Impact of Demonetization on Mobile App Development
Surge in Mobile Wallet Usage The demonetization of high value currency noted and restrictions on daily cash exchange compelled Indians to adopt cashless payment. Many consumers find it easier to use mobile wallets and payment options that debit/credit cards and net banking. The mobile wallets even made it easier for consumer to pay at stores and outlets that did not install POS machines. Hence, the surge in cashless payment increased the adoption rate of Paytm, Freecharge, Mobikwik and other mobile wallets within a short amount of time.
Net and Mobile Banking The surge in cashless payment also increases popularity of net and mobile banking apps. Many consumers downloaded apps provided by their bankers to pay bills, order products online, transfer funds, and track account balance. Many users even downloaded and used mobile banking apps despite being skeptical of security of net banking. Hence, demonetization persuaded many users to adopt net and mobile banking apps.
Mobile Shopping The absence of POS machines and lack of option to use mobile wallets compelled many customers to buy goods and services online. Many customers downloaded mobile shopping apps provided by both large and small retailers. A large percentage of such customers even use shopping apps to purchase groceries, fruits, vegetables and similar daily-use items. At the same time, the surge in mobile shopping also helped large online retailers like Amazon and Flipkart to drive sales by allowing customers to choose from multiple cashless payment options.
Hotel Booking Despite the cash crunch created by demonetization entrepreneurs and professionals have to travel frequently throughout the period. The entrepreneurs and professionals find it convenient to book hotels through popular hotel booking apps like OYO Rooms, Goibibo, MakeMyTrip, and Trivago. The multiple payment options provided by the hotel booking apps further make it easier for users to book hotel rooms despite the cash crunch. Some apps even acquired new users by providing attractive offers and discounts.
Taxi Booking The cash crunch created by demonetization made it difficult for passengers to pay taxi and auto rickshaw fares in cash. Many passengers switch to taxi booking apps like Ola and Uber to take advantage of cashless payment options. The competition between the leading taxi booking apps further made it easier for passengers to avail attractive deals. That is why; demonetization helped taxi booking apps hugely popular among Indian users.
Content Designed By: Mindfire Solutions
Published on Mar 13, 2018
Published on Mar 13, 2018