As a part of our #Outlook16 series, we asked heads of mobile payments companies – Eko, Oxigen, PayU India, FreeCharge, MobiKwik and Citrus Pay about their learnings in 2015, focus areas for 2016, and the challenges that the mobile payments ecosystem need to address. Answers have been edited for brevity. What were the top developments with respect to mobile payments in 2015? Abhishek Sinha, Eko For Wallet providers: - More than 100 million customers today using mobile wallets. - Wallet players looking at both banked as well as unbanked customer segments. - Huge investor interest in the wallet/payments space. - Entry of at least 10-15 wallet providers in 1 year. - Online acceptance of wallet is picking up, expected to grow exponentially over the next couple of years. - Announcement of payment banks licenses. Public goods / infrastructure being created for digital payments: - Draft guidelines around UPI released by NPCI. - Wallet players are getting their authorization to connect with UIDAI for Aadhaar. [caption id="attachment_145875" align="alignright" width="98"] Nitin Gupta[/caption] Nitin Gupta, PayU India Huge adoption of mobile wallets: In online payments industry, 2015 has seen a huge adoption of mobile wallets. Number of users on mobile wallets have increased significantly, however the transaction volumes on mobile wallets have not increased by the same percentage. Mobile payments became more seamless and shift towards user experience: In the crowded segment of mobile, payment companies have realized that user experience while making mobile transactions play an important role. We have seen a shift towards innovative technology which can improve user experience by making transactions seamless. Govind…
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