As we continue living in a more retail-centric world, the mobile payment industry is gaining a stronger foothold in offering the ideal customer experience. Retailers will either have to adapt or perish.
Digital payments in India will be evolving rapidly over the next few years, and non-cash spend will overtake cash spend by 2020.
1) DEMONETISATION EXERCISE OF 2016
Be that as it may, the biggest driver to virtual payments in India was the demonetisation exercise conducted in November 2016 as consumers anxiously searched for other avenues of payments to avoid the long lines ahead of the cashier’s cabin.
According to Upasana Taku, Co – Founder, Mobikwik – the virtual wallet industry has only grown over 55 per cent and has added 150 million users in the e-wallet platforms, along with 10 million merchants within a year of implementing demonetisation.
Wallets have a clear lead over traditional payment methods. It’s easier for the consumer to hold their mobile device and capture the QR Code and remit payments.
3) INCREASED INTERNET & SMARTPHONE PENETRATION
According to the Internet and Mobile Association of India, growing internet penetration in India — the world’s second largest smartphone market — is expected to spur smartphone use and the number of users of these devices is likely to cross the 500-million mark in the next four years.
1) SAVE A FORTUNE. SAIL AWAY FROM POS.
It will help restaurateurs and those in retail business to save on the extra cost which they have to pay to the banks when they use a card machine to accept payments from customers. On an average, the banks charge Rs. 6,000 to 10,000 annual fees for the machine while some of them charge commission per transaction which is again costly.
2) REDUCING PAYMENT HASSLES
Save the customer an errand to the atm and yourself the hassle of maintaining change. A virtual wallet eliminates the need to carry physical cash and cards and the risk they impose.
3) GREAT PLATFORM FOR DEALS
Your discounts or coupons or gift cards if integrated on virtual wallets is a great way to drive revenue and sustain and add loyal consumers.
4) ACCESS TO CUSTOMER BEHAVIOUR
In comparison to traditional payment methods, virtual wallets are an incredibly insightful tool for retailers to capture customer behaviour and information to use it to drive future sales.
And most importantly
5) GET YOUR CUSTOMISED VIRTUAL WALLET INTERFACE WITH PETPOOJA
Our virtual wallet system function like a well oiled machine. It will integrate any loyalty brownie points that you may offer to your customers to our effective CRM System that maintains a detailed guest profile every time there’s a sign up and order. It’s one of the many ways to retain your customers.
A dynamic industry like food and hospitality must understand that change is constant. It is imperative for digital payments players to embrace new technologies to sustain and progress.
If a descendant of Kumbhakarna was to go to sleep in 2018, and wake up only in 2020—it is quite likely that he would not be able to transact when he wakes up—such is the speed of evolution of payments in India. We hope you are not a modern day Kumbhakarna!
If you’re looking to delight your customer with a hassle free experience at your restaurant, we’d be delighted to help you. Please feel free to call us at +91 70462 23344 or write to us at email@example.com.