Page 38 - Insurance Times December 2018

Digital Wallets Conclusion
While digital wallet companies such as Paytm, MobiKwik, Recent survey conducted by Indian Express establishes the
Free Charge, Ola Money, and Amazon Pay gained massive fact that Mobile Subscribers are going to reach 100 crore
ground, Alibaba-backed Paytm, India's top digital payment by 2020. This is phenomenal considering the data usage and
firm, hit 100 million downloads on Google Play Store in also usage of feature phones in rural areas. With the
December'17. inevitable change going to happen in the days to come we
are going to witness higher penetration of digital payments
Transactions recorded by prepaid payment instruments in Insurance Space. Also the role of Online Portals and Web
(PPI)-mobile wallets, prepaid cards, and paper vouchers- Aggregators cannot be undermined considering their reach
rose around 4% from Rs14,959 crore in February'17 to and technological innovations.
Rs15,521 crore ($2.26 billion) in May'17, Reserve Bank of
More than the ease of operations and hassle free
India (RBI) data show. This was a result of merchants
transactions to customers the fact remains most insurance
pushing aggressively with better offers and keeping the
companies are enhancing their bottom line (Profitability)
process simple.
through digital push and hence companies constituted
While Govt. is aggressively pushing digital payments mobile digital boards internally to push the drive to zenith level.
wallets started tying up with General Insurance Companies
to offer Insurance services. References
 https://www.irdai.gov.in/
Paytm, India's largest mobile wallet app with more than 200  www.cashlessindia.gov.in/
digital_payment_methods.html
million users has come up with a new level of security
 https://www.statista.com/outlook/296/119/digital-
system for its users: Wallet Insurance.
payments/india
https://inc42.com/buzz
Also Mobile Wallets have tied up with Insurance Companies
 https://www.entrepreneur.com/article/317733
where the renewals can be paid through Wallets. Users who
 https://www.livemint.com/Technology/
have completed e-kyc will enjoy a wallet balance of 1 lakh. ACHEI1t6mB34c4xM5DiTsN/The-top-five-trends-in-
In January 2018, UPI/BHIM registered 151.7 Mn Indias-digital-payment-landscape.html
transactions. Also the effect of demonetization is clearly  http://cashlessindia.gov.in/
visible with Digital Wallets clocking 113.6 Million digital_payment_methods.html
transactions. However the major pie lies with the usage of  https://www.financialexpress.com/economy/modis-
Debit and Credit cards which reported 267.7 Million digital-india-at-play-digital-payments-triple-to-7-of-gdp-
Transactions. in-just-3-years-says-morgan-stanley/1194207/

38 The Insurance Times, December 2018