On November 8th, 2016 the Prime Minister of India, Mr. Narendra Modi took the biggest step towards empowering the nation’s economy. The attack on the illegal money and disposal of old notes sure triggered a lot of people scrambling to exchange them. Current currency became invalid and the population of the country found itself rushing to banks, ATMs and what not. In between all this hassle, the newly entered players in the digital currency market certainly stole the show. This goes to show that the essence of a startup is to find a problem which people face in their lives and fix it for them.
The market which was undervalued for a long time and only had a couple of players in the past, saw a wave of new entrants in the industry. Names like Paytm, MobiQwik, PayU Money, etc. Became a household name. PayTM witnessed a staggering growth of 435% in its overall consumer traffic. Not just that, but one of the other popular platforms observed around 40% growth in consumer engagement withing just a few days of the demonitization process. Some of the other startups have just began to join this race and looking forward to be the ultimate online wallet company.
Startup which hit ‘Mouke Par Chouka’:
This 3 year old startup founded by Sony Joy, Anoop Sankar, Mohamed Galib, Lishoy Bhaskar in Mumbai is certainly making its splash in the currency market. Unlike other online wallets, Chillr lets you do all transfer & reception related transactions between your bank accounts.
When Mr. Ashutosh Pande founded PaySe in the year 2014, his vision was to make it as the ultimate digital cash solution. This startup’s Palm ATM app enables the user to use their smartphone as a digital ATM. In times of long queues in front of the ATM, this startup sure made things easier for us.
Little did Mr. Vijay Shekhar Sharma know when he founded PayTm back in 2010, that his startup will be the most dominant player in the market. One of the most favorite e-wallets used by merchants as well as customers to transfer the money via cellphones.
The identity of a startup is what value it adds to our lives. So if you want to know how to approach the whole startup game, stay tuned with Pick My Story.
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