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by subsidd 3203 days ago
Not having a wallet option is a deal breaker.

Cashless payments is very popular amongst youth here and majority of us college students don't have a functional bank account which makes us either carry our parents debit cards or our parents "Paytm" us (yes, it's become a verb here) our monthly pocket money.

Regardless of that, there is still a very poor adoption of cashless modes of payments by street hawkers and kirana stores. And many high revenue businesses I have seen going directly for card POS systems like mswipe etc as wallets have some monthly limits and high fees for transferring to bank account. So the competition for tez is with physical card swipes and seeing the overall internet connection health even in the cities, it's a pain to use apps to pay majority of the times.
3 comments
j605 3203 days ago
Getting a bank account as a student is stupid simple and your parent can transfer money to it. People were doing it for a long time in my campus, almost every student had an account in the bank in the university.

Also, can you define 'functional bank account'.

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piyush_soni 3203 days ago
Yes, I was surprised because they already have the 'Google Wallet' in other countries. They could have just expanded that here with all the bells and whistles of adding your credit cards, debit cards etc. along with UPI.
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fooker 3203 days ago
I have a suspicion that these use the same backend and the new brand is for marketing purposes.
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ashwinm 3203 days ago
No its not. Why do you want wallet when you can transfer directly from bank account with same ease? 270 million bank accounts were opened under Jan Dhan, mainly poor.

Paytm is transforming itself to payment bank and UPI provider.

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cbhl 3203 days ago
Lots of people are unbanked/underbanked -- that is where mobile payments (like MPESA) shine. Assuming that everyone has a credit card and/or bank account is a US-centric assumption that came about as a result of COPPA, and the big companies miss out on getting adoption from teens, children, and people who have been locked out of the financial system.
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subsidd 3203 days ago
It's for me, not for you. Opinion not generalised assumption.
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