Digital Financial Product (Mobile Money) - An Emerging Eco - System

The recent growth of Internet applications and the usage  smart phone usage is playing a major role in  liberation of monetary services nowadays in Indian economy .Convience factor provided by these devices in various areas  like tourism, finace and transportation helping the banking environment specially at the same time the it is increasing the assurance also.  convience factor created a huge market for these service sector  therefore the Information technology  companies are coming with new vaersatile  applications of Mobile Payments with different technology and new features which make these services more attractive .these applications are more customer centric.In future these smart devices will a play a important role in human beings life as well as to develop cash less new eco- system.

Due to the emergence of this new eco system , customers are shifting from traditional banking system  and financial system to new emerged cashes and  card system. This new system is also creating various new delivery channels, new opportunities for the society og Indian well being is spreading not all in urban cities but also in the rural and remote areas of nation. Till few years back these new trends were being utilized by urban population only but after the demontisation of Indian currency by the reserve bank of India there is rush of new applications for the existing as well new customers with new features to support this new inititave by the Indian prime

minister for the the Nation. And in this Paytm is playing a crucial role to spread this mission  . this

usage and emergence is not limited to Indian continental only, it is spreading throughout the world.  Even though  RBI mandate for all service proder of financial services to adopt UP standard within the three years after this scheme no one  is waiting for three years. This sudden change into seam leass cashless transcations is being forced , special thanks to players like Paytm, freecharge  and few  banls app like sbi budy. The current situstaion is a win win postion for all like bank, customer and government as well. There will be a loss of revenue in present but it pays in long time due to the diversion of alternate channels, the press ure is going to release on current  system and it will serve in beteer way to the customers and retaintion will be more easier.