Here is the collection of talking points from a social media conversation of a closed startup / entrepreneur group. The conversation is a quick way to trend spot what is in the mind of startup enthusiasts when it comes to online wallet or e wallet.
State Bank Buddy.
After all of them …. is there still room for another e wallet company….what you guys think. Anyone working on such payment system. thanks
Talking points ~ comments below :-
Comment 1 – there is always space for innovation
Comment 2 – zeta wallet, free charge, citrus, yes bank wallet, phonpe, mobilepay still coming…
Comment 3 – payza, rupizo, slonkit, dbs bank wallet….so long
Comment 4 – No please don’t introduce another one. Already confused which one to use.
Comment 5 – If you do the same as the others there is no space, if you are able to innovate and play bigger, there is always space for one more player.
Comment 6 – hey all have some drawbacks. The matter of fact is no one can be 100% perfect.
Comment 7 – But nowadays these company’s and banks are heading towards POS and targeting small merchants such as our daily market, grocery shops, medicine shops etc. Moving towards a solution as compact and convenient as possible. Integrating Inventory, billing, delivery, swipe all in a single device that too in a paperless model.
Comment 8 – That is what we are working on.
Comment 9 – This is insane… with so much competition… profits are negligible…
it’s these copycats that expand the market for you.
Comment 10 – I have a whole payment gateway system sold to two companies already and they are using it as well. Let me know if want to get into a conversation.
Comment 11 – I see no endurance. Bubble of success would burst in no time
Comment 12 – Is there anything you can offer which these companies are not offering? (It could be user experience too)
Comment 13 -big fish will always eat the small one.. momoe was acquired by shopclues in june.. and soon so many acquisition you will see in the market.. they all are actually doing the same thing.. do think theres a innovation in their idea ! if yes than what.. ?
One of the best App in market is payphone App of Indian govt in which u can transfer 1to 1crore without any transfer fee lifetime
Comment 14 – Introduce with block chain features
Comment 15 – I would like to build e wallet for physically challenged people
Comment 16 – I know that there are two more wallets which aren’t in the limelight ….. ClicknPay and Froogal!! I don’t know what happens to them now!! 😛
Comment 17 – Yes possible Using BlockChain.
Comment 18 – Yes… paytm is insane. There is tremendous scope for a player with better product…
Comment 19 – You guys forgot Ola money
Comment 20 – kuchh alag kro re koi! Sab same krke you cant edge past anybody… its frustrating when people ask me to make clones like these…
Comment 21 – Can you design an e wallet system in which people can put old currency notes and get back their new currency notes without standing in ques. 😂😂
Comment 22 – makemytrip money
yes so many players ——-> that may b the reason Paytm pivot its strategy into Payment bank ………. cashless economic dream !
Amazon already giving this space a twist with NO CHECKOUTS !!!…………click and brick model
Comment 23 – Where there is will there is a way, it is only that one should be able to create the market and user should feel the promise with it.
Comment 23 -Right market analysis, right product, right product marketing … should happen together
Comment 24 – Reliance is also coming with e-wallet system
Comment 25 – There’s always room …. have clear differentiation …
Comment 26 – It’s like one tv with multiple remotes !
Comment 27 – To make successful wallet one need to be less on commission charge .
Comment 28 – There is more space for e wallet. Just make a all in one e wallet app that will integrates all currently active wallets. Means for cross money sharing such as paytm to mobikwik and vice versa or there are many ideas can be implemented on ewallets you need to think differently
conclusive observation :-
There is no stopping for those who are innovative, have different approach to woo users. Cashless economic revolution has begun . (perhaps!) . More important is to have a cashless / digital wallet mindset. Cary less cash but have more data in your smartphones. Innovative but small, big companies with good cash flow might buy – consolidation in the space is the reality ahead.
Government is also planning to give incentive and support for small business to turn into more digital transaction economy. Easy to say but hard to follow. No rural consumption of digital transaction process. Things may change but fast.
BlockChain may bring new dynamics to this space….not clear yet.
Adoption of futuristic technology is key – startup which understands the changing layer of technology may lead this space and investor would lap them fast.
All in all – it is a good story in making.