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December 14, 2016

Mindshare and Recall of E-wallets is Much Greater than that of Bank Apps

In his interview with Mint, Dr. Rajiv Lall talks about retail banking products, and tie-ups with fintech companies:

 

"I don’t think we can compete on e-wallet. The horse is bolted on that one. Wallet companies have a leg-up against average banks because they have spent much more than banks on marketing. So, the mind share and recall of e-wallets is much greater than for bank apps. E-wallet companies have happily spent other people’s money on marketing[...]We are learning that wallet companies are masterful because of the simplicity they provide. 

 

UPI (Unified Payment Interface) is a fantastic idea. Obviously, we are going to make our payments solution compliant with it, but for UPI to take off, it will require a community of banks to invest in marketing, spreading awareness and making the experience simple so that people switch to it[...]Eventually, the power of fintech will come down and bank payments solution will rise. It will take some time."

 

Read the full article here.

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