The opportunity for digital payment in India
Gone are the days of standing in long queues to pay any kind of bills. Remember searching for a mobile recharge bill shop and looking at the catalog to choose the best recharge pack? Well, not anymore.
India has seen a 92% increase in digital payments over the last 12 months in tier 2 & 3 cities. Imagine the figures for tier 1 cities. Digital payments gives everyone a convenience to sit at home and do all these, with a variety of payment options. UPI payment tops the most preferred payment method in India as 80% of Indian customers prefer paying through UPI apps. OTT subscriptions have also gone up with a 60% increase in digital payments in the OTT subscription category.
This has eliminated the manual subscription renewal processes that are inefficient and expensive. Customers are spammed with several SMS and email reminders that go unnoticed. Additionally, the digital payments collection funnel at subscription firms is dodgy and has multiple redirections resulting in customer drop-offs.
All the above reasons have made digital methods the preferred method of payments. The value of Bill payment apps has skyrocketed since the availability of cheap internet data, high smartphone penetration and India’s biometric identity card that fueled the rapid scale up of online payment systems over mobile platforms.
Pay Bills using MyShubhLife Android App
With a growing customer base and a need for contactless transactions, MyShubhLife developed a number of innovative financial solutions for the unserved and underserved segments during the pandemic. By the end of the year 2021, the platform launched easy bill payments to its customers to meet their various payment purposes.
To help users complete payment transactions securely, the app is integrated with Setu payment platform which offers over 400 UPI and banking apps such as PhonePe, GPay etc. The platform also helps users pay for utilities, subscriptions, eCommerce, bill payments, collections and EMI bills. When users make bill payments, they get instant alerts and real-time receipts pushed to their smartphone inboxes.
MyShubhLife’s financial inclusion goal has always been aligned to bring about digital transformation to the Next Half Billion. The convenience and ease with which our user experience is built helps millions get access to formal financial services and secure their future. From being a loans only company to a full stack financial services platform, MyShubhLife has doubled its user engagement with the introduction of multiple, new and affordable products. It is heartening to see our users in the unserved and underserved segments from Tier 2 and 3 cities adapt to digital payments along with other financial services, in quick time.
MyShubhLife: The complete Financial Wellness Platform for the next half billion
MyShubhLife customers can gain a complete financial wellness experience by using the platform to access formal credit, buy insurance, invest in SIPs or E Gold, E File taxes and pay bills without hassles – all on a single platform.