Feb 28, 2013: We have been often hearing about mobile being used as a wallet but we have not yet started experiencing the same in India. Now all this is going to change with YPayCash Software Solutions rolling out the new way of mobile retail payment system in Tamil Nadu. The company which has got a licence from RBI has successfully conducted trials on implementation of this system.
Customers who would like to use this facility need to download the YPayCash application from Google Play Store or BlackBerrey App World and do the registration. Once the registration is complete which takes hardly two minutes, the registration needs to be approved. After approval the customers can transfer money from their bank account to this application.
With the installation of this application, customers can use their mobile as a wallet and use it any of the merchant establishments which YPayCash has tied up. YPayCash has as part of its launch in Tamil Nadu has tied up with nearly 4,000 merchants. The response to this revolution has been overwhelming and the merchants who even did not have a POS and were only having cash transactions have tied up with YPayCash. The company expects to rope in 25,000 merchants for this new system of payment by the end of this year.
Experts believe that though this move is at a nascent stage very soon it would catch up since the mobile penetration which is at 60 per cent is higher than Debit Cards and Credit Cards which have penetration of 15 per cent and 2 per cent respectively. According to Ravi Jagannathan, Vice-Chairman, eMudra, and Director, YPayCash, “Making people pay via mobile is a global challenge and YPayCash aims to revolutionise the payment system”. He further adds that though there are challenges, “Mobile payments are expected to reach $26 billion by 2014”. The company expects to roll out these services all over India in next three or four years after getting over the initial hiccups.