Mobile payments are easy and secure way to pay bills on the move. It started with Apple Pay, then Android Pay, and recently Samsung Pay, and moving forward it looks like every smartphone manufacturer might end up having its own mobile payment app.
Most of the digital transactions are processed by payment processors like VISA, MasterCard, Amex and Discover, and with these payment processors, companies tie up to get better deal per transaction and in process help economy by bringing more people under digital transaction umbrella.
For countries like India, which is still learning digital mode of payment, mobile payments can provide the impetus India needs for faster adoption of digital payments. For this, mobile wallet providers need to tap in the domestic payment processor RuPay. RuPay is an Indian domestic card scheme and processor launched by National Payments Corporation of India (NPCI), and since all the transaction happening in India will be processed locally, this will lead to lower cost of clearing and settlement for each transaction, a win-win situation for all.
It’s high time that NPCI also reaches out to as many mobile wallet providers, to stand any chance of making RuPay India’s widely used payment gateway. On other hand, it’s also a big opportunity for domenstic players like Paytm, as government is actively pushing for RuPay by making it mandatory in schemes like PMJDY.