By Shruti Menon Seeboo
In a rapidly evolving digital world, mobile payments have emerged as a game-changer, offering unparalleled convenience and security compared to traditional methods. Kresh Goomany, CEO of Emtel, sheds light on how mobile payment solutions such as blink are transforming the financial landscape and driving financial inclusion. His insights provide a compelling narrative about the intersection of technology and finance.
Convenience and Security: The Cornerstones of Mobile Payments
Kresh Goomany underscores the primary advantage of mobile payments as their inherent convenience. How does blink facilitate our lives:
- blink is a mobile app that allows one to link our Mauritian Rupee bank account with any bank in Mauritius.
- Once registered on blink and bank account linked, it is as if you have your bank at your fingertips – your bank in your hand. Through blink on your mobile phone, one is able to:
a. Transfer money instantly to any bank account in Mauritius – even during weekends – and that too free cost
b. Pay your bills at your convenience without having to queue up.
c. Pay your monthly instalments to registered billers
d. Scan and pay any Maucas QR code around Mauritius, Rodrigues and Agalega
e. Scan and pay any UPI QR code in India
The convenience and ease that blink provides is unparalleled. “You can make your payments at anytime, anywhere at your convenience without having to travel to a specific place to effect such payments,” he explains. This ease of access is particularly evident in everyday transactions. Traditionally, payments involved physical cash / withdrawing cash from the bank, a trip to the payment counter, and many time spending precious time in long queues. “Today with blink by Emtel, one can pay their bills, equal monthly installment payments, and more, without needing to travel to a place,” Kresh says. In the same manner, sending money to someone is easy and instant and necessitates no visit to the bank nor physical cash. Everything is digital, fast and secure – at your fingertips on your mobile phone.
This shift not only saves time but also offers a seamless payment experience. Users of blink receive alerts about upcoming bills, enabling them to settle their payments before receiving physical statements. This proactive approach eliminates delays and streamlines the billing process.
Furthermore, mobile payments reduce the risks associated with carrying cash. “There is also the risk of carrying cash, such as misplacing your wallet or having it stolen,” Kresh underlines. With blink, transactions are secured by passwords and the phone’s security features, mitigating the risks of theft or loss. The convenience extends to shopping as well, where users can simply scan QR codes to make payments, further enhancing their purchasing experience. In a similar manner, merchants and billers who adopt blink QR codes eliminate the risk of cash handling and the trip to deposit cash in banks.
The Surge in Mobile Payments in Mauritius
The impressive 41% increase in mobile payments in Mauritius this year compared to last year can be attributed to several factors, according to Kresh Goomany. “There’s a lot of education that has been done,” he says, highlighting the role of advertising and customer education in driving adoption. The increasing prevalence of smartphones has also played a significant role. He noted that more and more people are switching to smartphones, which allows them to download and use blink for their payments.
Goomany also points to the trendiness of mobile payments. As people witness others using their phones for transactions, they are encouraged to follow suit. “Payments are instant, secure, and safe,” he adds, emphasising the advantages of mobile payment systems that are licensed and regulated.
Future Prospects: Beyond Payments
Looking ahead, Kresh Goomany envisions a broader role for mobile payment platforms like blink. “FinTech should not be mistaken for payment app only,” he asserts. Emtel’s strategy includes expanding blink’s capabilities beyond mere transactions. “We want blink to be a service app, not just a payment app”.
We have launched it for people to use in India,” he reveals. This vision involves transforming blink into a universal platform that facilitates various services— from education and insurance payments to government services.
The future of blink is geared towards becoming a comprehensive service provider, integrating multiple functionalities into a single, user-friendly platform. Goomany’s forward-thinking approach is not just about expanding the app’s reach but also about enhancing its usage and relevance. This involves significant efforts in user education, onboarding service providers, and increasing awareness about the app’s capabilities.
Conclusion
Kresh Goomany’s insights reveal a dynamic future for mobile payments and financial technology. The convenience, security, and expanding functionality of mobile payment solutions like blink are poised to redefine the Fintech landscape in Mauritius. As Emtel continues to innovate and expand its offerings, financial transactions will undoubtedly become more seamless and inclusive, heralding a new era in FinTech.
