tech2 News StaffNov 23, 2016 14:39:23 IST
Digital money has taken over the country. The recent announcement of demonetisation by the government to remove Rs 500 and Rs 1,000 notes in India has changed the way how we look at money. We've always had alternatives to paying cash like debit and credit cards, net banking and digital wallets. It is now that we have realised their importance.
The core idea behind demonetisation is to curb black money and fake currency in the country. Moreover it is a big step towards creating a cashless economy. No doubt it is difficult for a developing nation to completely go digital. It isn't easy especially for everyday transactions, but in time going cashless will make things simpler. Digital wallets already offer a variety of features including instant money transfer, bill payments, in-store payments and so on.
This brings us to an important payment method that is still not available in India. Apple Pay and Android Pay are still nowhere to be seen. In fact this is probably the perfect time for both the companies to introduce their payment services in India. Considering the amount of Android and iOS devices in India, it shouldn't be that difficult either.
Both Apple Pay and Android Pay are digital payment methods that can use your linked credit or debit card and banking details to make payments. Since the details are already fed into the respective apps, payments are done instantly and hassle free. On Android devices, Android pay also utilizes NFC ( near field communication) available on almost all new Android phones allowing one to simply tap their phone on a payment terminal. Similarly with iPhone 6 and beyond, the Apple Watch and the recent iPads one can perform transactions and can can also make use of the biometric TouchID to authenticate payments digitally.
Considering the current situation, the companies can and should capitalise on the situation. To get things rolling, Apple and Google would have to tie up credit cards like Visa, MasterCard, American Express, etc. as well as major banks and finance institutions for debit cards and bank accounts. The bigger task however would be to bring support for their platform at offline and online stores. These may include shopping, movie halls, restaurants and food joints, grocery stores, petrol pumps and so on.
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