siliconindia | | December 20168HOW M-WALLETS ARE CHANGING PARADIGM OF PAYMENT INDUSTRYBy Sirish Kumar, Co-Founder & CEO, TelrThe payments industry in India has under-gone several key transformations. The ripples of the growth can now be witnessed across a wide gamut of industry verticals, includ-ing telecom, retail, e-Commerce, and most importantly, banking and finance. The most significant transformation has been an alter-nation in the consumer behavior. Today's con-sumers are more aware and inclined towards online transactions, the effects of which can be visible across the economy. With demone-tization announcement, the transition to cash-less economy will happen faster than the time period of five years to eight years, originally thought. It will be essential that costs of doing online transactions are drastically cut along with focus on enabling safe and secure expe-rience of doing such transactions.It is essential that variety of payment methods like cards, online banking, wallets and others are made accessible to all sections of society. Innovative payment processing players like Telr, focused on online sellers, are agnostic of payment methods. The online sell-ers should be able to offer all the above pay-ment methods to their buyers. With over 150 million users, mobile wallets have seeming carved a niche for themselves. Comprising mostly of money transfers and banking relat-ed functions, mobile payments have come to offer a significant potpourri of value addition services, including shopping, bill payments and recharges and ticketing. The conversa-tions cover a wide spectrum, from the hefty B2B transactions to consumers paying for items of daily use via mobile wallets. From $86 million in 2011 to over $1.15 billion by 2016, mobile payments have grown at a compounded annual growth rate of 68 percent. By 2020, the contributions by tab-lets and phones in the digital payments land-scape are slated to increase to 30 percent. The overall market for digital payments appears mature, anticipating a growth of 210 percent, with one in every five smartphones actively indulging in mobile payments. Both con-sumers and merchants stand to be benefited from the ever-evolving methods of digital payments, offering seamless ease and con-venience. In order to boost engagement and acquire customers in the beginning, mobile wallets actively indulged in cash-backs and IN MY OPINIONHeadquartered in Mumbai, Telr is a leading payment gateway offering a set of unified APIs & tools that instantly enable businesses to accept and manage online payments via web, mobile and social media. The entity prides itself on offering the most secure, reliable and innovative online payment processing service.Sirish Kumar
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