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At the onset of demonetization of 500 and 1000 currency notes in India, fintech organisations especially facilitating e-payments and mobile wallets like Paytm, Freecharge, Citruspay, Mobikwik, Razorpay are seeing a great surge in the demand of their services. Also the Indian taxi hailing apps like Uber and Ola are pushing new and existing users to use their indigenous mobile wallets and electronic payment facilities to pay their bills.
What would matter now is the on-boarding of the new entrants (as consumers) who are not familiar with this technology, as they will try to onboard and use these services for the first time. Offline strategies will help them as they would need handholding and education as the first time users of the services. Also payment banks which are mobile wallets like like Paytm will have an upper hand than any other Fintech companies in the current scenario.”We have got two words for you: Paytm Karo,” the mobile-wallet brand tweeted.