Wednesday, November 09, 2016

Effect of Demonetization - Indian Digital Wallets will see a surge in Usage

Indian Payments companies like Paytm, Freecharge and Mobikwik will see a huge urge in number of transactions in the comming days - as the government bans the use of Rs 500 & Rs 1000 currency notes.

People in cities - mainly metro cities & tier-1 & 2 cities will be forced to use digital wallets to pay for low value transactions. With the bank ATM shut down for today - November 9th and with limited withdrawals till November 18th (limited to Rs 2000/-), I see a huge opportunity for digital wallets.

Today, I saw many Auto drivers accepting PayTM or Freecharge for payments. At lunch hour, I walked by a roadside push cart fruit vendor accepting PayTM!

Digital wallet companies will see 10 to 15 times increase in transactions in this month alone.

Indian Prime Minister Narendra Modi's fight against corruption and black money will be aided by Digital Wallets - aka "Digital India" another major initiative of PM Narendra Modi.

As on November 1st, Digital wallet companies processed 2-3 million transactions/day, but by November 10th, this number will be around 30-40 million!

This could be a game changing moment for digital payment companies! 

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