payment friends

Can they ever be friends?

A friend is someone who knows all about you and still loves you.” ― Elbert Hubbard. This saying seemed absolutely true when I overhead a conversation among three friends this Friendship day.

“I am super excited about our friendship and feel so lucky for the trust you show in me” said Digi. “Although I have been a late entrant but by the kind of acceptance I’ve received, I know our friendship will go miles ahead” he added looking at Mini. Dosh who was silent & visibly annoyed thinking that his importance is going down was quick to respond, “I have been with you Mini from a very long time, no one can take over the trust levels shown in me. I am accepted everywhere there’s no extra cost for accommodating me unlike Digi for whom you have to shell out extra money.”

Digi interrupted & pointed out, “That isn’t true, there is so much cost involved in the friendship with Digi & his counterparts”. Not willing to go down easily in this fight (yes the conversation slowly turned into one!!) Dosh responded, “People all over know me and accept me. Right from the smallest village to the largest metro. You don’t need to have special knowledge (tech/internet) to be friends with me, I am easy to understand and have been in existence & trusted by masses since ages. Do I need to prove my worth anymore?”

Mini finally broke her silence, with a quote by C.S. Lewis “Friendship is born at that moment when one person says to another: ‘What! You too? I thought I was the only one.” It is extremely difficult for me to choose between the two of you Dosh (Cash payments) & Digi (Digital payments). She continued saying that Digi has made life so much easy by reducing efforts of physically visiting utility bill payment centres & recharges points; haggling with cab drivers, delivery boys, laundry boys & in many more places. Digi provides hygienic options, convenience, offers & discounts too.

There was a time when Cash was King and perhaps it is still the king in most places. It is still the most preferred choice for the majority as it is universally accepted & there’s a sense of security as there is a physical proof of the transaction. But with ease of use, convenience, faster transaction completion for remote purchases, less risky to carry and better tracking digital payments is slowing coming up. Greater awareness among consumers & merchants, enhanced security, in-app payments, newer payment modes like wallets many are starting to befriend Digi (Digital payments). Does it mean that importance of friendship with Dosh (Cash payments) will go down anytime soon? Perhaps no.  

The expected volume of digital payments in India is expected to reach USD 500 billion by 2020. Person to Merchant payments (powered by payment gateways) will constitute 40% of this figure.

Which friendship will you take forward? Can both friends co-exist? Do you share the same sentiment as Mini? Or a contrary one? Would love to hear the tales about your friendship stories with both of them. 

*Dosh (noun) – British informal for money;