DevRev’s Post

Bajaj Finserv is an incredible sales company! Their recent investor presentation shows the number of cross sells they do to a customer (including base product). As of now, they are doing 6.07 products per customer. And this number is on an upward trajectory. That is just incredible! It seems their "Omnipresence" strategy is also operating to cater to this number. They have now opened a plethora of services like mobile app, UPI, EMI cards, etc. apart from their expanding physical presence. A lot of companies spend a lot of money on customer acquisition. But very few are successful in retaining them. This just shows that BFL is a veteran in this strategy and constantly innovating cross sell products. May be that is why they keep calling you! Source: BFL Q4 FY24 International Investor Presentation #sales #crosssell #bajaj

Are you struggling to manage your finances effectively? Our innovative solution offers comprehensive expense tracking tools and personalized financial strategies in Paytm App to help you: 1. Avoid overspending 2. Save for your goals 3. Prepare for financial emergencies Take control of your financial future today. Thank to my mates Isha Vashishtha and Shalini Sharma. I appreciate Paytm for being the focus of our design task. I look forward to the opportunity of being part of your design team in the future. Paytm Payments Bank Paytm Money Paytm Money Review #financialmanagement #budgeting #moneytips

The Battle of the Soundboxes Is On! ⚔️ Lately, fintech giants like Paytm, Google Pay, and banks like HDFC & Axis are battling it out, rolling out soundboxes that make payment confirmations a breeze. 📢 These soundboxes are devices that announce successful payments, helping merchants instantly know when a payment has been completed, without checking their phone or app. It’s the latest trend in digital payments, and the competition is fierce! Who’s going to win this race? Only time—and user experience—will tell.  Now, let's add some creative flair to this sound war. Here’s a fun take from a UX writer’s perspective: The soundbox is here, ready to cheer But wait—do the words sound clear? 🤔  Does it *say* “payment done,” with ease? 💸   Or leave users thinking, “Is it time to freeze?” ❄️  We need it simple, we need it fast   Make sure the message is built to last. ⏳  Does it beep with trust, does it say “secure”? 🔒   Or make users feel just a little unsure?  Now we’re done—clear and neat!   The soundbox is ready to take the heat. 🔊 #FintechRevolution #UXWriting #DigitalPayments #Soundbox #Paytm #GooglePay #UserExperience #SeamlessPayments #InnovationInFintech

I used to be a happy Paytm customer, enjoying its ease of use and universal acceptance. It played a pivotal role in helping me adopt digital payments, and the regular cashbacks delighted me. However, ever since RBI has done the bamboo, my cashbacks have stopped altogether, which I miss. Despite this, I highly doubt I would switch to another player. If Paytm were to shut down, I'd have no choice but to switch. This experience reaffirms the importance of a kickass product in creating customer stickiness, as nothing else compares to a great product experience. #Product #UX #Fintech #DigitalPayments #PaytmKaro

🚀 Quick Question for All UPI Payment Users! 🚀 Imagine you're at a local shop (grocery store, salon, canteen, etc.) you visit regularly. Wouldn’t it be great if you could instantly view your previous transaction history with that merchant just by scanning their QR code? 📲✨ Currently, to check this info it requires a lot of steps (searching through the "All Transactions" tab). What do you think? Would you use a feature that lets you view it instantly? Which app do you use for UPI regularly: CRED, PhonePe, Paytm or super.money(Flipkart)? Disclaimer: This is just a concept/mockup and not an actual feature currently available in CRED UPI. #DigitalPayments #FinTech #UX #UserExperience #StudentInnovation

📊 Why has the 30% market share cap on UPI volumes been extended; and is there a glass ceiling as a new UPI App? 📊 💳 💡 NPCI, to break the UPI market concentration within the top 3-4 apps, had originally capped a single app's market share at 30%, with December 2020 as a deadline. This deadline was then extended to 2022, and now they’ve extended that deadline to the end of 2024 💳 💡 But this deadline will probably have to be extended again. The Top 10 apps control 98% UPI transaction volume. And this is heavily skewed towards the Top 3, which control 92% as of April ‘24. (PhonePe 51%, Gpay 35%, Paytm 6%). ❓ But why are there so many UPI Apps operating, if the top 3 collectively have > 90% market share? In April ‘24 there  were 70 UPI Apps. Ex: Whatsapp (#13 in volumes processed, 2815 Cr / month) Jupiter (#21, 710 Cr) Slice (#24, 608 Cr), Fampay (#25, 588 Cr), Navi (#32, 317 Cr), Flipkart UPI (#36, 174 Cr), Niyo, (#60, 16.7 Cr), MMT (#60, 19.3 Cr) 💳 💡 Consumer facing companies could be getting into UPI to acquire customers for their core business. Amazon Pay in April ‘24 processed ~6784 Cr & 64M txns. Groww did ~5452 Cr and 8M txns. This was 0.35% and 0.28% of the market respectively. So even a fraction of the market can mean significant volumes. Of course, in the case of UPI, with pricing limitations, sustainability is a question, but this isn’t a problem for apps with established products & business models who would see this purely as an acquisition channel 💳 💡 But there may not be enough incentives to scale up UPI volumes after a certain point. For customer acquisition, and ability to cross sell, yes. But beyond that to be able to break the Top 4 UPI App monopoly would require campaigns in the hundreds of Crs. Look at CRED. In FY22 it spent INR 976 Cr on marketing. In FY23 it spent 713 Cr. In April ‘23 its UPI share was 1.45%, which in April '24 is at 2.20%. (INR 43k Cr) So how could this play out? ✅ NPCI will continue to shift deadlines unless the volumes even out which could take a while. PhonePe & Gpay are quite ahead in the market, but Paytm is yet to recover after the Paytm Bank went down (mkt share dropped from 11% in April ‘23 to 6% in April ‘24). And CRED caters to a very specific audience: only those who have credit cards, so it may be unlikely that they will scale to > 5% of UPI volumes. So there could be an opportunity for 1-2 fintechs to step up as a challenger for UPI volumes, but willingness to spend is still a very big question ✅ Customers use UPI because it is convenient. To make UPI payments even easier there will have to be innovations to 1) reduce the need for mobile devices, Ex biometric solution for ID verification and payment and 2) end to end in-app payment experience to drive convenience. And the fintechs who are able to solve this will have the right to win To read the full article, and other pieces like this, click & subscribe here: https://lnkd.in/gDFwgsm3 #fintech #UPI #NPCI 

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Redesigning Payment Gateways for a Seamless Experience In today's fast-paced digital world, the payment process is crucial to user experience. I recently took on the challenge of redesigning payment gateways with a focus on enhancing usability, reliability, and speed. Key Highlights: - Convenience & Familiarity: users naturally gravitate towards payment methods that are quick, easy to use, and familiar, by integrating popular options like UPI, credit/debit cards, and mobile wallets, we made the process more intuitive. - Rewards & Reliability: with cashback offers and a focus on low-failure rates, we incentivized users to complete their transactions, leading to higher engagement and satisfaction. - Scan to Pay: when low on balance or bank failures, you can easily ask a friend or a guardian to pay for you with the quick Scan to pay UPI option, right in the checkout screen! The redesign focused on both mobile and web experiences, creating a seamless journey regardless of the device. From autofilling OTPs to integrating card-scanning and scan-to-pay features, my goal was to make sure every step was as smooth as possible. 💡 The Result: A streamlined payment gateway that not only enhances user satisfaction but also boosts conversion rates by simplifying the checkout process. This project was an exciting opportunity to push the boundaries of what a payment gateway can be. Looking forward to applying these insights to future designs! Inspirations taken from: JUSPAY, Stripe, Razorpay, Paytm #UXDesign #PaymentGateway #UserExperience #Fintech #DigitalPayments #DesignThinking

Great to see our client Gelixer - Japanese Collagen for anti-ageing getting very early positive conviction that with In-app payments there has been substantial increase in their prepaid orders all within WhatsApp. The number is quite unbelievable which is 65% orders are now prepaid all within WhatsApp, which was 30% earlier with the payments link. Thanks Gelixer - Japanese Collagen for anti-ageing for showing enthusiasm and belief in BusinessOnBot products. Also, Meta WhatsApp Razorpay 360dialog our joint efforts are paying off with this kind of testimonials coming from the merchants which also inspires other #d2c brands to follow the trend. Let's try to make the experience even much better for the merchants and make a historical shift in the way businesses imagine WhatsApp commerce. Cerin Pathrose Nitta Gelatin India Limited #d2c #meta #product #payments #whatsapp #commerce #business

What an enjoyable and informative listen (and read)! So many topics covered – 1. Payments evolving from being the last step in the process to becoming the first step 2. How moving onto ONDC, after building payments gives Phonepe a leg-up over similar players on the platform  3. Relook what your data has been solving so far, and how at this stage the Flipkarts and Phonepes need to provide more reasons for users to open their apps, rather than just directing users who landed after they already made their minds