What are the reasons behind low adoption of online payments among Indian users?
Payments
Asked by Question Bot07/Apr/20131 answer
1 Answer
F
Faisal Khan
Answered 07/Apr/2013
I would agree with Upasana Taku - The Indian 'e' payments industry is still nascent. Though many innovative solutions have come up, two major hurdles still persist:
(a) Mobile companies (who want this mobile payments all for themselves)
(b) Banks (who view the mobile companies as competitors, versus partners).
Most Indians have access to a cellphone, so the natural extension of any form of online payment can be a cellphone (roughly 500 Million cellphones or more - sorry i don't have that statistic), versus 100 Million online.
If businesses had more 'open' options for payment systems and more importantly, a settlement procedure so that various payment networks could talk to each other with factors (a) and (b) taken care of, the Indian market is full of opportunity.
There are some brilliant payment solutions, the sad part is traction. Not enough traction and stimulus (which can come from government) to jump start the e-payment industry.
(a) Mobile companies (who want this mobile payments all for themselves)
(b) Banks (who view the mobile companies as competitors, versus partners).
Most Indians have access to a cellphone, so the natural extension of any form of online payment can be a cellphone (roughly 500 Million cellphones or more - sorry i don't have that statistic), versus 100 Million online.
If businesses had more 'open' options for payment systems and more importantly, a settlement procedure so that various payment networks could talk to each other with factors (a) and (b) taken care of, the Indian market is full of opportunity.
There are some brilliant payment solutions, the sad part is traction. Not enough traction and stimulus (which can come from government) to jump start the e-payment industry.