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.

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