Do you still think there is any road block in front of those companies which provides Digital Wallet facility?
You must be asking me this right? & it’s quite obvious in such a great day for all Digital Wallet players, how can I comment like this? I can understand your opinion. It’s quite natural.
Because after the Govt of India’s announcement of the demonetisation of Rs. 500 & Rs. 1000 notes, a new world of opportunity has opened to all those players.
Every player in Digital Wallet space is getting massive spike in terms of traffic, download & recharge in just 24 hours after this news broke.
Even many of the E commerce companies have also stopped COD service on temporary basis.
Some companies have made it limited based certain conditions & some others are suggesting to use other mode of payment like digital wallet s.
So in a scenario like this where many of us don’t have any clear idea regarding what we should do or how a specific situation can be managed, Digital wallet s are seeming to be a great savior. Right?
Why not because we can pay nearly any kind of bills through this facility. That’s the reason for what the companies (Digital Wallet) are also seeing a great boost from their business’s perspective.
But I am a bit futuristic & believe in steady growth. So I still think that there are some road blocks in front of these these companies.
So which are the road blocks & from what standpoint?
# Reach & Penetration of internet in our country
As you are going to use a Digital Wallet, so obviously you can’t do it without internet connection. Right?
Now let’s have look at the current internet usage statistics in our country from Internet Live Stats’s report of 2016.
According to this report, standing in the year of 2016 when we all are talking too much about digital ecosystem & internet boom, have we checked the percentage of Internet penetration in our country.
Sorry to say but this is what I feel. Currently in India the Internet penetration is just 34.8%.
It is much lower than the relatively smaller countries like Kenya & Romania where Internet penetration is 45% & 58% respectively.
I know population/ total number of user wise we are exceeding but still when in a country like India the overall internet penetration is soo low then how can you say that Digital Wallet s will be our saviour in this situation.
I think big wallet companies should take some disruptive initiative to spread internet across the masses. Otherwise how many of the countrymen will gain its benefit.
So instead of being too happy & contained for this current scope, all big players in Digital Wallet segment should be more responsible for the citizens of the country by trying to fulfil the basic needs.
# Spreading Awareness & Educating people
Another big problem, the awareness & necessary education among people.
Because I know India has the Second Largest market of smartphone users of the world.
But still there are many people who don’t even know the concept of Wallet in digital medium and their number is not too less.
So aggressively pushing in the market is not the ultimate solution. The companies should take the initiative to make people aware of these.
There are many people who simply fear to make any transaction online. So you can understand when they will hear the term Digital Wallet, frankly speaking they will feel totally alienated.
When the problem is in the root then it’s the responsibility of those providers too.
Because a business entity also has some sort of social responsibilities & it’s also for the growth of their business.
It’s not about how much profit you are making from a specific circumstances but using your solution how more people can be benefited that should be your primary objective.
From the day of the announcement that 500 & 1000 rupee notes are getting demonetised people are saying that the ocean of opportunity has been unlocked to all Digital Wallet companies.
The companies are also bragging about their recent traffic spike but what about those people who are totally out of the radar.
So in this article of mine the roadblock I tried to mention are from ethical standpoint.
I mean to say the Wallet players should take responsibilities to bring more people under their radar who are still far away.
This is my personal opinion, in this ocean of debate. But I want to know your feedback, so what do you think?
Don’t you consider these are the road blocks from moral & ethical ground in front of all Digital Wallet players in our country?