(Note: If you do not have time to read full post just read bolder textes.)
Do not fall for jargons, I am not gonna analyse the critical hard changes of economy with equations and statistics.
I am just here to share what I am noticing and find a hard need but unavailability of products in market.
The cashless economy is booming after UPI. Now Bharat is progressing towards more and more convenience.
First we do cash withdrawals in long and long queues of the banks cash counter, then UPI enters the market and this completely disrupt the market and make a habit of people of cashless transactions. In September, 2023, UPI did the transactions of volume 17.16 Lakh crore rupees. This is Highest of all time till now. Bharat did the 46% of real time payment happening around the world.
Everyone doing transactions using QR Codes.
But still are some problems.
All people of Bharat not included in market of cashless transactions. Almost 400 million people still do not have smartphones. And people who already have experienced upi, now they need more convenience.
They (The regular UPI users like me and you) do not want to use upi pin for every 10 Rs, 55 Rs, 99 Rs or 500 Rs transactions.
And what if network suddenly goes out when you are on street out of the town? Will anyone who is regular user of upi, wait for 4-5 mins to check the settlement of pending transaction of Rs 67/-. What if we paid stuck amount to the merchant in cash after pending transaction and then that pending payment settled to merchant bank account after hours we left him behind?
Offcourse we do not want such irritating situation.
Even we want to do OTP-less or PIN-less transactions (upto Rs. 5000) also without facing network issue and with quick settlement for any amount.
Then NPCI again comes in action and then they introduced UPI 123PAY and UPI Lite and now UPI LiteX (The TAP and PAY Feature introduced using upi nfc.)
After UPI 123pay almost 400 million people enabled to do transactions on a phone call using their non smart feature phone. Even I did data recharges of my mobile number after I goes out of my 100% of my mobile data.
Next is for us friends that we need more convenience, settlement rate and speed.
Then UPI lite solved the problem of speed and settlement. No internet no worry just open any app, scan and pay, also without otp upto 500 Rupees.
But the problem of convenience still unsolved.
Upi lite has still hindrances for this this speedy generation.
You have to recharge your upi lite wallet manually and only upto Rs. 2000.
Only upto Rs. 500 can be paid to QR code.
You still need to open a specific application for this purpose.
Does a regular user of upi want to do such things?
Most of us not even I don’t. Why we cannot pay directly through bank without manual recharge of any wallet and without opening anything.
Just touch or tap and pay…
Then UPI liteX introduced by NPCI.
Now without internet,
without pin or otp,
and without opening any app,
without manually loding wallet,
just anyone with Near Field Communication (NFC) can do transactions upto 5000 directly from bank account
But but but still not the end of game…
There is still two major problems and hindrances for contactless payments.
1.That we need a Point On Sales (POS) devices which not every merchant have due to pos’ higher monthly subscription fees and higher one time purchasing charges than soundboxes (by paytm and phonepe).
Only some high revenue merchants and petrol pump have pos. This makes the market restricted and void for small value transaction merchants.
2. We have phones for upi but not for tap and pay because tap and pay needs extra chip NFC but most of mobiles do not have NFC. Debit and credit cards have NFC payment features but you all know very well what you carry most of times? Phone or card.
But the good thing is that we find the solution for both the problems but still have problem. Huhh, we have solutions but still have problems? What the…
Yeah we have, let me share with you all.
That means companies started to distribute low value nfc Soundbox with QR and NFC payment devices. The best solution of this problem which ever available.
Now solution for 2nd problem is the lower value touch and pay NFC devices. Rings, key chains, stickers, tags, bands, straps for watches.
Now the last remaining problem even we have solution is that we still do not have products that can make our payment experience convenient.
I want to make my phone nfc supported but the only way to use sticker which is only issued by IDFC bank (open new account and maintain 10000 mab)
I want to make my smart watch more useful by enabling it for payments. But the straps only issued by SBI titan pay. First open bank account maintain average balance in new bank of 2000-3500 then u can go for strap but lol it (strap) is out of stock. Sorry for you.
For key chains go to yes bank open another new account again manange a one more bank account. An app like omnikey also issue same but i do not want to maintain another manual load wallet
Even i am ready to pay for a NFC devices smart watch strap i cant find in market. Market needs these devices in coming days but the product is unavailable or out of stock.
Jupiter is best in UI and designs. Jupiter like neo banks is last hope. If you make the watch strap or dc available with nfc we are ready to pay the one time purchasing fee. Neo banks like Jupiter should catch this market gap