{"id":2963,"date":"2016-07-03T06:07:00","date_gmt":"2016-07-03T06:07:00","guid":{"rendered":"https:\/\/www.thirdeyesight.in\/?p=2963"},"modified":"2022-09-14T06:08:43","modified_gmt":"2022-09-14T06:08:43","slug":"mobile-wallets-bet-on-offline-stores-to-reach-critical-mass","status":"publish","type":"post","link":"https:\/\/myechoproject.com\/TES\/mobile-wallets-bet-on-offline-stores-to-reach-critical-mass\/","title":{"rendered":"Mobile wallets bet on offline stores to reach critical mass"},"content":{"rendered":"\n<p> <i><img decoding=\"async\" data-src=\"..\/images\/spacer.gif\" height=\"8\" width=\"20\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" class=\"lazyload\" style=\"--smush-placeholder-width: 20px; --smush-placeholder-aspect-ratio: 20\/8;\">Ankita Rai, Financial Express<br>\n<\/i><\/p>\n<p><i><img decoding=\"async\" data-src=\"..\/images\/spacer.gif\" height=\"8\" width=\"20\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" class=\"lazyload\" style=\"--smush-placeholder-width: 20px; --smush-placeholder-aspect-ratio: 20\/8;\">New Delhi, 3 July 2016<\/i><\/p>\n<p><img decoding=\"async\" style=\"width: 45%; height: auto; float: left;\" alt=\"\" data-src=\"..\/images\/mobile-wallet-L.jpg\" hspace=\"10\" vspace=\"5\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" class=\"lazyload\">The\nconvenience of mobile wallets is being put to the test, not just with\nincreased competition in the space, but also due to the National\nPayments Corporation of India&#8217;s unified payment initiative (UPI), which\nis expected to create the next level of growth owing to a more seamless\nbackend. In response to market pressures, m-wallets are expanding their\nscale of operations and tying up with offline merchants to move beyond\nrecharge-related services, DTH and bill payments. From the likes of Big\nBazaars to neighbourhood mom-and-pop stores, petrol pumps, auto\nrickshaws and milk-booths, mobile wallets are not leaving any offline\nretail format unexplored.<br><br><span style=\"font-weight: bold;\">Clearly,\nthe recruitment of offline merchants is critical to the viability of\npayment solutions, since most consumer transactions still happen\noffline. &#8220;Payment providers that want to win the game will need to\nfocus on usages that are frequent,&#8221; says Devangshu Dutta, chief\nexecutive, Third Eyesight, a retail consultancy.<\/span><br style=\"font-weight: bold;\"><br>This\nis exactly what Paytm is doing with focus on small but frequent\ntransactions. Paytm wallets can be used at petrol pumps, education\n(school and college fees), restaurants, Mother Dairy and large-format\nretailers such as Spencer&#8217;s and More. &#8220;The payment business runs on\nscale. There is a small margin. So the attempt is to create an\necosystem where consumers use wallet for frequent transactions, though\nsmall in amount,&#8221; says Shankar Nath, senior vice-president, Paytm. <br><\/p><p>Out\nof three million daily transaction on Paytm, it claims 40% are coming\nfrom offline. Paytm currently has four lakh offline merchants using its\nplatform, including mom-and-pop shops.<br><br>To facilitate payments\nthrough wallets at PoS terminals and online payment gateways, mobile\nwallet player Freecharge has partnered with payment aggregators like\nePaisa and CCAvenue.<br><br>It has also forged partnerships with\nretailers like Shoppers Stop, McDonald&#8217;s and Caf\ufffd Coffee Day. It claims\nto have crossed a million transactions in February, with a growth rate\nof 15-20% per month. Similar is the case of MobiKwik, whose wallet is\ncurrently accepted at 25,000 retail outlets, which includes Big Bazaar\nand Central Mall. &#8220;Since last July, the biggest focus area has been on\noffline merchants. The next big use case is unorganised grocery\nstores,&#8221; says Akash Gupta, GM, marketing, Mobikwik. <br><br>Even as\nwallet players are tying up with big format retail stores, experts say\na bulk of the big market for wallet resides at the mid-to-low end\nretailers. &#8220;Even in China, one-third of wallet transactions are\nremittances, a third is peer to peer and the remaining one third is\ncommerce. We expect the Indian market to follow a similar lead,&#8221; says\nPramod Saxena, founder and chairman, Oxigen Services. The volume of\ntransactions through mobile wallets stood at 255 million in FY15. The\nvalue of transactions carried out through mobile wallets has grown by\n500% between 2014-2016. &#8220;In value terms, however, mobile wallets\ncontribute just 0.1% to the consumer payments market. Average\ntransaction size still remains low,&#8221; says Kalpesh Mehta, partner,\nDeloitte.<span style=\"font-style: italic;\"><br><\/span><\/p><p><span style=\"font-style: italic;\"><\/span><i>(Published\nin <a href=\"http:\/\/www.financialexpress.com\/article\/industry\/companies\/mobile-wallets-bet-on-offline-stores-to-reach-critical-mass\/304835\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\"><span style=\"font-weight: bold;\">Financial Express<\/span><\/span><\/a><a href=\"http:\/\/www.dnaindia.com\/money\/report-expect-more-promotional-offers-by-e-commerce-players-2229481\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\"><span style=\"font-weight: bold;\"><\/span><\/span><span style=\"font-weight: bold;\"><\/span><\/a>)<\/i>\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ankita Rai, Financial Express New Delhi, 3 July 2016 The convenience of mobile wallets is being put to the test, not just with increased competition in the space, but also due to the National Payments Corporation of India&#8217;s unified payment initiative (UPI), which is expected to create the next level of growth owing to a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[3],"tags":[],"class_list":["post-2963","post","type-post","status-publish","format-standard","hentry","category-press-quotes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - 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