital India – How can both complement each other?; E-Commerce – paving the way for digital money in India; Mobile money in India – the road map for growth; Payments banks – moving towards differentiated banking; etc.