It may have been over a year since demonetization, but the after effects of going cashless still linger on. From a small baker to an international trader, everybody is making the switch to digital payments. Taking the next big step in this direction, homegrown startup Ridlr has introduced ticketing with digital wallet as it joins hands with Amazon Pay. In conversation with Indian Retailer, Ridlr founder Brijaraj Vaghani tells why digital payments are the future in India.
How is e-cash like Amazon Pay gaining momentum after demonetization?
There has been a positive trend in digital payment mode and ever since the government announced demonetization, there’s been a big push to digital payments. Earlier, we were concerned that we may have to bear the brunt if charges were levied for swiping cards, but now these concerns are addressed and we are seeing that through Amazon Pay we are connecting with a huge population.
Digital payments are said to overtake cash by 2022. How does Ridlr see itself in this direction?
This is great news! Though initially it has been slow, digital payments will take off and integrating UPI with digital wallets will only strengthen digital payments. In the coming years, we plan to make travelling with Ridlr even ticketless and we’re working towards this.
How does Ridlr plan to reach cities where internet penetration or consumption is still less?
So not just tier I or tier II cities, even tier III cities have huge demand for digital transportation and we are working towards reaching such places just with an SMS. Although we have partnered with Amazon Pay only in Metro cities so far, in the next 3-4 years we hope to find a solution to reach most parts of the country.
Which cities have shown big response to Amazon Pay?
We are concentrating on Mumbai and have realized that many cities are also willing to use digital wallets. For now, we are present in Mumbai and will take to other cities.
What are the key challenges for digital wallets?
For one, cash is always easy to use and is extremely convenient. However, finding and giving the exact change is always a challenge, which digital wallets address. There are again trust issues and by integrating UPI with digital wallets, we plan to address this concern also.
How many downloads do you have and what are your targets for this quarter?
We have 1.3 million users of Ridlr and we are looking at 2-3 lakh downloads per month. We are targeting a 15-20% growth this quarter.
What are your expansion plans? In which other platforms do you hope to expand?
We are planning to launch Ridlr in other cities and are in talks to introduce the app in Chennai, Hyderabad and Benagluru. We plan to be present in more cities soon.