We all passed the horrible period of Covid-19, and almost all our daily routine was affected through those tough days. Undoubtedly, the most noteworthy change was in our digital payments. Actually, in retrospect, our financial habits have walked a long way from sea shells to fiat currencies, and it was a matter of time to evolve all our payments into cashless payments. Pandemia was just a wake-up call to speed up the process.
However, not all countries responded equally to this call. Some nations still prefer cash payments to sustain the economy, whereas more developed countries look to increase their contactless payment rates. Moreover, some governments, such as Japan, encourage companies to pay salaries through digital platforms rather than receiving in-person payments.
On the other hand, the going cashless situation is pretty bright for one of the most populous countries, India. As Mark Twain once said, “India is the cradle of the human race, the birthplace of human speech, the mother of history, the grandmother of legend and the great-grandmother of tradition.” Through its massive labour force and continuously developing structure, Hindustān deserves the nickname “brightest star in the sky”.
Cashless Payments in India
However, besides traditional roots, the Indian perspective has always been eager to learn and open-minded to what is about to come. That’s why this unique land hosts a qualified labour force consisting of skilled professionals in many areas with over 1000 universities. Today, India is accepted as a dynamic, kaleidoscope, and hardworking country respecting diversity and the latest trends.
“We can’t change the direction of the wind, but we can adjust the sails.”- an Indian proverb.
Did you know that digital payment volume in India has increased at an annual rate of 50 per cent in the last five years? From this perspective, it would not be wrong to count it as one of the world’s fastest growth rates of embracing cashless purchases. This approach also gives essential tips regarding the innovative face of developing India.
Digital Payment Options in India
In 2016, India made a tremendous step in the monetary system, the Unified Payments Interface (UPI), which allows gathering different bank accounts under one mobile version to make transfers smoother and more secure. Consumers doubled their online payments via UPI in its first year while participating banks also increased to 45 percent, to 330. The functionality and comfort of UPI payments indeed brought a fresh new breath to the Indian economy.
Other ways of India mobile money are debit/credit cards and digital wallets. Cards are linked to bank accounts which may be tough to create without a residence card, yet when you have one, it is a downhill process to open an account and utilise these plastic cards in both online and physical stores. According to recent RBI statistics, Indians opt to pay through debit cards more frequently than credit cards in physical shops.
What about digital wallets? Well, as the future of online payments, digital wallets are a momentous revolution with a new standpoint in today’s world. In contrast with other cashless payments in India, these accounts are hassle-free to open and much more manageable due to their mobile apps. These fantastic applications provide complete control of cash flow and access to transaction history with few clicks. It is like carrying a whole bank branch in your pocket.
Moreover, most e-wallets present debit cards based on Visa or Mastercard that consumers can use just like any plastic card issued by a traditional bank. It is probable to cash out from any ATM with no extra fee, shop online or in-store inserting your username and password. . Straightforward, safe and speedy. It is not surprising that Indians adopted digital wallets easier as a leading country with 25.5 billion real-time payment transactions.
Jeton Wallet in India
As the Jeton family, we have been serving India for a long time. These years, we have structured a complete perspective of Indian consumers’ spending habits, concerns and expectations. We also realised that there are a vast number of immigrants and expats working abroad looking for an affordable and fast way of sending/ receiving money overseas. Since India has its own fiat currency, it can be challenging to convert the currencies over and over again.
Our state-of-art digital wallet, Jeton Wallet, has been shaped in light of your feedback on needs and expectations from an international digital wallet service provider. Unlike others in the field limited to a few fiat currencies, we offer money transfers in over 50 fiat and popular cryptocurrencies, including Indian Rupees in 80 countries. So, you do not need to worry about double exchange rates and pricey transaction fees. Plus, transfers among Jeton users are entirely free of charge.
To meet our exquisite online payment services, go to jeton.com today and step into the future of digitisation!