A bold move that caught the country unawares, has also ushered in a new era for the fintech sector as well as digital payment industry.
What can be termed as one of the most sensational move by any PM of India, the demonetizing of Rs. 500 and Rs. 1000 notes by Narendra Modi has become a beacon of light for digital payment and wallet companies in India.
The sudden announcement has brought focus over digital payment and wallet sector. It is quite clear that the government wants to keep a track of every rupee spent by its citizen. Thus, digital payment businesses will gain a major boost as most of the transactions in India are still carried out in cash.
The founder and CEO of Alibaba-backed Paytm, a popular digital wallet, and eCommerce company have called the move by PM Narendra Modi as the biggest, boldest and ambitious step took by any government in the world on Twitter.
— News18 (@CNNnews18) November 9, 2016
He thinks this is the golden age for any tech entrepreneur, especially those in the FinTech sector.
Similarly, Kunal Shah, the founder and chairman of Freecharge, a platform by Snapdeal has called this a “Master Stroke” on Twitter. He says Modi is helping India become a superpower by fighting black money and corruption.
Master Stroke. Take a bow @narendramodi
— Kunal Shah (@kunalb11) November 8, 2016
Twitter was alive and abuzz with supportive feeds by many big shots of the digital payment world. The Snapdeal co-founder and CEO Kunal Bhal went on to tweet that the digital payment methods will now see massive growths ahead with this move.
He also thinks that cash on delivery payments will soon become a thing of the past. Many will soon adopt the digital payment system like @Freecharge and forgo the cash payment.
Sequoia Capital India’s managing director, Shailendra Singh called this as an amazing and brilliant move. He hopes this will have a positive impact on different sectors, mainly the digital payment companies.
Cash on delivery to be a thing of the past very soon. Expect massive adoption of digital payment systems like @FreeCharge in place of cash!
— Kunal Bahl (@1kunalbahl) November 8, 2016
According to Bipin Preet Singh, co-founder, and CEO of MobiKwik, another online wallet company has called this a historic policy change. He says this will be one of the most impactful economic reforms since 1990s. About a billion Indians will soon change their payment methods from cash to cash free within 50 days. This bold step by the Modi government will definitely be signal growth for digital payments and online banking within the country.
Indians – What are you waiting 4? Start depositing cash in your @MobiKwik wallet & use it to pay 120,000 retailers. #500 and 1000 Rs
— Upasana Taku (@UpasanaTaku) November 8, 2016
Archit Gupta the CEO and ClearTax founder says there will be no more room for black money. People will now start filing taxes, paying taxes as well as take part in the contribution to the mainstream economy. The pain to the Indian citizen and economy is only temporary. Soon, this ambitious move will succeed and with the help of ClearTax citizens and businesses will be able to overcome the impact.
Naveen Surya, Chairman of Payments Council of India as well as Ola CEO Bhavish Aggarwal has supported the move by PM Modi on Twitter.
According to Sameer Nigam, the co-founder of digital payment start-up PhonePe thinks this will revolutionize India’s digital payment sector.
These Tweets, as well as supportive comments by founders and managers of digital payment companies and wallets, show that digital payment methods now have a bright future ahead in India.