As Narendra Modi embraces cashless India with the recent ban
on 500 and 1000 rupee notes, the payment banks and fintech startups are surely having a great Indian festival
with the wallet deposits soaring high. This is surely one of the best times to promote
cashless transactions and the perfect moment for the payment banks to grab the
limelight yet again.
Time to bring back
the attention to payment banks:
The payment bank dream went a bit haywire since these banks
needed to invest 75 percent in Government securities and some were just not
ready to accept this evolution of technology. With plastic money becoming one
of the main sources of transaction, this concepts needs to buck up again.
Moreover, with the license to issue ATM cards the payment banks fill in the
gaps of liquidating the wallet balance any time for these mobile wallet
companies. When the main source of
income for these payment banks come in the form of commission fees during
third party transactions, the only way to sustain in this business model is by
ensuring that the customers are doing enough cashless transactions. A customer
will be convinced to use a payment bank or use a digital wallet to pay his regular cab
fares, shopping bills, electricity bills and so on only if the process is
smoother, easier and quicker than cash transactions. And, when we say an easier
transaction process, we mean a smart user interface design.
How to ensure a
better user experience for payment banks?
The core objective of payment banks is to push the concept
of financial inclusion. When traditional banks can’t tap in the rural
interiors, the payment banks can easily fill in these gaps with a deposit limit of 1 lakh
rupees. So payment banks or mobile wallets need to be designed in a way such that
it caters to the common Indian crowd. Let’s check out a few ways to make it
work.
Easy experience:
A farmer, who has no clue about online
shopping sites and has just heard the name of whatsapp, needs to be introduced
to this technology. The experience should be such that the functional elements
are right in front of his eyes with an easy and simple navigation. The lesser
the steps to complete a particular task, the easier it will be.
Content or Messaging:
The substance or the messaging has to be
direct and pretty short. The key is to stick to a very simple language which is
easily understandable and highlighted.
Quick navigation:
Internet connection is always an issue in
India. The wallets need to be designed in a way such that it can work even when
the internet connection is not that strong.
The user flow needs to be very quick and seamless to ensure the tasks
are completed quickly.
Local language:
When the app or wallet is targeted towards
a large section of Indian crowd, local language is the trump card to win your
users’ hearts. The apps should be in a way such that the users’ can relate with
it in one go.
Look and Feel:
The look and feel should be created in a
manner such that it speaks the language of the local people.
Video and Images:
Text messaging can never be as eye-catching
as videos or images. In fact, videos and images explain the concept in an easier
way than text. After all pictures speak better than words.
Though it’s true it will take a long time for the payment
banks to sip in the daily habits of the Indian citizens, we are not very far to
this evolution with the government pushing it through various reforms and
policies.
RBI has already granted license to 11 players. Among them
four are in the telecom sectors. These telecom giants can easily tap in to a
large number of users and when the target group includes every Indian citizen,
the user experience has to very simple and direct.
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