Those days are gone when users used to stick to one platform or application. Today it’s more about the ‘experience’ and ’benefits’ users get. Digital wallets are an example here. A few years back I downloaded Paytm to see what’s that. It looked like a place for recharge your mobile etc, being a postpaid user I didn’t bother to use it. I started using when they started bill payments (phone, electricity etc) and Uber. The best part was you get benefits e.g. discounts or cash back. It became one platform where I just need to dump some money and utilize without hassle.
Today we have so many Paytm’s in the market and everyone is in the race to provide better benefits. But the problem is how many wallets a customer should keep? Will you really pump money in every wallet? People move wherever they see monetary benefits. e.g. I saw Freecharge was giving 20% cash back on electricity bill payment and I still had 2k in my Paytm which was not giving any benefit on electricity bills. I didn’t want to dump money in Freecharge so started searching if I can transfer money from PayTm to Freecharge. Failed :(
Users will not stick to one platform and will move where they see more benefits.
It would be interesting if we can have one system in place which allows a user to transfer money from one wallet to another wallet. Just like bank account transactions.
It’s complicated but possible.
Just a thought :)
