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Bangalore

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2013

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Ritesh's blog archive

2014 (2)

Ritesh Agarwal

Senior Management at On My Own

Message Posts: 2 Comments: 13

Blogs

Payments strategies 2015-2020-2030

No one needs Wallet...then what is the need of people

22 Aug 2014

Question to all bank CEO: Why Ýour' Bank is not encashing on their strengths and why wallets are taking birth like dime-a-dozen. Wallets would survive only in that country where cost of banking transaction is very high and the user needs cheaper alternative. Example: Any african country. All concepts like unbanked, financial inclusiveness are gimmi...

Payments strategies 2015-2020-2030

Dongle based Mobile PoS is a waste of investment

09 May 2014

In last decade, I have been swiping cards on the portable EDC machines, carried by Pizza Guy or even my Milk Supply person. They have had this machine for almost a decade and I "trust" this machine for it's form factor, apparant secured looks and ease of use. Dongle connected to a mobile set, while offers 'Mobile' PoS; it rather creates ...

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Ritesh is Commenting on

The Amazon Credit Card - They've got it right!

Dear Derek, It appears to me that you have missed giving the message.. by miles. Your article might have intended to say: 1. Amazon gives competition to cards and saves 3% in doing so. 2. This saving is passed to customer, which would reduce card dependency. But unfortunately you are writing about yet another card. All said... Amazon is either myopic or deaf..or I don't know what to say...but wasting investors' money..

09 Sep 2014 Reply Read article

Is the mPOS market too crowded?

Balazs has identified the right difference between PoS need and payment need of a merchant. Many companies are wasting their investors' money in devising a mobile based solution, which merges PoS and Payment needs. Hardware for PoS is usually a computer, whch is also used for other purposes like inventory management, vendor management, payroll processing while mobile based payment system ask for a different device. This is where the confusion starts...and we see foolish solutions like mPoS. Can we have a payment mobile based payment mechanism that does not need any hardware or does not interfere with hardware need for PoS...and beats MDR far below what credit card companies may offer. I just wish banks wake up to the need of the hour...

23 Aug 2014 Reply Read article

As Equity Bank preps rival, Safaricom slashes M-Pesa fees

Question to Equity Bank CEO: Why Equity Bank is not encashing on their strengths and trying to compete with Telco's strengths. Bank have and would continue to have significant advantage in mobile based payments...be it meaningless wallet or else. Wallets would survive only in that country where cost of banking transaction is high and user needs cheaper mechanism. All concepts like unbanked, financial inclusiveness are gimmick. It is laughable that in US/UK, we expect a person to own a mobile but not have a bank account. Folks... which world are we living in and whom are we fooling. Africa is a success story for wallets because banks are ripping African people with all sort of obnoxiously high charges/fee. They created their own enemy and now amusingly Equity Bank has applied for VNO license. I am surprised...who advises such moves. They have an existing infra-structure, wherein they can beat any Telco on their own turf....and bingo... with zero cost of transaction. Are Kenyan banks aware of it...? Unfortunately, rest of the world is disillusioned by mPesa and similar examples and they are burning investors' money...offering a wrong solution to an unknown problem. Need is not a wallet...but need is a payment system. I hope wise people can make out the huge difference. mPesa is not behaving as a wallet...but it has become mode of payment...for all purposes.

22 Aug 2014 Reply Read article

Integrating cards, mobile and internet payments

Would banks integrate with 3rd party apps, which would in turn offer inter-operatability for card and net-based banking...?

20 Jun 2014 Reply Read article