Despite a month having passed since the landmark demonetisation of Rs. 500 and Rs. 1,000 notes, the issue continues to make news. E-wallets like Paytm and Mobikwik are finding an increase in their user base. The Prime Minister Mr. Modi is also encouraging citizens to opt for mobile wallets and other electronic payment devices to enable a cashless society.
To cater to the growing crowds, Paytm added eight new languages including Punjabi, Odiya and Tamil to its existing list. Amit Sinha, Paytm’s senior VP says, “We have used the linguistic capabilities from other parts of parent company One97 Communication’s business that have been providing mobile-value added services in over 25 languages.”
Leading mobile wallet service providers are hiring language experts to help with the languages. Flipkart’s PhonePe is one such. Sameer Nigam, the company’s founder, says they have hired a person with a PhD in Tamil to help. Nigam says,
“We are hiring more people with professional qualifications in Indian languages as we don’t think outsourcing would work.”
Mobikwik is signing on Process9 Technologies, a company that provides transliteration services to add service in 22 languages.
Digital payments – a better option for online sellers
Paytm has reduced its fees till December 31st in a bid to encourage sellers to sign up. Likewise, Mobikwik has completely waived its fees till March 2017. Online merchants stand to benefit from mobile payments. There are reduced expenses, more security than with a bank card, lesser possibility of misuse, and quicker transactions. Sellers agree that cashless payments would help tide over the demonetisation crisis.
Mobile wallets are picking up in popularity, and this is only going to grow. Branding expert Harish Bijoor says,
“The opportunity ahead for mobile wallet players is humongous.”
The need currently is to educate both sellers and buyers on the simplicity and ease of use of mobile wallets.