Past two days, honourable Prime Minister of India Narendra Modi made a historic announcement to break the grip of black money and corruption in the nation. He took an unprecedented step by declaring a ban against currency notes of value Rs. 500 and Rs. 1000 from the midnight of November 8th, 2016. He also confirmed that the new notes of Rs. 500 and Rs. 2000 will be available on November 10th, 2016.
The announcement also declared that all the banks, as well as their respective ATMs across the entire nation, will remain closed to the public for two days, i.e. from 9th – 10th November 2016. In addition, the government also fixed a withdrawal limit on every transaction from ATMs to Rs. 2000.
While it was a smart and significant move by Modi towards abolishing corruption and back money, it is also definite that it is impacting people of the middle class and those from the villages and rural areas. Since the banks and ATMs were planned to be closed, it is affecting people’s daily regime by leaving them cash-less. Small businesses that run their business in cash and working class, who exchange their services for cash every day are facing hardships for some days. It is expected to continue for the next 10-15 days more.
Mobile Wallet – Perfect Solution to Cash Crisis
With the technological revolution, smartphones have really made our lives easy. The best part is that smartphones aren’t any away from the reach of even a common man. Moreover, having myriads of amazing apps on your smartphone is like icing on the cake. If you have a smartphone with good apps, no crisis can hinder your life, not even this currency ban crisis. Thanks to the app development companies that have offered us some virtual transaction apps, commonly known as the “mobile wallets”. With these apps, you can ensure that you can make all your transactions, without the need to have any cash.
PayTM needs no introduction. It is one of the oldest and the most reliable platforms facilitating online transactions. PayTM was launched in 2010. The app is based on a semi-closed model allowing the users to withdraw money directly from the bank and make payments to the clients tied up with the company. PayTm allows customers to perform e-commerce transactions and make bill payments including electricity bills. Not only this, but PayTm also allows users to transfer money and benefit from services like travel, entertainment, and retail industry. Recently, they also collaborated with top educational institutions in India for cashless payments of fees and other expenses. With PayTm, you no more need to carry cash or card everywhere. PayTm is also the top choice for app development companies to develop new apps based on similar plots.
Mobikwik is another online transaction service provider that connects 25 million users to nearly 50 thousand retailers globally through its mobile network. With this app, users can add money through credit, debit, net banking, and even doorstep cash collection. Mobiwik has a user-friendly interface and can be used to recharge, pay your bills and even transfer money from one wallet to another.
Pay your money was launched by one of the top android app development companies situated in Gurgaon. They also launched their wallet service last year. Using this app, users can store their money in the wallet for numerous transactions.
To stay at the top of the competition, this app offers a variety of amazing benefits to the users such as like one-touch check out service, amazing discounts and cashback offer on each transaction they make via the app. In addition, users also get instant refunds on cancellation of transactions and keep their transactions safe.
State Bank Buddy
This is an app developed by the State Bank of India that allows users to transfer money to other accounts and users. State Bank Buddy facilitates bill payments, recharge, book tickets for movies, book hotels, shopping as well as traveling tickets.
The brainchild of Axis Bank, LIME aims to offer a reliable mobile wallet for making payments, banking, and shopping to its account and non-account holders via their credit and debit cards. Not only this, but it also allows users to share their wallets with their family and loved ones for various purposes.
This is an app for the Citi Bank account holders to shop at more than 250,000 e-commerce merchants. The app has a faster and secure checkout system. It can also store all your credit and debit details, loyalty cards, prepaid recharging preference, and shipping details all in one place.
This app uses the bank account to offer a mobile wallet to its customers. All the transactions performed on this app are safe and reliable. It can transfer money, keep a log of all the transactions, pay bills, and moreover send gifts and split bills with your friends. ICICI Pockets employs a virtual Visa card to carry out all the transactions.
An instant money transfer app launched by HDFC bank for its account holders, it allows them to transfer money to anyone in their contact list. This app can also be used to send money, split bills, recharge and even request funds from others in their contact list.
India is today the second largest country across the globe to adopt digital mode of payment for day-to-day transactions. A majority of smartphone users have mobile apps installed to enable e-wallets and use them for various purposes like mobile recharge, booking tickets and hotels, bill payment and online shopping. This is a clear indication that there is still room for faster, secure, and reliable online payment methods. These amazing financial apps prove that there are alternative solutions available to help during this cash-less time.
At ARKA, we offer organizations the facility to hire Android app developers to develop such mobile app solutions for the users to simplify their financial moves and routine jobs.
Rahul Mathur is the founder and managing director of ARKA Softwares, a company renowned for its outstanding mobile app development and web development solutions as well as specialized in Android and iOS app development. Delivering high-end modern solutions to all over the globe, Rahul takes pleasure in sharing his experiences and views on latest technological trends.