I am really very happy with this great and bold move by our PM and the govt. It takes lot of will power and conviction to take this kind of bold decision which are opposed by so many folks and may be from close friends as well.
Now that we have taken this decision and I am sure there are more qualified folks than me who must be thinking all the best strategies to get to the ultimate goal of no corruption, no black money, no terrorism funding, no hawala, and fully transparent and cashless economy.
Please consider my point of view as a view of common citizen of India and all my point of view are based on observation of surroundings, my interest and my profession.
1. Exclusive focus on One payment channel:
Currently we have multiple payment channels and we are promoting all, e.g. Card, Digital wallets, UPI, IMPS and *99#. Most common people get confused which to use when. Though folks like me would use whatever is available, most folks are clubbing *99# along with other channels and even don't bother to try it. Govt. should exclusively focus on *99# service so it becomes the only way people try in rural areas. *99# works on basic phones and does not require internet. As I heard around 65% of phones are still basic, our focus would be justified. Though NPCI can continue to work on UPI and other future channels, but current focus should be to bring most rural population on board. If they think about mobile payment, they should think about *99#.
If other qualified folks feel, we have better and more convinient channel other than *99# which works on basic phone without internet, we can go for that, but we need to choose one.
2. Making *99# service a seamless experience.
We have to ensure that anyone who tries it, becomes successful the very first time. We can learn from the 3rd party apps such as Paytm, and other wallets. They have made using their app for the first time so easy that one people use it, they know how to use it.
Though our *99# service is good and works on all phones, it is still difficult and many times people are not successful in first attempt and they give up. We need to address following issues to make it seamless.
* Many banks still require people to go to bank to register for mobile banking. Which is required for *99# service to send money. Though many banks have made it easy by simply sending a SMS from users registered mobile. We need to ask all banks to make it very easy to register for mobile banking. This can be done from back-end and avoid lot of unnecessary queue in the banks.
* Making payment to a mobile number successful. Currently *99# requires MMID along with mobile number. Though technically it looks as designed to have MMID to support multiple accounts for same mobile number, but we can have a concept of default account number associated with a mobile number. e.g. If I have 3 accounts with same mobile number, I can make one of them as default for sending and receiving money. Again we can learn from 3rd party wallets. Their USP is that it is very easy and only require a mobile number of receiver. We need to make sending money very easy to a mobile number. Our system from back end should map to a default MMID and credit appropriately. We are having similar concept with UPI, but UPI is not feasible on basic phones so we need to port this good feature to *99#.
* A universal number for sending money. Once we have made paying to any mobile number, we can dedicate one sequence, e.g. *99*5*<mobile no>*<amount># dial. It should ask for pin and you are done. So everyone just dial a sequence to pay, and they are done. It should be so easy. we don't need so many menus to traverse before actually sending money. Everyone just need to display their mobile number on their shop.
I think we have made a great technology, but we still have not made it accessible to people. It has a great potential to change how people transact. Everyone should just dial a number to send the money.
3. Incentivise payment via the mobile channel (*99#) we have selected
People in India are addicted to freebies. That is how 3rd party startups and corporate acquires users. We can offer a cash-back or discount of INR 50 (or any amount) per transaction for first 10 transaction. I am sure people would try to get INR 500 and in the process get used to paying via this channel. We can even offer discounts at govt. stores to some limit if paid via this promoted channel.
4. Mandatory enablement of receiving payments via *99# channel at all govt counters.
We need to make sure that all govt. counters which receive money via cash, must display the mobile number which would receive the payment from the channel So a person goes to a counter to buy a railway ticket or pay a bill or buy some seeds or do speed post in post-office, the counter person asks for money. The person dials the number *99*5*mobileno*amount# and enters PIN and he/she should be done. All these counters must be enabled to accept payment from this channel.
5. Incentivise shops/business who accepts payment via this channel.
Shops and businesses which accepts payment via this channel, give them some incentives initially to bring them onboard. May be inform of some cash-back or tax-credit.
6. Massive campaign to promote this channel.
Now that we have every thing setup, we have to promote this to everyone. Just look at how Paytm and others are promoting on every Radio/TV every few minutes. We have to have a similar campaign. Every TV/Radio channel should broad cast this payment channel. The campaign should be on the similar lines as swatch bharat as we are investing in future of India. Once we bring most folks on board we have turned the table to growth.
7. Dedicated toll free phone number and/or appoint a mobile payment expert per village to help people get onto this channel.
Once we start to promote it, people will start to try it. We need the support infrastructure. We can hire part time college students for one or two months to educate people to start using this service.
We have to treat *99# channel as product and promote it like a corporate, I am sure we can become very successful. If 3rd party wallets can make huge success, I am sure with such a huge machinery behind us, we would be successful.
Please do let me know if you need my service for betterment of our country. .\I am willing to participate at any level of discussion and execution.
About Me:
Personally, I am a firm believer in social harmony and justice to all. Freedom to all to do what is right and hate corruption and any kind of evil. Professionally, I am working as a Senior Computer Scientist with Adobe Systems.
Sanjay Kumar
A proud citizen of India, want to make it one of the best in the world.
1 comment:
Very important viewpoint Sanjay.. Although Mobilie wallet becoming a transaction means by even tea dhabas in metros.. however services like *99# needs a focused publicity to cater to masses without smartphones and internet!! Need of the hour!!
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