Game changing year 16-17. Will it continue?
Phew, that was quite a financial year. We want to throw some light on what happened in the payments space in the last financial year.
Will it continue? With the Prime Minister putting his entire weight behind digital payments, the payment industry received a boost equivalent to the tune of a 1000 PSLV 4 rockets! With the sudden demonetisation of 86% of the currency, digital payments pretty much became the only way to pay for goods.
E wallet firms such as Paytm, Freecharge, Mobikwik and hardware based payment firms such as Mswipe, Ezetap saw a surge in demand.
With close to 75% remonetisation by the end of the financial year, will digital payments continue to surge or will India go back to its old ways of transacting with cash?
How many more? The last financial year saw quite a few important mergers & acquisitions.
A prominent few include:
1. PayU acquiring Citrus Payments
These are pretty significant moves as it shows:
1. Consolidation is here to stay
We will watch the industry very closely and also be active participants. Do watch for more.