The past decade was the time when Credit cards reached the masses and a lot of banks moved from the traditional on-premise banking to online banking and debit/credit cards. Almost a century old practice of using paper money was replaced overnight with credit cards and debit cards. People started actively using plastic money rather than the paper money. The wallet got shrunk for some time and people found it greatly helpful not to be carrying wads of money but were able to easily buy stuff without much fuss and not worrying about the need to have exact change. Of course there was security concerns on what if someone stole your card or the information and siphoned out your hard earned money. Cash transactions had become a thing of past and card money was in vogue. But the problem here again was people started accumulating cards from different banks and again the wallets now got crowded with half a dozen of credit/debit cards and again started swelling.
With the changes that we have seen as the decade started it has witnessed a total shift in technology with people adopting smartphones. Digital wallets are the new things. Some of the early ones like paypal seems to be a thing of past now. its more of Google wallet or apple pay or alipay the list is never ending. The same kind of rush to adopt a new form of money which was seen a decade ago is being witnessed now with banks now coming up with wallets. eCommerce which was once in its peak with www and y2k and had a sudden death is now seem to have a comeback. The death of eCommerce in the last decade was mostly due to factors like lack of internet reach and lack of awareness and social media now seems to be full of life.
The recent changes made by the Indian government to void high value currency like Rs.1000 and Rs.500 had people run to the ATM to exchange their cash in hand, however one more positive out of this dramatic change was movement of a large group of people to digital wallet. With the demonetization move and people left with no cash people have willingly/unwillingly adopted to digital wallets like Paytm, Statebank Buddy, Airtel money, Jio Money and other similar providers even for their day to day needs. Its really surprising to see small vendors like tea shops, vegetable vendors, street vendors accepting such mode of payments.
One major success factor of any such digital initiative is volume of transaction and users and one thing for sure is that India has got that. Being the second in number with respect to population.