RealCash

Now, it’s the era of accepting digital payments in India. No worries of limited or minimum cash, now cards will do the talking in the wallet. This is the change anyone can get after demonetization. Standing in those long queues to put cash in the bank, or to take out money from the ATM is not the needed thing now.

After demonetization, most of the merchants are willing to accept digital payments while majority of consumers are adopting cashless payments, a survey by the Centre for Digital Financial Inclusion (CDFI) and Indian Institute of Management Bangalore (IIMB) has found. The ‘Going Cashless?’ a report said 63% of merchants are inclined to accept cash free payments. It also said that the rural consumers are equally distributing in cashless payments. The major positive for the digital payments ecosystem of the country is the highest ever transaction volume in October, a jump of 10% in September.

Consumers are constantly adapting to card payments over cash payments with the growth of debit / credit cards. While smartphone-based transactions jumped, even the card payments has been the main driving force in terms of the number of digital transactions which have also been climbing steadily.

RealCash’s mobile point of sale allows merchants to turn their smartphones or tablets in a card swipe machine, which is an important innovation when it comes to accepting payments. RealCash mPOS also enables smaller merchants to keep up with more big and easy trends of digital payment. The mPOS technology has become an only thing for every sized merchant to adopt. With RealCash Technologies Limited, payments made easy whether it is a card payment or it is a payment through e-wallets.

Besides card payments, the most touted benefit which came after demonetization was the immense growth in the payments via e-wallets. Going to the ATM just does not make sense anymore with RealCash Technologies Limited. With apps like MobiKwik, PayU Money, Freecharge, Airtel Money and Citrus Pay, cash transactions seem pointless and time-consuming. The key thing with e-wallets is they are cheaper, smoother and more widely accepted alternatives to cash payments.

While the overall shift to cashless payments seems complex, but the opportunity this technology carry with it is available for all types of business of all sizes. Enabling business with the use of new payment methods gets the merchants long term benefits from all the sides.

Now, it’s the era of accepting digital payments in India. No worries of limited or minimum cash, now cards will do the talking in the wallet. This is the change anyone can get after demonetization. Standing in those long queues to put cash in the bank, or to take out money from the ATM is not the needed thing now.

After demonetization, most of the merchants are willing to accept digital payments while majority of consumers are adopting cashless payments, a survey by the Centre for Digital Financial Inclusion (CDFI) and Indian Institute of Management Bangalore (IIMB) has found. The ‘Going Cashless?’ a report said 63% of merchants are inclined to accept cash free payments. It also said that the rural consumers are equally distributing in cashless payments. The major positive for the digital payments ecosystem of the country is the highest ever transaction volume in October, a jump of 10% in September.

Consumers are constantly adapting to card payments over cash payments with the growth of debit / credit cards. While smartphone-based transactions jumped, even the card payments has been the main driving force in terms of the number of digital transactions which have also been climbing steadily.

RealCash’s mobile point of sale allows merchants to turn their smartphones or tablets in a card swipe machine, which is an important innovation when it comes to accepting payments. RealCash mPOS also enables smaller merchants to keep up with more big and easy trends of digital payment. The mPOS technology has become an only thing for every sized merchant to adopt. With RealCash Technologies Limited, payments made easy whether it is a card payment or it is a payment through e-wallets.

Besides card payments, the most touted benefit which came after demonetization was the immense growth in the payments via e-wallets. Going to the ATM just does not make sense anymore with RealCash Technologies Limited. With apps like MobiKwik, PayU Money, Freecharge, Airtel Money and Citrus Pay, cash transactions seem pointless and time-consuming. The key thing with e-wallets is they are cheaper, smoother and more widely accepted alternatives to cash payments.

While the overall shift to cashless payments seems complex, but the opportunity this technology carry with it is available for all types of business of all sizes. Enabling business with the use of new payment methods gets the merchants long term benefits from all the sides.

Customers in India are welcoming smart payment options with open arms and are giving significant boost to the digital payment revolution. Digital payments are expected to boom in India by 2020 which means people across the nation are expected to make transactions by using digital payment solutions by 2020.

In order to provide the merchants with additional modes to accept payments and later to cut the effects of demonetization, many companies devised an easy to use, user friendly and affordable mobile point of sale (mPOS) terminal for all sizes of businesses to receive payments anywhere, anytime.

The frequency of transactions continues to grow at a rapid rate according to the data released by the Reserve Bank of India which showed that October saw the highest ever mobile  transaction volume at 965 million, a jump of 10% against 877 million in September and overall it rose to 31% from November last year to September this year.

In the nation post-demonetisation, the term ‘cashless’ has come into existence to define things like card payments, mobile wallets and other online payment modes. Overall, the card transactions (both debit and credit) actually make the cashless transactions in bulk.

In October, debit and credit card payments jumped 6.4% to 255.7 million transactions from 240.3 million transactions in September. Also, ATM transactions dropped 10% to 716.3 million in August from 802 million in October last year, according to RBI.

Not only have the card transactions fully dominated the number of transactions when it comes to digital transactions, the value of transactions via mobile wallets has also increased. Wallets which were stagnating around 90 million transactions on an average per month since January this year, jumped 10% to 96.2 million from 87.5 million in September. Payments via mobile wallets jumped 3 to 4 times in October boosted by ‘shaguns’ going digital during Diwali and Bhai Dooj.

Though mobile payments are on the rise, cash still remains the king in the times of low-value transactions. Another study found that about 76% of the customers still prefer to use cash, but this number seems to be reducing. This study actually compared trends before and after demonetization. The executive director of Centre for Digital Financial Inclusion (CDFI) and principal architect of digital innovation lab of IIMB Shashank Garg, Krishnan Dharmarajan led a survey and stated, “We found 63% retailers wanted to go cashless, which was only 31% before the note ban.”

India is one of the fastest growing major economies in the world and is now shining with the Financial Technology services. BRIC countries (Brazil, Russia, China and India), Mexico, Saudi Arabia, South Korea, Indonesia, Kenya, Iran, Turkey and Zimbabwe are the emerging markets for the FinTech industry. India and China are the top most emerging countries which are contributing in the FinTech industry and enabling the growth of e-commerce sector. Though India’s Financial Technology (FinTech) sector is young but it is surely going under a transformational phase and is also growing rapidly with the fast-paced technological and inventive changes. Financial Technology is the latest innovation that is mainly focusing on competing with the traditional financial services.

 The FinTech sector is emerging with the innovation in the technology, which overall is changing the landscape of the digital payments in the country. Several startups are switching to this dynamic and emerging sector making financial services more accessible to the general public and also to revolutionize the country with the radical and technological changes in the traditional finance industry. The FinTech sector comprises an immense range of financial and technological businesses like mobile payments, money transfer, SME finance, banking, cryptocurrency and many more.

 FinTech companies are saving massively on the cost and offering true customer experience by enabling digital tools. The biggest change that FinTech has brought is it has eliminated the paperwork from the financial process by enabling the work fully digital. Thus it has also reduced the time consumed to do the paperwork. The banking sector itself is undergoing Financial Technology services and is entering into the market by creating valuable changes in the banking models, providing the customers with the beneficial financial services by enabling digital tools in their services.

RealCash Technologies Limited, operational since January 2017 is a FinTech company which is helping India to move towards cashless society. The company affirmed its presence in the market with its smart payment solution, mobile point of sale technology.  

As the mobile devices are increasing with the technology, they are also gaining popularity across all the major industries. With its unique and quick payment solutions, mPOS in India is playing a prominent role in creating a cashless and fully digitized society. Mobile POS solution has been more flexible, affordable and gives superior customers’ convenience. Mobile POS allows the businesses to sell anywhere and anytime, also helping them to reduce the customer’s long queues while checkout by providing them quick and easy payment solution for their every purchase.

The RealCash mobile POS is already catering to the merchants (of all sizes- from small and medium businesses to large enterprises and small retailers as well) and customers as well. This solution enables quick and seamless payments with a smartphone or a tablet and is fully compatible with MasterCard, Visa and Rupay and with chip & PIN cards and swipe.