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As Payment Ecosystem Heats Up, So Does the Challenges…

A few minutes back I came across this news article in media where consumers seem to be complaining about transaction sanctity in mobile wallets. The thread seems to run similar theme across most of the complaints highlighted. “Transaction failed at some point during using of the wallet, bank says refund made back to wallet while wallet says they have no idea!” and customers suffers at the end of it.

This brings into my mind the recent spat between the established Telco players and Reliance Jio, when the later forayed big bang into the cellular & data world. The theme was very similar “frequent call drops and established players blaming Reliance Jio for their lack of infrastructure while the later blamed the Telco players for not honoring the interconnect requests” and again the customers suffered at the end of it.

These are I guess the challenges that emerges when there are sudden disruption in an ecosystem causing nervousness among the different stakeholders and everyone trying to ring fence themselves. So typically what happens is that every stakeholder says that they are doing things right but the linked ecosystem fails. We saw a similar thing earlier in ‘Payment’ ecosystem only. If you refresh your memory, you will remember about the cyber fraud that happened at one of the major private bank and the fingers pointed to the vendor managing the ATM switches etc, which was refuted strongly by the later.

We will see more of these knee jerk reactions, blames & rebuttals in coming days, as the ecosystem for Payments heats up and every stakeholder tries to up the game, get his pie and remain relevant. Strong governance and an efficient system for consumer redress is the need of the hour. Obviously a robust secured infrastructure can do a lot to solve the issues that are behind the above challenges being faced by the customers.

I purposefully did not take name of any of these organizations as the malaise runs deep and is more attributable to the ecosystem across most of the stakeholders.

 

Source: ET News, 5th Jan

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