The demonetization decision taken by the government has inconvenienced many but there are a few who have benefited from this, many e-payment options are emerging and trying to make the most of the no cash phase in our country. In a country, where only 10 to 15% of the population have used online transactions it is a good opportunity for start-up’s to promote various such apps or other money transfer methods.
While very few in our country have relied on cashless transactions all this while, this demonetization has forced many others to prefer online transactions or make use of apps for various kinds of payments. This has also led to an increase in the number of start-ups that are focusing on developing various modes of e-payments. It is estimated that only 10 to 15% of the population has used online transactions in India, whereas 40% of people in countries like Brazil and China are preferring e-payments over cash payments.
Many start-ups with innovative and creative concepts are getting a platform to develop in this moment of confusion and chaos. While people were waiting in ATM queues, one such start up developed an app that can track the number of ATM’s available in the vicinity. This has been useful for some but the highlight would be the innovation and how such kind of business ideas are gaining a lot of acceptance. Many youngsters are coming up with creative ideas to set up their own ventures, as they are on a shoe string budget, they are unable to give advertisements on popular media.
Bill Gates once said, “If I had one dollar left, I would spend it on PR.” Having PR campaigns have become essential these days for a business to run efficiently. These campaigns help acquire monetary gains and increase in sales for any business to flourish. Start-ups needs to not only focus on hard work and good quality but also on a good PR campaign to progress and become a familiar name. They provide the start-up’s with space on social media or newspapers. It also helps them to stay within their budget and still manage to reach out to the audience. These start-ups are offering convenient, reliable, secure and affordable payment systems that will have implications for access to other financial services as well especially during demonetization.