Digital Payments in India, are we partying for Wrong Reasons.
How can we expect people to use a #Payment tool if they are not aware about its Use, Benefit and if we have not answered about #WIIFM (What’s In It For Me) to them ?
Recently many transaction tools and #FinTech companies have come up and most of them are serving to the same people who were already riding on the digital platform. Frequency & Volume of Transactions have surged because same people who were transacting digitally earlier, transacted more to get #Cashbacks and Benefits.
We need to increase the #DigitalPayment market by adding more people through #FinancialInclusion efforts and by imparting #FinancialLiteracy.
What is the Purpose of so many #PaymentSystem and Tools if new people are not coming in the #FinancialSystem fold, and they do not understand it ? Neither the Market will grow nor new Customers will add up.
We may party for the surge in digital transactions but we need to see how many new people got added, for non cashback reasons. Else once the #DigitalPush gets over, people will go back to Cash which is surfacing now through many reports.
Your thoughts Please…