A lot of people hold the view that India needs a cash oriented payment mechanism, and that is a very large opportunity. Businessweek has an article on a prepaid cash card — some of the consumer drivers mentioned have a lot of overlap with India. For example, the card gives consumers control over spends (unlike an ATM card which exposes the full account balance.) Another key aspect is that they seem to have done a brilliant job on distribution side — the card is accepted by Visa electron, and hence has immediate reach into a vast network.
I have a feeling that a similar concept would do very well in India as well.
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yes i read about Wallet365.com too. Its looks like a great and very convenient product for the indian market. i visited the site. you can pay anyone, anywhere in india.
Well, India now can boast of something on similar lines. While surfing, I was surprised to come this Indian equivalent of Paypal , something called Wallet365; its profiled on this blog http://www.webyantra.net/2006/06/28/wallets365-india-gets-its-own-paypal/
Not in the same league but not bad for a start
A couple of my IIMB classmates had started a venture with this idea a few years back – they even got funding for a few million dollars from the likes of Jumpstartup and had developed a fairly decent distribution model with tie-ups with everyone from banks to portals to neighbourhood kirana shops…but it fizzled out and they closed shop….guess it is all about timing the market just right…