The Journey Of India towards Digitization
The Mobile payments in India is gaining on a meteoritic rise with evolving smartphone technology, customer centric approach, supportive government regulatory policies, robust payment infrastructure and convenience has proven to be the prominent factors in the winning agenda of mobile bill payments in the country. The growth trajectory increased to supportive heights during the demonetization phase which was a fight against the black money. The frequent cash crunches shifted a majority of the digital literates to completely embark on the digital payment journey. Online bill payment apps became thriving as multi-utility bill payments were more urgent and required immediate clearance.
To assist through the fast shifting was the regulatory policies for the ecosystem to evolve as RBI, NPCI and BBPS. Reserve bank of India has proactively launched a regulatory guidance consisting of a strong frame-work for prepaid trends such as digital wallets. Online Postpaid mobile payment are done using the digital wallets which are following a few rules that every service provider must adhere to and customers are expected to follow. The e-KYC, transaction limits, license requirement are some of the necessary rules to follow. RBI has introduces “Vision 2021”, an attempt to moving India to the cashless society with thirty six points inclusive of the cyber security hygiene, inclusive payments and providing of options e-payment options.
The government has also initiated a series of digital literacy programs, merchant incentives and cashbacks to include the merchants and consumers alike. This has seen an evident rise in the merchant using the mobile payment applications with a CAGR of 15.5 percent. The value of the market has increased with the mobile payments. To pay electricity bills online, people are opting the contesting market competitors and choosing the best.
XPay.Life is one of the prominent mobile payment service provider which has expanded its service to the consumers by proliferating different payment modes to facilitate the complete digitization of India.
All the government policies are focusing on getting PAN India board the digital bandwagon. Xpay.Life with its unique innovation and contextualization has provided the payment methods such as bill payment through website www.xpay.life, through the XPay Life application downloadable at Google Playstore and Appstore as it is compatible on both Android and iOS devices. This is accountable for the rapidly increasing digital dependency by the urban India. Easy DTH recharge is easily done these days through mobile apps.
But taking a closer look deviating from the success and growth rate of the digital payments, there is another face to the success story. It belongs to the under tapped rural India that constitutes of the majority of the population. This is the focus area that is struggling to get internet and smartphone access and the big market players are unable to provide the solution to it.
It is at these dire times, along with the regulatory policies and USSD based mobile payments of the government, XPay.Life has pioneered in the art of innovating products for Indian Customers keeping the robust payments infrastructure in mind. Even though potential for adoption of mobile payments is humungous with 60 percent penetration level. The assistance to transit through the world of cash for any financial transaction, XPay.Life has come up with ATP bill payment kiosks that collects cash for bill payment and thus making the transaction digital.
Mobile vans has been custom made for the benefit of the untapped rural market where a moving van consisting of cash collecting kiosk, mini-ATMs and a vending machine is made to travel the rural areas for the bill payment collections. Thus closing the enormous gap between the digital literates and the hesitant rurals. Now, people can pay landline bills through kiosks and get acquainted to the digital world.
Hence, this step is first of its kind innovation which has completely understood the customer comfort, context and provides diversified options to realize the “Digital India” mission.