Uday suresh Kotak - GPay, PhonePe will destroy banking Business!!!
Banks should adopt a customer-centric approach instead of a sales-centric approach. uday Kotak, Chairman, mahindra BANK' target='_blank' title='kotak mahindra bank-Latest Updates, Photos, Videos are a click away, CLICK NOW'>kotak mahindra bank, has said that wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital banking systems such as google pay and PhonePe will destroy the banking business. With more than 50 crore people in india using smartphones, the wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital transaction system in the country is on the rise.
From buying tea at the tea shop to recharging mobile phones and paying electricity bills, people use QR codes for wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital money transactions. These include google pay, PhonePe, Paytm. You can download related apps and link them to your bank accounts to transfer money digitally. Similarly, these wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital money transfer companies help you to put money in another person’s bank account.
Digital money transactions are largely controlled by two major companies: google pay and PhonePay. 85% of the shares are held by these 2 companies. If we do not focus on this, companies that have traditionally been involved in the banking industry will suffer. We must act by absorbing new technologies. There has been competition in retaining customers. To address this, banks need to adopt a customer-centric approach rather than a sales-centric approach.
