On 8th Nov’16, I reached home around 7:30 and took a glass of water, then suddenly realized that grocery for tomorrow is almost on the verge of finishing and I have not bought anything. That ran a chill down on my spine, I left my plan of enjoying the cookies with biscuits and rushed to market, I picked my shopping bag and ran towards the local grocer, moment I stepped on the street it was a little chaotic and I could not understand what the chaos was all about, I decided to give it an avoid but something caught my attention was the denial of my local grocer to accept the 500 currency, I got irked, the moment he told me it does not have value anymore…I stopped him and said, go and get your eyes tested, it’s not fake but original and withdrawn this morning from the ATM.
Horror of Demonetization
The passers-by stopped by to enjoy the view of that argument and relentlessly I kept on arguing, sooner some wise people gathered around and said, sir he is saying right, have you not checked the news? I, who had not checked the news for centuries, was shaken away on hearing this. I left my argument and the grocer with few 100 currency notes and almost ran towards my home to check what’s cooking in the country. To my surprise, every news channel was running a live speech of PM Modi, saying, from midnight 500 and 1000 rupees notes would not be valid and banks & ATMs would remain shut for next 2 days, it was continued with some other T&C but I was almost paralyzed by the demonetization news only, so nothing I could hear afterwards. Like me, many others were there who have blown away due to the demonetization and it was a calamity fallen all of a sudden.
Demonetization Is A Path To Digitalization
I sound more logical to many out there, because somewhere they also faced the almost same situation, where we all felt helpless and left in the lurch. To share my pain, there had been numerous, who faced the same demonetization blow and found it hard to survive without valid cash currency in the hands. But then I realized the concept behind Demonetization and what it would lead us to, in future; as a matter of fact, we all feel without cash it’s hard to survive, but on the contrary, it is not, to clear my point, let me grab the situation in the much clearer light.
We all know that demonetization has put businesses in a grave situation, where sales have gone lower big time and customers don’t even have enough cash to make the purchases. Although, the government has given the fair chances for the public to exchange their money from banks and, government hospitals, railways, airlines, petrol filling stations, etc. But due to the scarcity of new notes, people seem clueless how to survive. But what we all forget that there is an existence of an e-wallet system and we can pay for it without being worried about the cash. To understand it more clearly, read it further:
Mobile Payment Apps To Rescue
The mobile app is the most appropriate tool to beat the cash crunch. The dedicated eCommerce mobile apps such as Paytm, MobiKwik, Freecharge and other digital payment platforms have become the synonym of payment options. These payment platforms have given a boost to the cashless market conditions. Although I was appalled when I heard the announcement made by PM Modi, first time, but sooner I realized that it was the best way to drain out the black money from the country and this actually would help the entire nation to go digital in a true manner. To combat with the cashless situation payment mobile apps are adopted openly by every local tea vendor, the local grocer, auto drivers, who have opted for mobile wallet apps like Paytm, Freecharge, etc. But yet there are some sectors and small businesses, which are lacking behind to adopt the dedicated solutions to handle the transactions.
How Mobile Payment Wallets Help
As per the report suggests, it is estimated that 95% of transactions in India is made using cash, so cash is a necessity to survive. When we go out to buy something, or to travel or to perform any other daily chores which require the monetary exchange, we all need some cash in our hands, but since the demonetization has turned the game completely, so paying through mobile wallets is the best option to go stress free from the cash crunch. With just a tap on your mobile, you can pay for your food, travel, medical, clothing and many other services, yet there are a few of the sectors, who have not experienced the payment mobile options and are facing the hurdle.
Benefits of Mobile Payment Wallets
- Easy to use
- Can be accessed anywhere
- Secure System
The small business owners can choose the faster mobile app development by taking ready-made app solutions for small businesses like grocery, bakery, florist, laundry, restaurant, cosmetics etc. The payment mobile apps have witnessed an instant download and every small, medium size vendors have started to accept payments through e-wallet. Digital banking companies have also risen to the challenge, setting up shop in more convenient places to allow people to sign up and use their money as they wish. Also, the recently launched UIP system by PM Modi will bring the digital revolution and people will never complain the cash-crunch.
If you are also looking to make your business go digital with e-wallet option, you can get in touch with our team of mobile app experts and discuss further your mobile payment wallet concept to bring into reality. The discussion would help you to gain a better insight of your mobile app requirement.
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