When Mrugank S.
33, an information technology professional in Bangalore, Karnataka State, ordered five combined carts from the online grocery store Big Basket, who chose a cardon-
Delivered as payment method.
But when two delivery men advanced to his apartment on the 14 th floor of a tower, he pulled out a stack of bills. Mr.
Mr Ugank used his credit card a lot, but that afternoon he turned to a reliable habit of taking out 6,000 rupees ($97) in cash, as was the case with most Indians, for fear of a failed delivery
\"It\'s a bit safe,\" he said . \"
If he chooses to pay by credit card, one of the couriers will come up with a small rectangular device that will turn any smartphone into a point when plugged into the headphone jack --of-
Car sales terminal without cash payment.
Ezetap, a Bangalore startup founded in 2011, built mobile payment devices and worked with 2-year-
Old grocery delivery service in the city.
The big basket is equipped with hardware for each courier.
According to investment companies, at least 10 new companies like Ezetap have started operating in India in the past two years
Avendus for the company.
There are also several young tech companies and established banks that offer smartphone apps, software devices and online channels designed to drive Indian commerce into one of the most common commodities in India.
There are 0. 554 billion active mobile phone users in India, but only 4% use mobile banking.
Despite this, the number of people getting rid of cash payments is still rising steadily.
About 910,000 points-of-
According to Deloitte, a consulting firm, sales terminals nationwide.
This is almost double the total four years ago, but there is still a lot of room for growth in the non-cash economy.
India currently has 758 pointsof-sale-
The terminals are 1 million residents, well behind China\'s 17 million and Brazil\'s 2500 billion in 2009.
Entrepreneurs believe India has now overcome the inertia of moving from cash payments to digital payments.
People are still worried about putting credit cards online, said Vipul Parekh, mainly because of security issues
Founder of Big Basket, the company gets about 60% of the payments through cash on delivery.
But they are very comfortable using their phones.
Ezetap works much like Square, a famous California mobile payment company co-founded by Twitter.
Founder Jack Dorsey borrowed some aura.
Ezetap raised $3 in last November.
500 from high
Well-known American investors including PayPal founder Peter Thiel.
Ezetap became the first Indian terminal in May
Manufacturers will be certified globally by European payments, MasterCard and Visa.
At that time, Som Mittal, president of Nasscom, an Indian software industry organization, praised Ezetap as a model for the \"new era\" of Indian technology.
Ezetap may be a new idea for India, but for one of its founders, this is not the first attempt to make mobile payments work in India.
In 2006, Sanjay Swamy, Ezetap\'s energetic chairman, was selected as C. E. O.
A company in Bangalore that connects bank accounts to mobile phones.
Like Ezetap, investors warmly welcomed mChek.
In 2009 and 2008, it raised $10 million from famous foreign venture capitalists.
It works with leading banks and telecom companies to allow customers to pay their bills using their phone cards. In 2009, Mr.
Swamy has more than 1 million active users.
But then mChek suddenly failed. Mr.
Swamy joined India\'s only identity certification body as a volunteer for government programs, assigning an ID number to each Indian.
MChek quietly began to abandon the transaction and eventually closed down.
\"I will never be another startup that needs a lot of ocean . \"Swamy said.
\"We need regulators, we need banks, we need merchants.
\"Trying to arrange mobile payments between multiple operators and banks requires cooperation at the business-intensive level in India.
All obstacles make it harder for consumers to accept the service. Mr.
Swamy recalled an exciting moment when a loyal customer who paid his bill for 18 months with mChek suddenly stopped.
A shop offering Airtel services to pay bills opened next to her home and she found it easier to cross the road. Mr. Ezetap.
Swamy and three of his colleagues
Founders choose to skip fickle consumers and focus only on businesses that benefit from cheap payment containers.
The hardware cost is about $50 plus up to $6 a month.
In addition to the big basket, Ezetap has signed up with online retailers and a microfinance group.
\"You picked the side of the problem yourself . \"
Mchek\'s failure did not prevent at least a dozen other companies from offering digital payment products such as mobile wallets directly to consumers.
Last week, mobilkwik Systems, a startup in Gurgaon, launched the country\'s first consumer wallet, allowing users to deposit cash into an account that can be used with 500 businesses across the country
The goal of many startups is to replicate M-
The monetary system used by two peopleKenya\'s thirties(In April, M-
Through the cooperation between Vodafone and ICICI Bank, the Pesa began operations in India. )
\"We believe that mobile payments will be like Telecom at some point,\" said Vijay Shekhar Sharma . \"E. O.
One97 Communications company running a mobile payment operator named Paytm.
\"But the Indian government does not like this.
As mobile payments begin to spread around the world, Reserve Bank of IndiaB. I.
On 2009, the central bank began to demand
Factor certifications that protect major e-transactions, debit cards and online banking in India. (
Less than 2% of Indians own credit cards. )
Mobile payment users must now go through multiple identification steps.
Mobile payment providers need an R to operate without a bank partner. B. I. license.
The central bank has issued three types of wallet licenses: open licenses for banksto-bank transfers;
Closed, let the owner fill out the wallets from their bank account and use them like a voucher;
And between the two, called semi-closed.
Semi-enclosed wallets can be filled with cash and can be purchased electronically.
In the summer, both mobilkwik and One97 received these five-
Annual license, and 21 other licenses.
The semi-enclosed wallets do have a noteworthy disadvantage, and its manufacturers say, preventing them from being used widely: users can add cash but cannot withdraw cash.
In May 2012, Bharti Airtel began offering Airtel Money, the first and only prepaid mobile wallet for R-authorized telecom companies. B. I.
The total monthly turnover of the wallet is Rs 15 million.
However, cash can only be withdrawn by users who have an account with Airtel\'s partner axisbank.
For consumers, analysts say, the current barriers to mobile payments are greater than returns.
\"The motivation for consumers to transition to mobile wallets is very small,\" said Aashish Bhinde, executive director of Avendus . \".
In a recent study, Avendus estimated that India completed 7 million transactions per month through mobile wallets.
But most of the payments are trivial, with an average of Rs 260 per transaction.
\"At the end of the day,\" Mr.
Bhinde said, \"mobile solves part of the problem --
This has reduced the capital intensity of transactions.
But you need the government to push hard for cashless options.
In his inaugural speech.
4. Raghuram Rajan, the new central bank governor, has given considerable attention to mobile currencies.
He announced a plan for a pilot project that would allow cash to be withdrawn from the prepaid wallet and have the potential to transfer funds to any mobile phone.
\"Mobile payment \".
\"The rules of the game can be changed,\" Rajan said.
Many mobile payment executives are skeptical about R. B. I.
The ability to change anything, especially speed.
In 2009, Beam Money, a New Delhi-based mobile payment provider, bought an R. B. I.
It is hoped to expand its payment channels beyond utilities.
Anand Shrivastav, chairman of the company, said that when it received a license, the company expected individuals to move from one wallet to another and that cash withdrawals would soon become law. They did not. Mr.
Shrivastav found that his customers can make certain purchases, but they can buy tickets from airlines but not buses.
\"There are so many ifs and buts,\" he recalls . \".
\"How do we tell our customers,B. I.
Is this a mandatory requirement?
In July, Beam Money abandoned its license and thought it was too burdened.
Beam maintains its current business and offers mobile payment services to specific merchants.
For the latest license holders, \"I wish them good luck,\" Mr.
However, Bipin Preet Singh of mobile Wik is still bullish.
There are now 2 million customers using his wallet service, he said.
After the new listing, the company plans to reach 100 million in two years. Mr.
Ezetap\'s Swamy was equally enthusiastic, and his company soon came into contact with retailers.
These entrepreneurs are facing greater obstacles than the regulation of red tape.
In its global mobile payment report, MasterCard ranks India near the bottom in terms of mobile payment knowledge
He admits that familiarity with mobile wallets remains the biggest obstacle for mobile Wik. Singh.
Consumer attitudes towards cashless payments also need a major shift.
Even India is richer, plugged in-
Consumers are reluctant to pay with mobile banking and frequent credit cards.
Out of fear of fraud, some are sure to be skeptical;
Although Indian banks are not directly responsible for credit card fraud transactionsB. I.
Action is being taken to amend the law.
Coming out of India\'s stubborn cash economy requires not only changes in consumer behavior, but also changes.
I rode back from Mr.
In the mrugank mrs community on Ola taxis, the taxi service is also connected with Ezetap.
The taxi card terminal is broken.
The driver said, \"cash only.
Mark Bergen is from Bangalore.
The national elections in India, starting on April 7, will continue on nine different dates until May 12 and are expected to be released on May 16.
The vote is the largest in the world, and 0. 814 billion eligible voters will choose 543 members of the lower house of parliament.
The other two seats will be appointed by the president.
The election is widely regarded as the most important one in India since 1977.
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