Several Founders, Co-Founders, CXO Bankers, CXO Fintech professional & people who participated in the ePanel discussions:
- Mr. Piush Kothari, Head of Business Operation, Walt Disney Direct to Consumer & International
- Mr. Kamonasish Aayush Mazumdar, Founder & CEO at Foodieverse
- Mr. Hemal Shah, former Technical Product Manager, Mastercard
- Mr. Shailesh Varudkar, VP – Global Business Operations, Vserv
- Vikas R Panditrao, Co-Founder, Forum of Industry and Academic Knowledge Sharing (FIAKS)
- Many other CEO/CXO Bankers & Fintech professionals on FIAKS Forum requested to remain anonymous
Here’s a problem statement put forth by a FIAKS community expert of staff working for him. He says one of the staff asked the question that my per month earning is Rs. 35,000. I allocate funds as under:
- Fixed Deposit – 10,000
- Saving account – 14000
- Cash – 6000
- Wallet (Paytm / PhonePe)- 5000
I had kept Rs. 5000 in the wallet for watching movies, buying burgers, ordering pizza, paying for vegetables and groceries, etc. These days whenever we buy a burger or pizza, the POS generates a QR code but I cannot pay using wallets like PhonePe or Paytm. The person says I accept only Google Pay and I’m forced to debit my bank account. So here, Why can’t I debit my wallet while using GPay? Why only a bank account is allowed? It’s my money and how can a shopkeeper deny accepting payment through wallets. Response provided by top leader anonymously that it is UPI code so the customer can pay using UPI. The member says the customer understands payment thru QR and he has money in the form permitted by the regulator. so he should be allowed to pay the money from his wallet.
- A member says -The shopkeeper can deny it because he does not have the ability to accept the payment. It’s an open-loop payments system (UPI) vs. a closed-loop system. The shopkeeper can accept money from a Paytm wallet only if Paytm has done that merchant acquisition and can therefore settle the payment to the merchants’ account.
- Well, well to clarify here it’s not a decision by the shopkeeper says another member. The point is it’s Google pay which is denying access to wallets!
- A member opines, “Paytm would need to enable Google Pay as an option which will never happen as they are rivals. Think of Maruti owned and operated showroom also selling Hyundai cars, something similar. Plus Google is not a payment channel nor a PPI – it’s a platform, the way they position themselves.” So, shouldn’t they allow wallet debits?
Here’s another significant question raised up:
- How do you gain by funneling money from your bank account to the wallet app to the shopkeeper? Why should this happen? Is this cheaper? Is this faster? Is this better? Or should I do it because your valuation is $ 10 Billion?
- All money is not created equal. Money from a wallet and money from an account are treated differently because the source of the money doesn’t need intermediation. Well, what’s the ideal supply chain of money? You imagine and it gets transferred from account A to account B. What’s the second-best option? Single fastest cheaper surest universal mediator.
- Here the decider is UPI and not Google Pay.
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