What comes after an MBA?

What comes after an MBA?

GREAT LAKES GUEST LECTURE SERIES – Mr ROHIT KUMAR

CX PRINCIPAL – SALES & MARKETING STRATEGY – INFOSYS

18th August 2018

The weekends at Great Lakes, Gurgaon, after an end-term exam, aren’t complete without an interactive industry engagement event. This one was particularly more exciting as the PGPM batch of 2019, The Ninjas, gathered around to welcome Mr Rohit Kumar, the CX Principal for Sales and Marketing Strategy at Infosys, for a session on various career options in the IT sector after an MBA. Being an Infoscion myself, I was eagerly looking forward to the session delivered by a fellow Infoscion of a calibre to look up to.

Mr Rohit Kumar: An engineering graduate from G.G.S.I.P. University, who later completed his MBA from the reputed S.P. Jain Institute of Management and Research in 2012. After working for over 3 years as Senior Manager for Engagements at Nagarro, he took the helm at Infosys in heading the Sales and Marketing Strategy for the Oracle CX Cloud practice in 2016. He has more than 13 years of experience in business development, client acquisition, customer relationships & marketing. He has worked with clients across the world, focusing immensely on understanding the pain-points of the customers. Mr Kumar has an in-depth understanding of the IT industry and has varied project experience that gives a unique flavour to his working style. Before his MBA, he has worked with reputed firms such as IBM and SAP.

Mr Kumar set the tone for the session by talking about how the industry is segmented into various Verticals and Horizontals. He emphasized on how having a vertical depth or horizontal experience is the key to success. He also reinforced the importance of MBA graduates re-inventing themselves from time to time, once they enter the corporate realm, and being always able to think on their feet.

What are the options for an MBA graduate?

Mr Kumar walked us through the different types of profiles that an MBA graduate from an IT background can pursue, leveraging all his years of experience before choosing to join a B-School. He explained how a candidate with leadership skills and the ability to work under pressure can look for a role in Project Management. Having sound technical skills, a know-how of various business dimensions and a keen insight into the minds of the costumers make one perfectly suitable for this role. Additional relevant certifications are a bonus.

Consulting is another lucrative career option which is open to management graduates. Explaining the differences and drawing demarcation lines between Strategic and Management Consulting, Business Consulting, and Technical Consulting, Mr Kumar cleared all misconceptions and ambiguity that management students usually have regarding these roles. Sharing insights from his own experience in working with some of the leading service providers in the IT Industry, Mr Kumar shed light on the current scenario in the business world, especially on how the thin line between Business and Technical Consulting is disappearing with each passing day, and on how companies are preparing themselves to have a strong presence in both the domains.

He also spoke about other roles such as Business Analyst, Sales Management, and Pre-Sales Management. While Sales Management requires a candidate to be extremely innovative and creative, pre-sales demands domain expertise and the ability to think about multiple solutions to a given requirement in order to create a variety of offerings for the customer to choose from. A business analyst, on the other hand, is expected to have requirement analysis capabilities coupled with excellent communication skills.

What should be the approach of an MBA student?

Mr Kumar enlightened the students on the right approach towards pursuing the role that would do justice to their experience and skills. Identifying one’s own skills and also identifying the kind of work that would be truly enticing is extremely important for an MBA student. At the same time, it is vital for a student to follow the companies they aspire to be a part of and keep themselves abreast with what the industry experts are talking about. In addition to this, growing one’s network and developing a niche skill holds crucial importance in skyrocketing one’s career growth.

Importance of LinkedIn

LinkedIn, the social network for corporates, has become an important tool for corporate networking and Mr Kumar strongly emphasized on its relevance and how an MBA student can leverage it to improve their future prospects. He inspired the Ninjas to step out of their comfort zones and do what most people hesitate to – add a minimum of 20 influential people to one’s connection every day while sending scheduled emails on one’s professional and academic development every 3-4 months to all connections in order to gain more visibility. This tactic bore fruit for Mr Kumar as he landed 5 offers through LinkedIn alone by the time he graduated as an MBA. LinkedIn is a platform which every professional should use to the extent of its potential and connect with a number of people who would eventually open doors to more gainful opportunities and a fruitful career ahead.

Concluding Thoughts

The session turned out to be an extremely enlightening experience and this was evident by the whirlwind of questions Mr Kumar received from the ever-enthusiastic Great Lakers. To wrap it up, the talk delivered by Mr Kumar will forever be etched in our minds as we prepare ourselves and follow his advice for our placement season and look for the right jobs in the right firms with the right attitude and approach. Great Lakes Institute of Management, Gurgaon, expresses its deepest gratitude to Mr Rohit Kumar for sharing his extremely valuable insights with the upcoming graduates.

Author: Arpit Gupta

PGPM, Class of 2019, Great Lakes, Gurgaon

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S&P Global: An Interactive Industry Engagement Session

S&P Global: An Interactive Industry Engagement Session

May 25, 2018

The PGPM Class of 2019 at Great Lakes Institute of Management Gurgaon welcomed executives from S&P Global – Mr Dushyanth Sekhar, Director – Content Automation Robotics & Extraction (C.A.R.E), Ms Nupur Jain, Talent Acquisition Lead, Gurgaon, Ms Rajni Kataria, Analyst, Talent Acquisition, Gurgaon, and Mr Saransh Arya, Content Systems Analyst, Operations Enablement; to speak on the fourth industrial revolution – Robotics, Machine Learning and Artificial Intelligence, on Friday, May 25th, 2018.

S&P Global has been providing intelligence that is essential for clients to make decisions with conviction for over 150 years. S&P provides data and analytics, research and commentary, benchmarks and credit ratings through the collective strength of its divisions – S&P Global Ratings, S&P Global Market Intelligence, S&P Dow Jones Indices and S&P Global Platts.

Mr Dushyanth said, “Machines are becoming like humans but still a large part of it is mathematical (cognitive computing).” With a higher degree of innovation, S&P Global seeks to reduce the need of human interventions in tasks which are irksome and mundane otherwise.” He emphasized that he strongly believes in the democratization of technology. Growth in technology has paved way for companies to develop better algorithms and influence their market accordingly. Furthermore, machine learning has changed the definition of traditional programming and in the modern times, the output itself is the program. According to Mr Sekhar, the trick is feeding a data set that will teach the algorithm to decipher the data.

Great Lakes Institute of Management also focuses on coupling analytics with business knowledge which gives business graduates of this generation an opportunity to introduce newer concepts to the corporate world. Therefore, this interaction between S&P Global and Great Lakes Institute of Management, Gurgaon, was a perfect platform for sharing new and innovative ideas in the said fields of Machine Learning, AI and Analytics.

Author: Hita Gupta

PGPM, Class of 2019, Great Lakes, Gurgaon

The Success Mantra for Start-Ups: Great Lakes Guest Lecture Series

The Success Mantra for Start-Ups: Great Lakes Guest Lecture Series

GREAT LAKES GUEST LECTURE SERIES – Mr DEEPAK GOEL

CEO – KARMACIRCLES

“Do. Or Do Not. There is no try” – Yoda, Jedi Master

Understanding of the above quote is an important pre-requisite for an entrepreneur to be successful. The path of Entrepreneurship is the one that is filled with utmost uncertainties that one can face compared to the other naturally progressing career options.

Being an aspiring entrepreneur, Great Lakes, offered me ample opportunities to interact and learn directly from the masters of this trade. As the campus is located in the corporate hub of the country, Great Lakes, Gurgaon enables extensive industry engagement with entrepreneurs, CXOs and industry experts as they visit the campus regularly to share their perspectives with the future business leaders of the nation. That’s how our batch (PGDM 2017-19) got to meet Mr Deepak Goel, CEO & Founder Karmacircles.

Mr Deepak Goel’s Guest Lecture at Great Lakes Institute of Management, Gurgaon was a compilation of his life and thought processes that aimed at providing the students with a more Entrepreneurial viewpoint of life rather than just living in terms of pay packages. An IIT-Delhi educated techie who went on to live the “American Dream” with his job at Microsoft to pursuing his MBA at UC, Berkeley to working at multiple companies from scratch with an entrepreneurial spirit and making them grow to where they are today, he has worn multiple hats because of his multi-faceted skill sets. This is what differentiates him from the other bunch of entrepreneurs, at least in the Indian context. He truly learnt the art of Entrepreneurship in and out, theoretically and practically to be able to follow his life calling of creating Karmacircles.

The lecture was a mix of Startup Organizational Culture, Valuation of Startups, General Principles of Success and quite an insightful bunch of advice to the multiple questions asked by the Students.

At the start of the lecture, he laid a very simple formula for a successful startup involving just four steps. (1) Identify the problem you want to solve, (2) Solve the problem, (3) Monetize the Solution created and then (4) go for more money to scale up the solution. A rather simple algorithm which in reality is really difficult to follow as even developing/handling that one simple product/solution is quite complex. This is what calls for the Product Management Concept. Explaining his understanding and experiences in Product Management, he expressed dissatisfaction of how Product Management is done or pursued by organizations in India as it still remains to be a highly misunderstood concept in the country. Being a seasoned professional in the field, he emphasized how the concept can help in building successful products within a company, going on to creating multiple successful companies within a big company, like Google. Working at Microsoft, he knew much more about Google and its processes than Microsoft which earned him the name of “The Google Guy.” He then shared some insights as to how Google managed its Product Line and has grown from a Search Engine to the huge yet entrepreneurial tech-conglomerate it is today.

He then went on to share his learning experiences under the guidance of Eric Ries of the Lean Startup fame and even Eric Ries’ Guru Steve Blank. The two major concepts he learnt were The Value Hypothesis and Growth Hypothesis. When these philosophies are incorporated in a company in its ideation phase, it significantly enhances its probability of achieving long-term success, thereby, ensuring value and growth creation.

Explaining Value Hypothesis, Mr. Goel talked in detail how companies can create value. Not just in monetary terms, but value that customers can relate to. But for doing so, the companies must have an eagle eye vision of the solution of the problem that they set out to tackle. Giving real examples from the start-up and corporate world, he differentiated how certain companies create value straight away to companies that create value over time.

Constantly comparing his Valley experience to his Indian experience, he stated that Indian start-ups and new-age companies mainly focus only on creating monetary value but not the intangible value and many of those companies go on to create initial momentum, to a great extent monetize it, but keep pushing their goalposts for the value creation. One of the main questions he raised during the lecture was whether these companies will be able to continue the momentum once the cash inflow slows down.

Explaining Growth Hypothesis, he talked about continuously doing what you do best and create personal and home-ground advantage in areas as such to create a true product that can grow sustainably over time.

Commenting on the Indian attitude of approaching jobs, he shared his story further and explained how he took several pay cuts in order to expand his learning curve, something he finds lacking in the Indian scenario. Linking the topic, he shared the factors one should consider while taking up a new job and said that the person you are going to work for, is the most important factor. Not being completely driven by package but rather through the group one is going to work with and the learning outcome one has out of the job as other major factors. He advised students to be ethical and act professionally when it comes to working in organizations.

In the last few minutes of the lecture, he gave a brief glimpse of his passions which include, Social Networks, Mentoring, and creating valuable products that solve problems. Being an aspiring entrepreneur myself, I found this session to be the most illuminating.

Such interactions with industry stalwarts prepare the students for the challenges of the business world and Great Lakes gives utmost importance to these guest lectures as they are the most crucial ingredient for developing business ready managers. The importance of these interactions is evident with the fact that 150 plus industry leaders, entrepreneurs and CXOs have visited Great Lakes last year and shared their valuable insights with the students to prepare them for what’s to come.

Author: S SnehanshN

PGDM, Class of 2019, Great Lakes, Gurgaon

The Great Lakes Approach to Learning Microeconomics

The Great Lakes Approach to Learning Microeconomics

The concepts of microeconomics are the driving force behind the key personal and business financial decisions that we make in our daily lives. Therefore, it is imperative to understand the core fundamentals of microeconomics via experimentation rather than through mere theoretical observation. Coming from a technical background, my concepts of economics were, let’s just say, a bit blurry. But, I and many of my classmates who share the same academic and industry background learnt the entire concept of Microeconomics in a matter of days through experimentation.

The Micro-Economics project of Term-I at Great Lakes Institute of Management, Gurgaon was very different. As part of this project, the batch of 120 students was divided into groups of six and every group had to start a business inside the college campus. The business could be anything from product manufacturing and home & personal care to food delivery and miscellaneous services. Our investment cap for the business was established at INR 500 and initially it seemed impossible to start a business under that amount. But all the groups then started analyzing the market, needs and demand of their target customers. Everyone did extensive market research before starting the businesses to understand the requirements and needs of their target market. Market research was done through questionnaires, by conducting interviews, taking suggestions etc. Every group collected the primary data about their prospective customers before starting the business. After the research was over, it was time to put it to use and execute the business idea. There were twenty groups and hence, twenty businesses. Some of these were SantaKaBanta (a soda point corner), Fortune Coffee (a small scale coffee house and coffee delivery service), IceExpress, DeliverIt, a Bhelpuri corner etc.

Our group started a business named “Need2Home.” It was a delivery business in which we delivered anything and everything that is required by the students on a daily basis and could be bought from the nearby areas. On day 1 we designed our team’s pamphlet and distributed those among the students and staff members. We then started taking orders. Initially, we didn’t get many orders and most of the orders that we did get were from immediate friends. But, slowly our business started picking pace and after 2-3 days of providing impeccable services, we became quite famous among the students. We enjoyed managing all the important aspects of running a business like marketing, operations and maintaining balance sheets. Although it was a project of Microeconomics, we applied the knowledge of all the subjects that we had learnt in Term-1 of our course.

We had quite a free hand when it came to experimenting with our business. We (i) fluctuated the price of the services depending upon the market conditions (ii) reduced the profit margin (iii) made demand forecasts etc. Initially, we had kept a higher profit margin but due to severe competition from another team, we had to lower our margins. However, due to this, we managed to secure a large number of orders and as a result also managed to increase our sales figures substantially. And yes, we had a competitor in this small business space. We also felt threat from Amazon, Flipkart and other e-commerce entities because, as a small scale business, we did not plan on entering the online marketplace.

The Happy Customers!

Altogether, it felt like having a real business. By the time the project got over we earned more than INR 5000 in revenue. Considering the fact that we invested about 100 bucks in the venture, it was a tremendous achievement.

Finally, we had to prepare a report based on the data collected from our business. We used all the basic concepts such as demand equations, curve, cost function, profit maximization, regression analysis and demand forecasting techniques to prepare the business report.

This project helped us in the following ways: (i) It broadened our vision towards the various business dimensions, (ii) It helped us understand the concepts of Microeconomics, and, (iii) it gave us the ability to realize and overcome the challenges in business world.

It was truly an extensive and amazing learning experience and we enjoyed every bit of it. I believe such projects help a lot in practical understanding of the theoretical concepts and we are extremely grateful to our faculty, Dr V.P Singh Sir, and the college for providing us such wonderful opportunities to learn in a practical manner.

Authors: Akhilesh Tripathi & Shubham Singh

PGPM, Class of 2018, Great Lakes, Gurgaon

Sitting in the Hall of Fame

Even at the age of 80, Dr Bala V. Balachandran, is an inspiration to many and a motivation to many more. His energy, enthusiasm, knowledge and, most importantly, wit are the key traits that make him so loved and respected by all.

Having an opportunity to attend his class was truly a blessing. After interacting with this great gentleman, I often kept wondering what is it like to be successful at the age of 80? What keeps him going?

When asked the same, Uncle Bala said, it’s the enthusiastic students and their never ending thirst of knowledge. Seeing, interacting, teaching and always being surrounded by people in their twenties make him feel twenty at heart and the love and respect that he receives from then is what encourages him to achieve more and do more for them. Well, this is ‘attitude being gratitude’ at its finest and speaks volumes about the character of this phenomenal person. It is in my personal opinion, that it’s not just being successful but doing it the right way is what differentiates the men from the boys.

So, what was it like to attend his class? The aura of the class comprising of the enthusiasm of the students and the respect that he commanded were among the first oblivious things that can be observed. The constant humour, witty one-liners, the command and expertise over the subject (duh! he is the pioneer of the subject) and his constant real-time illustrations are the composition of his class.

The key take away for a student from Uncle Bala’s class are the real life experiences shared, industry specific problems defined and the strategic methods implemented to solve the same which are in correlation with your academic subjects helping you bridge the gap and connect the dots.

In his short stay of 3 days and 10 hours of classes, he has given us much to cherish and the impression that he has left on us students will be everlasting.

Author: Ashwin AN

PGPM, Class of 2018, Great Lakes, Gurgaon

Alumni Speak: “What Great Lakes offered was a holistic learning approach that helped me immensely in my career.”

Abhishek Agarwal graduated from Great Lakes Institute of Management, Gurgaon, in 2016 and is currently working as the Product Manager at 91Mobiles.com. We recently had a chat with him about his professional life after graduation.

Here are some excerpts from the conversation.

 

Q1. What were you doing professionally before joining Great Lakes?

Before I started with my MBA at Great Lakes, I was working at IBM developing business applications in SAP for FMCG and utility sector projects.

Q2. It sounds like you had an interesting job profile there. So, what pushed you towards pursuing an MBA and why did you choose Great Lakes for your Master’s?

Yes, it sure was an interesting and challenging job profile, but I realised that there are limitations to how much impact one can have on the decision-making without developing business skills and perspective. Once this realisation kicked in, doing an MBA was the fastest route to achieving my goals.

The prime reasons for choosing Great Lakes, Gurgaon, were the one year advantage, world-class curriculum and the location. Also, a lot of hard work and dedication went into getting accepted in this prestigious institute.

Q3. How did the one year at Great Lakes help you transform?

First of all, I’d like to clear the misconception that one-year MBA’s course structure and curriculum is less challenging than its two-year counterpart. If anything, the one year MBA curriculum is more arduous in nature than a two year one, as you learn the same amount of concepts and fundamentals in lesser time. And trust me when I say that the one year at Great Lakes was so hectic and challenging that now I feel I can take any challenge thrown in my way by the corporate world head-on quite comfortably with poise and ease. Also, Great Lakes made me more of a logical and structural thinker, which is extremely important for my current job role.

Q4. Tell me more about your current organisation and job role.

I am currently working as a Product Manager at 91Mobiles, which is a Gurgaon based startup that helps people find the right gadget at the right price. My job role encompasses everything from product conceptualization to its final implementation.

Q5. Mention the key highlights of your GL experience.

  1. Enlightening guest lectures, unparalleled practical exposure via industry interaction and great faculty
  2. Learning and fun always went hand in hand.
  3. And most importantly, I don’t think I slept for more than 4 hours per day on an average, during my one year at Great Lakes.

Q6. How would you describe the peer learning experience in and beyond the classroom at Great Lakes?

It was, without a doubt, a great experience meeting and learning from the people of my batch who came from diverse professional backgrounds. It made me understand the corporate world from so many different points of views. There is just so much that you can learn in a classroom, but what Great Lakes offered was a chance to learn even from my batch-mates and it is this type of holistic learning approach that helped me immensely in my career.

Q7. What advice would you like to give to the future Great Lakers?

I would just like to tell them to make the most of their time here at Great Lakes as it will prepare them for the corporate world. You can learn a lot from the faculty and your peers, so keep your eyes and ears open all the time and learn as much as you can. Also, build a solid network as you never know when and where that scrawny kid or the school jock would be able to get you out of a mess or help you crack a deal. Always remember Uncle Bala’s (Great Lakes’ Dean Padmashri Dr. Bala V Balachndran) words, “Your network is your net worth.”

UPI and its Impact on the Mobile Wallet Industry

What is a UPI? How is it different from mobile wallets? Does it have the potential to eat away the market share of mobile wallets?

upi

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UPI (Unified Payments Interface) is an advanced version of IMPS (Immediate Payments System) which do bank to bank money transfer, just by using a Virtual Id/ Virtual Payments Address.

UPI or Unified Payment Interface is a payment architecture with a set of standard app APIs by the Reserve Bank of India in order to facilitate the next generation online immediate payments leveraging trends like increased smartphone adoption, increased app downloads and universal access to data and internet.

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Any smartphone user having a savings or current account with a UPI-partnered bank can download the app to make P2P (peer to peer) and P2M (peer-to-merchant) payments with the use of VPA (Virtual Payment Address).

Thus, in this case, the customer doesn’t need to disclose any sensitive information like bank account number or IFSC code for completing a financial transaction. It eliminates the requirement of entering one’s card details like number, CVV code, expiry date or OTP.

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Virtual Payment Address is just like an Email ID, something of the form yourname@xyzbank, like sonal@sbi or rashmi@citi. No more hassle of entering the account number, IFSC and other beneficiary/payee details. On entering just this VPA and authenticating the transaction with your MPIN, one will be able to complete the transaction successfully in less than 10 seconds.

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UPI’s two-factor authentication makes it safe and only shares the Virtual Payment Address. It doesn’t provide any other sensitive information.

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How can we download the UPI app?

Steps to download the UPI App are as follows:

  • Download the UPI app from 19 participating banks on the below link

https://play.google.com/store/search?q=upi&c=apps&docType=1&sp=CAFiBQoDdXBpegUYAMABAooBAggB%3AS%3AANO1ljJBaXc

 

  • Let’s say we are using Axis Bank’s UPI app. Here’s the welcome screen. SMS will be sent for authentication

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  • Add bank account: you’ll just need to select your Bank & your A/c will show up automatically (based on your mobile number linked with your bank a/c)

 

  • Create a Virtual Payment Address (VPA) which can be sonal@pnb or 123@ubi or pkc@icici or any other name. The suffix will be based on the app you are using. You can create different VPA with different banks pointing to the same account i.e sonal@axis, sonal@ubi or sonal@vijaya can point to one bank a/c, say from PNB

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  • You can even collect money by requesting it from the other person’s VPA

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UPI v/s Mobile Wallets

Currently, there are more than 25 mobile wallets available in market today.

  • Mobile wallets cannot access the UPI Technology on their own because UPI is a cross banking transfer medium and hence can only be accessed by the banks themselves. For mobile wallets to access UPI Technology, they need to partner with some or the other bank. So, in a way for banks which were suffering from the onslaught of mobile wallets, UPI has come as a boon to them that has turned the tables in favour of the banks.

Now, let’s discuss whether UPI has the potential to make mobile wallets redundant in India. Below are some of the characteristics on which UPI and mobile wallets can be compared.

Characteristics UPI Mobile Wallets Conclusion
Transfer Limit Rs 1,00,000/Transaction Rs 10,000 for non-KYC

 

Note: It can be increased upto Rs 1,00,000 post doing a KYC, which very few customers do

UPI will be more advantageous in this case
Transfer to individual and companies Definitely yes In case of wallets, not all wallets can do transfer but yes the major ones like Paytm, Mobikwik, Oxigen etc. allow the transfer to individuals and companies Majorly, both score well in it
Payment at physical stores Any physical store can make arrangements for accepting UPI Transactions In case of the wallet industry, they have to do a personal tie-up with those physical stores like Paytm has done tie-ups with Pizza

Hut, KFC and payments via Paytm wallet is accepted at

their outlets. Similarly, Mobikwik has exclusive tie- ups with Big-Bazaar and CCD

UPI can easily capture this market
Online Payments UPI Can do very well in this Mobile wallets showed their excellence in online payments No Clear Winner here
Cash Back/ Discounts UPI cannot provide any cash back or discounts In case of Mobile wallets, since they have merchant specific tie-ups, they do provide a lot of cash backs and merchant specific discounts Mobile wallets definitely have a great advantage here
Request for payment In UPI, one can ask for money from any person who is registered on UPI network In mobile wallets, few companies are asking allowing request for payment or asking for payment but in their own network UPI has bit of an advantage here
Transaction Cost There is charge of 0.45 paisa on each transaction through UPI No charge is there on transaction in case of mobile wallets Mobile Wallets are the clear winners here
Outreach Possible outreach is larger due to GoI’s Digital India support. Awareness programs and implementation, if executed well, will encourage cashless transactions even in rural and remote places depending on the government initiatives Restricited to marketing and branding strategy of the mobile wallet company and customer segments made aware. However if Mobile wallets work with UPI network they can use it to their advantage. Usually reaching rural places is more difficult for private businesses as it does not make commercial sense UPI has more advantage here

 

There are some Pros and Cons of UPI and Mobile Wallets which have been discussed below:

  UPI Mobile Wallets
Pros ·         Easier to set up and lesser time to execute the transaction.

 

·         No waiting for OTP

 

·         Device independent and form independent. One can use any bank’s app to transfer money in any other bank

 

·         Money gets transferred directly from bank account. We do not required to recharge any wallet or card in UPI

 

·         Marketing might of cash rich banks

 

·         Wallet companies are technology companies

 

 

·         Wallet companies are experts in user interface

·         Strategic tie-ups are increasing day by day and many of them are part of big- ecommerce companies, such as Freecharge is a part of Snapdeal. These help them in extra benefits which they pass on to customers in a way of cash backs, loyalty points etc.

 

·         Other benefits- mobile recharge, Bill Split, micro credit facilities etc which may not be possible for UPI to provide.

Cons ·         Lack of technology prowess

·         No Strategic tie-ups

·         Company dependent

·         Extra KYC for higher transactions

·         Fraud Concerns

·         Too much competition

UPI certainly has more advantages over Mobile wallets but as per the current scenario in India, it doesn’t mean that mobile wallets will become redundant.

In India, which is majorly a cash run economy both can co-exist as of for now. Mobile wallets have to do some tweaking in their business model and they are in a process of doing it. Some examples are listed below:

  • Paytm will soon get their own Payment Bank license through which they can enter in the main stream of UPI and can launch a UPI based Paytm app
  • Free Charge has tied –up with Axis Bank and will provide UPI based transaction on their platform
  • Phone Pe, which is owned by Flipkart, has launched a new app in collaboration with Yes Bank where both the UPI transactions and wallet benefits are there
  • ICICI pockets, which was a wallet by ICICI Bank but wasn’t doing well, has now been integrated with UPI. So, one can have the benefits of both in their Pockets app

We can have these apps integrated with the benefits of both UPI and Mobile Wallets.

 

Author : Sonal Gupta

PGDM Class of 2018, Great Lakes