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#Post 1: The e-Wallet Payment Era

The Fintech world has witnessed a robust growth in the recent decade owing to the strategic innovation and flexible business structures that allow companies to stand out in the market. The e-wallet market has constantly been looking forth for the opportunity to develop during its life cycle. Moreover, promoting business through collaboration has been a significant strategy for the players in the e-commerce market. For instance, 09th June 2020, PhonePe launched domestic trip insurance in partnership with ICICI Lombard. Moreover, the emergence of COVID-19 has proven the rising consumer reliance on such platforms both for personal safety (maintaining distance) and ease in making transactions.


Insights:
The network strength in the market is highly important for the players in the e-wallet market. For instance, MobiKwik has over 3 million direct merchants and nearly 140 billers, while PayPal has a network of nearly 25 million merchants globally.

Rising investment in the digital payment platform backs the e-wallet market players. For instance, in  June 2020, Facebook and PayPal have invested in Gojek (undisclosed). This payment will allow GoPay (digital wallet of Gojek) to venture into the US market. Several other popular examples are, Google Pay is backed by Alphabet Inc., and Paytm is backed by Softbank Group Corp.

However, a question here arises is that during the past two months the number of BHIM UPI transactions has significantly dropped by nearly 23.6% compared to the all-time high which was during January 2020 (as per* DigiDhan Dashboard). Likely fall has been noticed among the other private player of e-wallet in the digital payment market. However, the answer lies within this fact. The market was gaining a more significant response from the consumers owing to the joint efforts of players and government policies framed by sovereign bodies of the nation. The rise in demand has augmented the growth of e-wallets across the world before pandemic COVID-19 hit the global consumer markets. Moreover, the market is expected to revive at a better pace owing to the sustainable growth opportunities gained from high investments and strategic collaborations.



                                                                                                by Gautam Mishra
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