Analyzing the Mobile Wallet adoption India
I am writing this post as an assignment submission in the product management course.however the topic is interesting and i would like to give my views about the same…so what is this interesting topic…well going with the times I guess this is very important and also relevant.The topic for my post is the rise and rise of mobile wallets in india. Well rise and rise till it hits the chasm..for people who are new to chasm…its the block in the growth of a digital product after it cuts across the innovators and early adopters and tries to break into the volume game..or to the early and late majority.
However for digital wallets , the chasm was broken by Timing.The timing was also important in propelling the growth of digital wallets in India as though the product was launched 3 years back its mass scale adoption came with demonetization in dec 2016, when cash crunch for at least 30 days was at its peak.digital wallets like paytm, free charge , airtel money and citrus really went big not only smelling the god given opportunity but also there was a “need” from consumers who wanted flexible retail monetary transactions with limited cash flow..many vendors too started to use these wallets as business seemed to hit a new low for consumers who wanted to buy but did not have cash.
Demonetization i guess swayed the early majority completely in favour of the new product which till dec 2016 was only adopted by the early innovators and adopters..in 2016 , this product by sheer adoption captured all the 60% of the adoptors ..including many later majority adopters. .
It also crossed an important barrier..ie, many Indian people do not want to try new products relating to money until it is tried and tested and with the need very much there ..maximum late majority adopters became early adopters specially in the metros…but most importantly the psychological barrier was broken.the ease of digital wallets along with the UPI payment options launched by many banks not only brought adoption to users a much needed solution but is soon becoming a necessity rather then a trend or a luxury.
Govt. support by increasing digital wallets limits to 20000 INR and political push like the GOI digital India move is creating that secure and much needed ecosystem for giving this product and very promising future for both the retail users and also the merchants ..hence its a true hybrid product which caters to both the b2b and b2c space and looking at a very bright future amongst all the category of adopters starting from the innovators, early adopters to the majority ( both early and late) and even finally to the laggards.