Is India moving towards being a cashless economy? Well, as per the current notion it looks like yes indeed. Increasing use of online payments, electronic cards and smartphones has clearly incepted a new trend in the retail space of the currently. Moving beyond the barriers of eCommerce, cashless transactions can now be seen in brick-and-mortar retail as well.
Recently country’s lifestyle retail brand from Future Group, Central Mall has joined forces with online payments firm MobiKwik in order to build India’s first chain of cashless malls. The company has made 32 Central Malls present across 20 cities go cashless from today and will only accept MobiKwik for payments.
Commenting on the announcement, Jitendranath Patri, Vice President Marketing & Strategy Head for Loyalty, Central - Future Lifestyle and Fashion Limited said, “As we move towards a cashless economy, it becomes imperative for brands to adopt digital payments and ensure the best user experience. Our partnership with MobiKwik marks the beginning of cashless shopping times for India.”
MobiKwik has an attractive consumer base in the offline cashless payments and has over 30 million users currently. This partnership further supports MobiKwik’s retail expansion strategy and the vision to ensure ubiquitous adoption of mobile wallets.
“We are proud to be the exclusive partner for Central Mall’s initiative to launch India’s first chain of ‘cashless shopping destinations,” said Mrinal Sinha, Chief Operating Officer, MobiKwik.
He further added, “MobiKwik pioneered the cashless payments concept in India and is focusing on offline expansion. This association is another milestone in our journey that is set to upgrade shopping and payment experience at malls, as we know it.”
MobiKwik wallet users can pay cashless for their shopping at any Central Mall payment counter, by sharing their registered MobiKwik mobile number and one-time- password (OTP) with the cashier, to verify the transaction or finding ‘Central Mall’ in their MobiKwik app and making push payments.
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 come years. With the entry of payment banks, e-Wallets and prepaid cash cards, cashless transactions is poised to become the mainstream in the years to come.