|HDFC PayZapp may be India's Apple Pay moment
Sriram Natarajan: 19th June 2015 5:01pm
|HDFC Bank, a leading private sector retail bank, and India's top brand, has released its one-click payment platform called PayZapp, which is expected to be positioned as an all-in-one mobile payments platform as part of HDFC's 'GoDigital' strategy.
At the outset, PayZapp sounds like just another of the mobile payment apps that have been unleashed on the Indian consumer regularly over the past two years. India has numerous mobile payment solutions and, with the exception of M-PESA, all of them are home grown apps: PayMate, PayZippy, Paytm, Bijlipay are the names that cropped up as disruptors in the mobile payment space in recent years. The early bird Airtel Money - with its closed loop model - never really took off and doesn't come up as top of the mind recall now.
Various other banks like ICICI Bank (which launched M-PESA) and Axis Bank (PingPay - social media-based payment) have launched innovative mobile payment services to customers.
However, with the launch of PayZapp, it looks like India's Apple Pay moment has arrived. As we all know, the US was also drifting aimlessly on mobile payments (remember SoftCard nee ISIS by Verizon?) until the seminal moment when Apple launched ApplePay. The US mobile payment industry has never looked back since then and with Samsung Pay and Android Pay following in quick succession, consumers really look to be taking to mobile payments.
I see this as a similar transformational event taking place in India. India's mobile payment ecosystem will never be the same again. What NPCI's IMPS and other enablers have been trying for years now looks to be breaking through.
|PayZapp is not going to be just another mobile payment launch for the following reasons:
|So, in summary, mobile payments in India may be at a point where all the huge promises will become a reality and the true potential of mobile payments is finally realised.
Wednesday, June 24, 2015
HDFC PayZapp may be India's Apple Pay moment
Posted by Palash Biswas at 10:47 PM