Just In
- 4 hrs ago Apple Confirms Special Event for May 7: iPad Air, iPad Pro 2024 Models Expected
- 12 hrs ago Xiaomi Robot Vacuum Cleaner S10, Handheld Garment Steamer, and Redmi Buds 5A Launched in India
- 13 hrs ago Lenovo Unveils IdeaPad Pro 5i Laptop With Intel Core Ultra 9 Processor – Check Price, Specs
- 13 hrs ago Lava ProWatch Zn, ProWatch Vn Smartwatches Launched in India: Check Price, Specs, Availability
Don't Miss
- Sports Teen Phenom Adrian Lee Signs With ONE Championship, Set For Debut At ONE 167
- Finance Indian Railway Finance Corp IRFC: Top NBFC Railway Stock Advised To BUY; Short-To-Long Term Target Prices
- News Senator Lambie Calls For Elon Musk's Imprisonment Over Wakeley Church Stabbing Posts
- Movies Mirzapur 3 OTT Release Date, Platform: When Will Mirzapur Season 3 Premiere On Amazon Prime Video?
- Education Telangana Inter Manabadi 1st and 2nd Year Results 2024 to be Declared Tomorrow
- Automobiles Chrysler Pacifica Marks Seven Years As Most Awarded Minivan With New Campaign
- Lifestyle Anant Ambani-Radhika Merchant's Wedding Function Details Are Out, Check out Ambani Bahu-To-Be's Chic Fashion!
- Travel Kurnool's Hidden Gems: A Guide To Exploring India's Lesser-Known Treasures
Airtel, Vodafone and Idea m-wallet Transactions Increased by 50% Following Rs. 500 and Rs. 1,000 Ban
After the ban of Rs. 500 and Rs. 1,000 notes by Narendra Modi, Airtel, Vodafone and Idea's m-wallet services have experienced up to 50% growth in just 4 days.
After Narendra Modi decided to ban Rs. 500 and Rs. 1,000 Indian notes, the only rescue for people have been m-wallet online transactions. Almost everyone has been dependent on m-wallets rather than on cash, which in turn increased the transaction by up to 50% in just 4 days.
The ban on high denomination notes has highly profited the telecom industry, especially Airtel, Vodafone, and Idea Cellular.
SEE ALSO: Exchange Your Old Notes With the Help of This New Facebook Messenger Bot
Yes, the m-wallet transactions of these telcos have seen a major rise and have increased by up to 50% in the past 4 days ever since Narendra Modi's historic move to ban Rs. 500 and Rs. 1,000, as reported by the Economic Times.
Soon after Rs. 500 and Rs. 1,000 notes were banned by the Modi, most people didn't have any cash with them. This lack of cash situation resulted in the increasing profit for the wallet service, as the m-wallet transaction has been the only option to continue the daily activities without being affected by the cash ban. The demonetization has been extremely profitable for the telecom companies, especially their wallet business including Airtel, Vodafone, and Ideas. The m-wallet business should see a minimum 40% to 50% growth in the next two quarters. Click Here for New Tablets Best Online Deals After the ban of Rs. 500 and Rs. 1,000 notes, the only way that enabled the mass led an unaffected life, are the wallet services. These wallet services are mainly offered by the telecom operators, which everyone can install on their smartphones as an app, which will help them pay utility bills, buy movie tickets, recharge mobiles, and top up DTH and other necessary services. Telecom operators like that of Bharti Airtel said that growing wallet services would boost the growth of a digital payment ecosystem and in turn accelerate India's move to a cashless economy. As per ET, one of Airtel's official asserted that they are planning to add more merchants in order to boost the m-wallet usage levels and also has plans to roll out banking services very soon. A study by an Assocham-RNCOS states that the value of mobile payment transactions in India will exceed by Rs. 2,000 trillion in FY22 from a shade over Rs 8 trillion in FY16. This will, in turn, boost cashless transactions with the increased use of digital wallets, debit and credit cards.m-wallet Have Been a Saviour
Notes Ban Profited the Telcos
How Did The m-wallet Service Helped?
Telcos Are Planning To Improve Their Wallet Service
Future of Wallet Services
-
99,999
-
1,29,999
-
69,999
-
41,999
-
64,999
-
99,999
-
29,999
-
63,999
-
39,999
-
1,56,900
-
79,900
-
1,39,900
-
1,29,900
-
65,900
-
1,56,900
-
1,30,990
-
76,990
-
16,499
-
30,700
-
12,999
-
14,999
-
26,634
-
18,800
-
62,425
-
1,15,909
-
93,635
-
75,804
-
9,999
-
11,999
-
3,999