It was a normal day for me when I was done selecting the vegetables and fruits at a local grocery shop and was about to make the payment. Before I could use my card I noticed GPay’s (Google Pay) QR code on the table. I asked the person at the counter if that works and he said yes. I tried making the payment but I encountered a bank server error. I then asked him if he has any of these — Paytm, Phonepe, Whatsapp. He said you can try Paytm wallet. A few clicks on my phone and the money was transferred successfully. I moved on to the next store and purchased other items I needed. There I saw a QR code given to them by Bharat QR. Below the code it was written, use any of these apps - Whatsapp, Phonepe, Paytm, GPay and few others which I can’t recall. I used Phonepe app to complete the payment. At least in Bangalore, the cashless payment options have penetrated well.

Cashless Payment Options

In a city like Bangalore, I have gone to places without any cash in purse. Although cards are accepted everywhere, they are soon getting replaced with options like UPI payment apps and digital wallets. Players like Whatsapp, Paytm, Phonepe, BHIM, GPay, Mobikwik and many others have done remarkable job in getting these small merchants to accept the payments via cashless payment options. The retailers are happy to know that they get the money at the end of the day no matter which mode of transaction was used. One of the retailers said, “Madam, use any option, no problem. In fact, if you use UPI, I get the money instantly. There is no charge. Cards are charged.” Since I am working in the Fintech for the past 3 years, I was glad to hear that.

The problem is simple and it is two-fold: Firstly, as a business owner, I want to be able to sell goods and collect payments easily without interruptions. Interruptions like, insufficient money for exact change, non-functional card machines, and transaction rates for cards.

Secondly, as a customer, I want to be able to pay for the goods that I purchased without interruptions. Interruptions like, insufficient cash in hand, absence of cards and no exact change.

Customer experience is what matters to a seller. Providing multiple options to make the payment allows the seller to seal the deal with no delays or interruptions. FinTech companies are striving day after day to enhance this experience. If you look at the product companies in India which have changed the way people exchange money, it is a massive shift. New verbs are getting introduced. For example, when I split the bill with friends, I said, “Whatsapp the amount to me.” Money is at our fingertips. No more looking through purses and searching for that odd amount to give, especially when tendering exact change, you know what I mean. With such smooth and seamless payment experiences, businesses are only bound to grow and thrive.

However, this does not imply that digital payment transfers are the best and are flawless. Sometimes they fail too. I see servers failing, apps crashing and payments failing multiple times but nonetheless, I prefer paying using these options. Also, FinTech companies are already addressing these issues.

The plenty of options available with the retailers to collect payments creates a problem of monitoring several dashboards. This could pave way to develop single dashboard solution to manage all payment apps. Do let me know if there is such company already, would love to know more about it.