Digital payment adoption in India

Opting for digital payment methods has helped MSMEs in India grow rapidly

Indians love digital payments.

A few years ago, you could hear someone in your circle crib about a shopkeeper not letting you buy something because you did not carry the exact change amount.

In 2017, the digital payment revolution boomed in India. BHIM (Bharat Interface for Money), TEZ (now known as Google Pay), PayTM UPI, and Amazon Pay allowed customers to buy items from shops by scanning the QR code.

Not just customers, large businesses, retail stores, and MSMEs could now accept every customer and not worry about getting the exact change amount. 5 years later, digital payments have helped every business to survive, compete, and grow swiftly.

And today, the retail sector is increasingly embracing digital transformation for improved customer services, offering an elevated experience.

One such initiative, Amazon Pay Smart  Stores has helped offline stores manage the challenges of affordability, credit options, payment problems, and merchant services with ease.

Recently, the Federation of India Micro and Small & Medium Enterprises (FISME) in partnership with Tamil Nadu Small and Tiny Industries Association (TANSTIA) hosted a virtual panel discussion comprising bureaucrats, ministers and industrial experts. The panel was moderated by Mr. Mayank Gaur, Joint Secretary, FISME, to deliberate on how MSMEs in Southern India are revamping and expanding their businesses by adopting smart digital payment channels.

Dr. Ramaseshan R., CA, Director – BHI Capital and Executive Member of The Tamil Chamber of Commerce highlighted how digital platforms have enabled ease of doing business for small players. He said, “Digital platforms like Amazon have enabled businesses to blossom, providing an alternative route and helping adopt ambivalent models of payment. This has enabled merchants to provide a convenient, instant, and rewarding offline shopping experience to their customers.”

Mr. Girish Krishnan, Director, Amazon Pay Rewards, stated, “Customers trust their offline retailers because of touch and feel. But offline retailers face the challenges of affordability, credit options, payment problems, and merchant services. With our Smart Store program, we aim to offer a contactless way for customers to discover products at local shops, make easy payments, get EMIs, and earn rewards using Amazon Pay. We have created a digital storefront for shops, enabling customers to discover products, read reviews, and evaluate offers using the Amazon app.”

This, Mr. Krishnan further commented, “is helping thousands of merchants drive additional footfalls to the store and strengthen their customer loyalty relationship through value-adding propositions, a wide range of payment options, and exclusive brand/bank offers.”

Digital payment adoption in India:

As per the National Payments Corporation of India (NPCI), October 2020 witnessed the highest monthly UPI transactions in India totaling 2 billion transactions worth 3.86 lakh crore. In May 2022, this figure touched 6 billion monthly transactions worth 10 lakh crore. Fascinating, isn’t it?

MSME in India:

MSME is pretty important to our country. Roughly, this sector contributes to 1/3rd of our success. Hence, when they succeed, we as a country succeed.

Owing to their success, on 30th March 2022, the government allocated 6062.45 crores ($808 million) for the RAMP scheme – Raising and Accelerating MSME Performance. This program aims to help MSMEs get a smooth passage in the market so they can grow their business swiftly.

MSME and digital payment adoption:

After demonetization and the pandemic, digital payment adoption has risen. Customers today prefer paying using digital means as it is convenient. Whether you buy an item worth INR 5 or 50,000, digital payments allow you to complete the transaction in a few seconds.  

Did you know?

72% of MSMEs accept digital payments, and 28% prefer cash payments. This number is gradually increasing as more and more MSMEs adopt digital payments.

With the rise of the internet economy,

How does digital payment adoption allow MSMEs to grow?

1. Easy tracking of daily sales & other expenses:

Digital payment adoption allows the business owner to track daily sales. There is an accurate figure, and that helps the owner to understand how the business is faring.

2. Growing client base and visibility:

Businesses that allow customers to pay using digital means get better visibility than those asking for cash payments. As the business gains visibility, new customers start walking in.

3. Using data and reports to improve business:

A business owner can analyze data about daily sales, inventory levels, and digital payments to understand their business. Using this data, they can improve their offerings and pass benefits to customers that make digital payments.

4. Ease of doing business:

It does not matter how small your business is. Allowing digital payments allows you to conduct business with ease and boost profits in the long run.

MSMEs adopting digital payments have a long growth curve than ones that use cash payments. I say this because businesses accepting digital payments also allow customers to pay in cash but cash businesses do not allow digital payments.

Overall, digital payments are the future, and MSMEs that switch to this will survive, compete, and grow better than the rest who stick to the cash payment method.

References:

MSME data – IBEF

Seasonal flu and healthy lifestyle

Find out which age group is the most affected by seasonal flu and steps to fight back these infections for a healthy lifestyle

AAAACHUUU!

And here we go again!

Once or twice a year, the flu finds me. More often, it will be a week before a trip, wedding, or any event I look forward to. Talk about bad timing, right?

As I write this, it has been a few days since I caught the seasonal flu. Yes, most of us fall ill when the season changes. Whether it is at the start of the monsoon or a shift into any other season, it is most likely, that I will fall ill.

Getting the seasonal flu affects the person’s ability to follow a healthy lifestlye for a while.

What is seasonal flu?

Also known as Influenza, seasonal flu is an acute viral infection. It majorly affects the nose and throat. A small child or a senior citizen, Influenza affects everyone. This virus can spread with ease.

If a person with seasonal flu coughs and you are around that person, the virus can be transmitted to you via air. If you touch a surface (doorknob, table, etc.) used by the infected person and then touch your nose or mouth, you are most likely to get affected.

Age groups affected by the seasonal flu:

One thing I can assure you is seasonal influenza can happen to anyone. As per data1,  

0 to 17 – This age group is affected the most.

Seasonal flu affects the healthy lifestyle for all ages.

18 to 64 – The workforce group is nearly similar to the children and comes second.

65+ – Senior citizens also get affected but, it’s lesser than the above two age groups.

So, is it possible to fight back the seasonal flu and live a healthy lifestyle?

Yes. It is possible to beat the seasonal flu and follow a healthy lifestyle.

Influenza Live Session on Facebook:

I recently attended a live session on Influenza on Facebook. There were quite a few eye-opening moments for me. I never knew that there are multiple types of Influenza, including seasonal flu. While most of us do not take the seasonal flu seriously, half a million deaths are associated with it. The best way to reduce this risk is by getting the annual influenza vaccine.

Steps to fight back infections like the seasonal flu:

As I mentioned above, we can beat the seasonal flu2. Here are a few ways we can do that.

1. Let us focus on getting our annual influenza vaccine. This helps your body boost its defense.

2. When someone around you is coughing and sneezing, it is best to keep your distance, wear a mask, and ensure you are not touching the same surfaces before sanitizing them. (Yes, I agree this might not be possible 24*7, but doing it as much as possible can save you and your family.)

3. With the pandemic, we now know how important it is to stay fit. So, let us eat right, sleep well, and exercise to be as fit as possible. With a strong immune system, it will be difficult for all these infections to attack you.

4. If you have the seasonal flu, stay at home and wash your hands as much as possible. Consume the best nutrients (fruits + vegetables).

Overall, the seasonal flu is here to stay. But that does not mean we do nothing. Eat right, sleep right, exercise well, and focus on your surroundings. These basic steps can help you stay fit and follow a healthy lifestyle. Get your vaccine and beat the seasonal flu, like a BOSS! #FightAgainstFlu

References:

  1. Children are affected the most – cdc.gov/flu/about/keyfacts.htm
  2. Steps to fight back infections – https://www.webmd.com/cold-and-flu/cold_flu_stopping_germs_work              
ZEC crypto Price Prediction 2022

Z is for Z Cash (ZEC) crypto – A2Z Challenge 2022

Z Cash is a digital coin that is secure and is the next best cryptocurrency coin for privacy-based coins.

What is the ZEC crypto coin?

The ZEC coin is the native currency of the Z Cash network. There is a maximum supply of 21 million ZEC coins. According to coinmarketcap, 14.2 million coins are in circulation. Similarly, if the circulation reaches maximum supply, we will see the price escalate.

ZEC cryptocurrency coin live price today as of 30th April 2022:

10,059 INR – ZEC price in INR

131.5 USD – ZEC price in USD

Why should I buy the ZEC crypto coin?

Here are a few reasons you must consider investing in the ZEC coin.

1. This digital coin is like the Bitcoin but faster and lower transaction costs.

2. It has a low supply like the Bitcoin and uses the most advanced privacy technologies.

3. Finally, for a coin that pumped over 462% in 2021, there is tremendous scope for this coin to boost again.

What is the use of the ZEC crypto coin?

Here are a few use cases of this coin that regular investors must know.

1. Paying fees for transactions on the network.

2. Stake ZEC coins on different platforms to earn interest.

How to buy the ZEC crypto coin in India?

There are many cryptocurrency apps in the market where you can purchase the ZEC coin. However, I believe the best cryptocurrency apps in India are these two platforms that I have been using – Binance and WazirX.

I have read good Binance reviews from customers in India and abroad. Both Binance India and Wazir X are easy-to-use platforms, and I have never faced problems while depositing or withdrawing money.

Here are the basic steps you must follow on each cryptocurrency app.

1. Sign up

2. Add a Bank account

3. KYC verification

4. Deposit INR/USD in your wallet.

5. Start trading

ZEC crypto price prediction:

In 2021, the ZEC crypto coingrew from 4346 INR to 24,411 INR, a whopping 462% increase. If you invested INR 13,000 and bought 3 ZEC coins, their value during that year would be INR 73,233.

In 2022, the cryptocurrency market is going through a bear phase. The ZEC coinprice now stands at INR 10,059 today. Hence, price predictions for this are very promising. If you believe in the future of the Z cash network, it can end the year between INR 15,100 – INR 20,110 (50 – 100% growth.)

FAQs:

1. Is cryptocurrency legal in India?

Yes, cryptocurrency is legal in India. From 1st April 2022, if you buy any digital currency, you will incur a 30% + 1% TDS cryptocurrency tax in India.

2. Can the ZEC coin be converted to cash in India?

Yes. You can buy the ZEC crypto coin on multiple currency exchange platforms in India. These platforms support buying the ZEC coin in INR.

3. Is the ZEC crypto a good investment?

Yes. This coin is similar to the Bitcoin and is secure, faster, and charges lower transaction fees. Also, it is priced lesser than the Bitcoin.

4. Which is the best research tool for cryptocurrency online trading?

I am a diehard Token Metrics fan. Their ratings and analysis allowed me to uncover hidden crypto gems. For any newbie or experienced professional, having Token Metrics is the best thing possible. If you sign up using my special link, you will get a LIFETIME discount of 10% on all plans.

I’m participating in #BlogchatterA2Z 

To read my posts from the A-Z Challenge from 2015 to 2021, CLICK HERE

YGG crypto Price Prediction 2022

Y is for Yield Guild Games (YGG) crypto – A2Z Challenge 2022

Yield Guild Games is on a mission.

They are taking online gaming to the next level and giving the metaverse a push it highly requires. This coin wants to build a network of players and grow the NFT gaming space.

What is the YGG crypto coin?

The YGG coin is the native currency of the Yield Guild Games network. There is a maximum supply of 1 billion YGG coins. According to coinmarketcap, 114.1 million coins are in circulation. Similarly, if the circulation reaches maximum supply, we will see the price escalate.

YGG cryptocurrency coin live price today as of 29th April 2022:

136.21 INR – YGG price in INR

1.78 USD – YGG price in USD

Why should I buy the YGG crypto coin?

Here are a few reasons you must consider investing in the YGG coin.

1. Metaverse is the future and YGG is working hard on boosting this space.

2. NFT gaming is here to stay and with this coin, you sure have a great opportunity.

3. Finally, for a coin that pumped over 939% in 2021, there is tremendous scope for this coin to boost again.

What is the use of the YGG crypto coin?

Here are a few use cases of this coin that regular investors must know.

1. Paying fees for transactions on the network.

2. Stake YGG coins on different platforms to earn interest.

How to buy the YGG crypto coin in India?

There are many cryptocurrency apps in the market where you can purchase the YGG coin. However, I believe the best cryptocurrency apps in India are these two platforms that I have been using – Binance and WazirX.

I have read good Binance reviews from customers in India and abroad. Both Binance India and Wazir X are easy-to-use platforms, and I have never faced problems while depositing or withdrawing money.

Here are the basic steps you must follow on each cryptocurrency app.

1. Sign up

2. Add a Bank account

3. KYC verification

4. Deposit INR/USD in your wallet.

5. Start trading

YGG crypto price prediction:

In 2021, the YGG crypto coingrew from 76 INR to 790 INR, a whopping 939% increase. If you invested INR 7600 and bought 100 YGG coins, their value during that year would be INR 79,000.

In 2022, the cryptocurrency market is going through a bear phase. The YGG coinprice now stands at INR 136 today. Hence, price predictions for this are very promising. If you believe in the future of the Vechain network, it can end the year between INR 200 – INR 272 (50 – 100% growth.)

FAQs:

1. Is cryptocurrency legal in India?

Yes, cryptocurrency is legal in India. From 1st April 2022, if you buy any digital currency, you will incur a 30% + 1% TDS cryptocurrency tax in India.

2. Can the YGG coin be converted to cash in India?

Yes. You can buy the YGG crypto coin on multiple currency exchange platforms in India. These platforms support buying the YGG coin in INR.

3. Is the YGG crypto a good investment?

Yes. With prime focus on the metaverse and the NFT gaming community, this coin has immense scope for growth.

4. Which is the best research tool for cryptocurrency online trading?

I am a diehard Token Metrics fan. Their ratings and analysis allowed me to uncover hidden crypto gems. For any newbie or experienced professional, having Token Metrics is the best thing possible. If you sign up using my special link, you will get a LIFETIME discount of 10% on all plans.

I’m participating in #BlogchatterA2Z 

To read my posts from the A-Z Challenge from 2015 to 2021, CLICK HERE

Ripple crypto Price Prediction 2022

X is for Ripple crypto (XRP) – A2Z Challenge 2022

Ripple is here to make life simple for financial institutions.

Offering fast transactions at cheaper costs, Ripple XRP is an alternative to the international payment system SWIFT. More than 300 financial institutions and 45 countries use Ripple. Hence, there is immense scope for this coin to grow in 2022.

What is the Ripple crypto coin?

The XRP coin is the native currency of the Ripple network. There is a maximum supply of 100 billion XRP coins. According to coinmarketcap, 48.11 billion coins are in circulation. When the coin reaches maximum supply, we will see a price war.

Ripple cryptocurrency coin live price today as of 28th April 2022:

50 INR – XRP price in INR

0.65 USD – XRP price in USD

Why should I buy the Ripple crypto coin?

Here are a few reasons you must consider investing in the XRP coin.

1. Has partnerships with 100+ financial institutions.

2. Uses blockchain technology to process international money transfers.

3. After the SEC case ruling, this coin will freely grow and has immense potential.

4. Finally, for a coin that pumped over 678% in 2021, there is tremendous scope for this coin to boost again.

What is the use of the Ripple crypto coin?

Here are a few use cases of this coin that regular investors must know.

1. Paying low fees for transactions on the network.

2. Stake XRP coin on different platforms to earn interest.

3. Cheaper way to trade currencies instead of using FIAT money.

How to buy the Ripple crypto coin in India?

There are many cryptocurrency apps in the market where you can purchase the XRP coin. However, I believe the best cryptocurrency apps in India are these two platforms that I have been using – Binance and WazirX.

I have read good Binance reviews from customers in India and abroad. Both Binance India and Wazir X are easy-to-use platforms, and I have never faced problems while depositing or withdrawing money.

Here are the basic steps you must follow on each cryptocurrency app.

1. Sign up

2. Add a Bank account

3. KYC verification

4. Deposit INR/USD in your wallet.

5. Start trading

Ripple crypto price prediction:

In 2021, the XRP coingrew from 18 INR to 140 INR, a whopping 678% increase. If you invested INR 1800 and bought 100 XRP coins, their value during that year would be INR 14,000.

In 2022, the cryptocurrency market is going through a bear phase. The XRP coinprice now stands at INR 50 today. Hence, price predictions for this are very promising. If you believe in the future of the Waves network, it can end the year between INR 100 – INR 150 (100 – 200% growth.)

FAQs:

1. Is cryptocurrency legal in India?

Yes, cryptocurrency is legal in India. From 1st April 2022, if you buy any digital currency, you will incur a 30% + 1% TDS cryptocurrency tax in India.

2. Can the XRP coin be converted to cash in India?

Yes. You can buy the Ripple crypto coin on multiple currency exchange platforms in India. These platforms support buying the XRP coin in INR.

3. Is the Ripple crypto a good investment?

Yes. This coin is fast and energy efficient. Hence, such a coin will have a huge growth potential for investment purposes.

4. Which is the best research tool for cryptocurrency online trading?

I am a diehard Token Metrics fan. Their ratings and analysis allowed me to uncover hidden crypto gems. For any newbie or experienced professional, having Token Metrics is the best thing possible. If you sign up using my special link, you will get a LIFETIME discount of 10% on all plans.

I’m participating in #BlogchatterA2Z 

To read my posts from the A-Z Challenge from 2015 to 2021, CLICK HERE