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E-Payment Market is on Boom In India - After 500 & 1000 currency note ban in India

On Nov 8, 2016, When Prime Minister of India Indian government announced that the current demonetization of Rs 500 and 1000 currency notes will be invalid. However, Government of india gave 50 days to people to deposit their currency to the banks, but many Political parties and Intellectuals said it  "Money Crisis in India". But as we know 'There are two sides to every story'.

The second side of this story is, the ban is pushing people to move towards e-payment system. And It worked. Use of Digital Wallets like"paytm" and "Mobikwik" has been increased. India's leading mobile payments company and an e-commerce platform, paytm, noted that  Over 850,000 merchants & 30mn users have used our services in last 3 days ( NOVEMBER 13, 2016 ). And Paytm have received 50,000 queries from small & big shopkeepers in 2 days who want to start accepting Paytm at their shops.

These companies are giving offers, which is an advantage for users. like Mobikwik is giving 25% cash-back on food, travel or clothes. And Starting 13 Nov, all non-KYC merchants will be able to send money from their Paytm wallets to any bank account at a flat fee of 1% and if you are a KYC Merchant, you would be able to transfer money from Paytm to their bank account at 0% fee (till 31st December 2016).

If you have not signed up for any one of these wallets yet:

Mobikwik and Paytm requires the same process to fill in e-cash in app’s native wallet. you can add money to your wallet with cash using credit/debit card. Once you have money, pay for utilities such as shopping, gas, electricity etc. Over 700,000 merchants across India accepts Paytm.

• Paytm has an ‘Add Money’ option. You can add money in you Paytm wallet using Debit card, Credit card, ATM card or Net Banking. If you are a New Paytm customers have to wait 3 days before sending money to a bank account, however, if KYC formalities have been completed, then they can send money to any bank account immediately without any waiting period.
• If your using paytm, you can just scan bar code to pay for utilities, or send e-cash to another mobile number.

You can only accept Rs.10,000/month with the basic wallet. You can upgrade your wallet & this limit will be enhanced to Rs.1 lakh a month.

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