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Simplification of wallets key to digital payment’s success: Experts

Industry experts at IAMAI’s Digital Money 2015 Summit stressed on the need to embrace simpler and consumer-friendly forms of transaction on the digital payment platform

Simplification of wallets key to digital payment’s success: Experts

Industry experts at IAMAI’s Digital Money 2015 Summit stressed on the need to embrace simpler and consumer-friendly forms of transaction on the digital payment platform

BestMediaInfo Bureau | Mumbai | October 14, 2015

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Panelists at IAMAI’s Digital Money 2015 Summit 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. But unless there is consolidation in the wallets segment, user base will not grow. Panelists were of the view that 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.

Addressing the session ‘Paving the way for Digital Money in India’ at the Summit, Nihir Parikh, Chief Strategy Officer, Nykaa.com, noted, “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.” He further said, “The time has arrived for integrated payment gateway, unless this is in place, it will be difficult to evolved digital payments.”

The panel was of the view that a holistic approach towards payments ecosystem is inadvertent. They harped on the fact that the digital platform has provided a great opportunity for financial inclusion, in every aspect.

IAMAI-GRAPH Click on the image to enlarge.

The panel included Srikanth Rajagopalan, Head of Strategy and Products – India, Amazon Payments; Vivek Gaur, Chief Executive Officer, Yepme; Virender Gupta, Business Head, PayU Money; Nihir Parikh, Chief Strategy Officer, Nykaa.com; Bhavin Mody, ?Director, E-Billing Solutions; and Bhavik Vasa, General Manager & Business Head, ItzCash Card. The session was moderated by Srinivasu MN, Co-founder & Director, Billdesk.

Info@BestMediaInfo.com

Info@BestMediaInfo.com

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