Designing the Future of eWallets

Nikila Kothari

There is no doubt that digital wallets are making fiscal transactions seamless, transparent, safe and incredibly convenient. India has seen a phenomenal increase in the number of digital wallets and we will soon be forgetting that Mahatma Gandhi is on all Indian currency notes.

Few of the famous digital wallets in India are airtel money, Citi Masterpass, Citruspay, Ezetap, Freecharge, Ppaytm, HDFC payzapp, ICICI pockets, Jio money, Juspay, LIME, Mobikwik, Momo express, Money on Mobile, Mswipe, Ola money, Oxigen, Paymate, PayUmoney, State bank’s buddy, etc. etc. etc.

But how many digital wallets do you use everyday? How many of you use all the wallets available in the market? Are you not getting bugged with the everyday offers and notification messages which these digital wallet companies send you?

Well, Is there a way to utilize the benefits of all these wallets?

Have you walked in a grocery store and after buying you realize if you would have paid there by Mobikwik, you would have got an additional discount of 5%? Yes, this is how the scenario is today with so many digital wallets juggling in and the user actually not knowing which to use when and ends up not using benefits of any of these wallets.

Currently, we have two types of wallets- one which stores all your cards like Apple pay, Google pay, Samsung pay, Android pay, etc. And the other one which lets you create a new profile with a balance in your wallet like Paytm, Mobikwik, Freecharge, etc.

Perhaps it is time to swap the system again; this time, What if we could have all our debit cards, credit cards, loyalty cards, gift cards and all mobile wallets on one platform?

e-wallets on one platform

Let us explain, you have one application in which you create a profile and this signs you to all the digital wallets available. The application will have all the digital wallets listed in it and when a person wants to transfer money, the application shows the best offers available on different platforms.

To understand it in detail let us look at some scenarios

  1. You are shopping in a mall and you want to make payment, the application detects your location and starts suggesting the two best offers available on different platforms like if you pay with Paytm, you will get an additional discount of 5% or pay with Axis bank debit card to get a discount of 10% and the user can select one of the best offers from the options provided and pay through that platform.
  1. Imagine you went out for a party with 3 of your friends and one of your friends paid 10k. So each one owes 2.5k to that friend. In this case, all you have to do is open the application and select the contact of your friend whom you owe money, go to his twitter or WhatsApp or facebook profile which includes a wallet option, select the platform you want to pay with and the amount and tap “send” and just transfer money.
  1. What if you are in a mall and want to book a movie ticket but you forgot your card at home? With this type of application, you can pre-store your credit card/ debit card numbers securely so that you don’t have to key in the number each time and buy your movie tickets instantly.
  1. Imagine you have to send money to your son in a different city or a good friend needs money urgently, you can make that transfer easily and instantly by just entering the phone number of that person not worrying about which mobile wallet platform the other person has been using as he will be automatically signed into all the platforms.
  1. It’s a great way for migrant laborers to keep money safe, pay merchants, as also send money home. Instances such as where governments give loans to self-help groups, and where repayment has to happen daily in small amounts of Rs 50 or Rs 100.
  1. Imagine if a painter wants to transfer money to his wife, he can simply transfer money by opening this application and by sending a simple SMS with the amount details to his wife’s number.
  1. What if e-commerce platforms like amazon, Flipkart are also integrated with this application? In this case, a person can use the same profile to buy online and the app will suggest for some offers available and the user can choose the best offer and make payment instantly.

The Bottom Line

With an application like this, anyone with a smartphone would be able to pay in any shop, any web and to any digital wallet making checkouts easier everywhere. Design-led transformation supports these efforts and ensures that the human experience stays at the center of every solution. An application like this could be a blessing in disguise for the ecosystem. It could become a driving force that gets the country to the next level of payment.

We would like all of you out there to put on your technology hat and let us know how we can collaborate to bring something like this to life. #digitalindia #futureofbanking

 

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