Naveena
The number of people downloading e-wallets for transactions in India has gone up since the announcement of demonetization. With the constant push for cashless economy by the government, e-wallets have become the major platform for transactions in India. In the last 50 days, digital wallet transactions have outnumbered those of both credit and debit cards. The government at both state and center level addressed the need of an official, government sponsored mobile wallet that the people can trust and stop. In order Chandrababu Naidu announced APpurse, Narendra Modi just announced BHIM app and next in queue is Telangana government’s app.
The Government though not too late was considerable helped these third parties penetrated into the market. The transaction fees of many private wallets are reduced or negated till the end of the year, or even the first few months of the next year. These wallet businesses which are not making profits as of now are adding a transaction fees to become sustainable in the future. Another issue with these third party wallets is lack of hardware based security layer. This secure execution environment is like a secure mode on the chip-set which doesn’t allow malware on the phone impact a mobile payment app.
Although the question is yet to be answered if the government is aware of the hardware based security layer, the Andhra Pradesh government wallet’s APPurse did not realize the hardware based security layer. APPurse , a grouping of 13 mobile Net banking apps and 10 mobile wallets which have to be downloaded and installed separately is a wild goose chase. However, the APPurse failed to meet the expectations and is back to the drawing board. To add insult to the injury Narendra Modi just launched Bharat Interface for Money (BHIM), an initiative to enable fast, secure, reliable cashless payments through your mobile phone. The Telangana government is coming up with its own wallet and the expectations are very high.
More options signify more possibilities to be seamlessly content. With wallets being released at state level and central level, it becomes a bitter pill to swallow. The situation is similar to RTA m wallet and Digi locker. The RTA m wallet was developed by Telangana state government, in a few weeks the Digi Locker by the government of India came out. ‘RTA m-Wallet’ helps motorists avoid physically carrying documents like driving license, registration certification and other vehicle-related papers. DigiLocker helps you consolidate all your important papers at one place. The hope is that the availability too many choices doesn’t exhaust us and doesn’t lead us to abscond from making a decision all together. Ultimately it is the consumers’ choice to choose the best of the two worlds.The need of the hour is a safe, trustworthy, flexible, cross platform, official mobile wallet application by the Government of India in association with state governments
