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A QR code is basically a high-tech bar code. You can point a smart phone's camera at it, scan and decode the message in it. In many cases, the decoded message is a web link to avoid the hassle of typing on a phone keypad.
While demonetisation largely impacted consumers across all cities, some top brands and even cab operators witnessed a huge boom in transactions during this period.
MobiKwik claims to be the only wallet in India that has a cash pick up facility, with which users can get their MobiKwik wallet loaded with e-cash from their location within 25 minutes in major Indian cities.
Additionally, with the first two days of the 10-day Diwali Sale, the e-commerce platform has registered a 5X growth in demand products like for LED TVs, 5X growth in 4G smartphones and 10X growth in feature phones.
Despite all these possibilities that mobile wallets open up, Indian still is far away from becoming a cashless economy.
Transactional fraud is one big barrier that is impeding these service providers to win consumerís trust. Mobile transactions are increasing rapidly, but retaining customers is getting tougher.
By making payments quicker and hassle-free for buyers, mobile wallets have been helping online retailers in closing their sales more efficiently.
This one-of-its-kind approach by Central Mall will surely be worth the wait as payment industry in India is expecting a multifold growth in the coming future.
Freecharge has been christened as the fastest growing digital payments app as per study by Nielsen
Mushrooming of online marketplaces has forced Indian shopaholics to transact online. The trend has also created a stir among all those small medium retailers (SMEs) that earlier refrained from online payments.
Paytm became ebitda-positive at the end of 2015 and payments business recorded profits on an operational basis.
Snapdeal-owned mobile transactions platform FreeCharge today said it will spend up to Rs 2,000 crore on promotions and cashbacks over 18 months to get more people transacting through digital platforms.
Mobile wallet company Mobikwik plans to raise $50-100 million (Rs 325-650 crore) in the next few months to fund its expansion across online and offline platforms.