Mumbai – Worlds two leading card companies are losing in competition to up start mobile app companies according to the media sources The recent fad of Indians especially the youngsters to use mobile apps for paying the retailers , airlines , travel companies and others have brought down the market share of the card companies according to a market survey conducted by the company authorities. The survey revealed that people directly paid the retailers, airlines, travel companies and others through the apps of PayTm, Mobikwik and other apps. The Central Government introduced Unified Payment Interface in August 2016 and since then various companies were receiving payments through this newly introduced payment system according to the media sources. Fidelity National , a market research company of the USA has revealed in a market survey that India’s online payment system is much popular than other countries except China. The main criteria of the survey were round the clock availability , speed of settlement and level of Government and relevant support .
Amazon.com and Jet Airways were the two major receivers of payments from people through apps. Ola and it’s competitor Uber followed the next positions. Facebook inc of Mark Zuckerberg is also planning to introduce an app-based payment system to compete with We Chat of China.The challenge that the Unified Payment Interface may face in India is that still most of the transactions are made through cash though various banks have now receive online payments The experts are of the opinion that the impact of demonetization in India has lost its pace but a permanent uplift of the share of non cash monetary transaction will be seen in India in the coming years.