Investors going gaga and investing on mobile apps, is it really where the future lies?
You would have a tough time believing if someone told you, that your mobile phone would become the facilitator for everything you could possibly wish to do. Ten years ago you would probably laugh it out calling it a practical joke. The reality of this day is that reality is virtual and in the digital world that we live anything and everything can function through your very mobile phone.
Ever since the advent, smart phones have smartly made our lives convenient. Shopping, banking, paying bills, booking movie tickets, purchasing a foreign holiday, applying for a visa, downloading brochures, working on presentations, catching a funny YouTube video is on your very smart phones. With researchers claiming that smartphone markets in India is expected to overtake the US as the second-largest smartphone market by next year with rapid annual growth. There has been speculations that mobile apps and web apps are going to hit the Indian market.
The growth in smartphone industry and with the advent of recharge apps, mobile phone users stopped visiting physical utility bill centres or getting their phone balances refilled by visiting the mobile operator’s store. Recharge apps offer the convenience of paying all bills and refilling phone balances on the go, literally within seconds. They are connected to the user’s bank account, so the payment is deducted at once – but there is also a great fear of incorrect deduction and the constant want to monitor finances is missing.
When the digital market is trying to change the fundamentals of Indian market which has its the ideology of money deep rooted in terms of cash, investing on digital payment. A cash to digital business model would survive the public demand, as there is a large sect of Indian population who still do their recharges through a retailer. In India people are more interdependent, studying this concept of Indian market and the growth in smartphone market Pay1 came up with a cash to digital model.
According to Pay1 instead of trying to break in the ideology of the Indian market, create a model that enables both the ends. And in order to reach the smallest retailer, bridging the gap between online & offline was the most essential element to be catered while building a business model. And that is when Pay1 came up with a concept of a cash to digital payment network platform. This would not only be convenient with a business prospect but it would also empower the smallest of the retailer in the most interior part of the country. And this approach has a scope to survive the expectancy of the Indian market.