effects of mobile wallet in india during demonetization

Effect of Mobile Wallet in India during Demonetization

Demonetization in India

Ban of Rs 500 and Rs 1000 Banknotes

Purpose to crack down the Black Money

Took place on 8th November 2016 Took place on 8th November 2016

Reduced the country’s GDP and Industrial Production

Shortage of the new Banknotes

Lengthy queue on the ATM

Limit declared on cashing out from the Bank on weekly basis

Bold step by Indian Prime Minister

Try to make the system digitalized in order to make people pay their taxes

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Effects of Demonetization on India

I. Shortage of Cash

II. Passengers were affected

III. Business were affected

IV. Many Marriages could not be held

V. Crash of Stock Market

VI. Transportation was affected

VII. Losses of job

VIII. Complication created by Rs2000 note across the country

IX. Digital wallet business has exponential growth across the country

Types of Mobile Wallet

Benefits of Digital Wallet

Transaction is done digitally during this period.

Utilization of the bank has been encouraged more during this period.

No room of cheating is left

Dealing become easier instead of going through the hassle of change

Small transaction become easier

Just need the smart phone for dealing

Avoid the hassle of card swaping

Expansion of the Digital Wallet Business

Single benefactor during demonetization

Increase of digital wallet download during this period

Traffic increased on digital wallet application

Number transaction held on the digital wallet application

E-commerce business also grew with the help of digital wallet

People become dependent on digital wallet during this period

Need to address these issues

Low connectivity of the internet in the country like India

Not everyone have the accessibility of Smartphone

Need good infrastructure for this application

Not every bank is connected

This is temporary exponentially growth

understand the value of demonetization which also give respect to the exponentially

grown Digital Wallet business across the country.

RAPIDSOFT

History of Rapidsoft Technologies

Providing excellent Mobile Solution services

Experience of developing various applications for all type of industries

Achieved the high level of customer satisfaction

Developed more than 300 mobile application

Journey in this business for more than 10 years

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