Up until the Demonetization woke the Indian public to the existence of digital payments, we preferred the trusty use of cash. Payment apps were less common, credit and debit cards weren’t always used, and even bank accounts did not always exist. However, when forced to move away from the habit of using cash to buy everything, Indians had no choice but to accept payment wallets such as Paytm and PhonePe to make do.
While India opened itself up to the idea of digital payments, UPI’s entry into the arena stepped things up more than a few notches. Now it was possible to make instant and safe payments from your bank account, simply with the click of a button. Cut to 2020, with the pandemic and the lockdown, and UPI soon became the preferred payment method for most Indians.
Coincidentally, 2020 also saw impressive growth in the gaming sector. Skill-based gaming apps and betting sites swarmed the screens of the Indian audience, allowing them an alternative and fun way to make some extra cash.
But is there a relationship between the new strides in digital payment technology and the rise of gaming apps in India?
India and Online Betting: The Trust Conundrum
While the online betting and gaming industry has seen great strides in the past year, we have yet to see its full potential. The Indian public took a long time to warm up to the idea of online payments, and even now, Cash on Delivery remains our favorite way to place Amazon or Zomato orders.
And trust becomes an important factor when it comes to online gambling as well. Even though online gambling and the use of betting sites is technically not illegal in India, there are many people who are hesistant to open up to the market. While cricket betting sites continue to dominate the competitive online betting industry recently, gaining the trust of the Indian players who are not insterested in cricket is another ball game altogether.
However, due to the rising popularity and use of UPI payment apps and Netbanking in India, the public has become increasingly open to using digital payment platforms. Not only does this make it more likely for them to trust betting and gaming apps, it also provides a pretty simple way of depositing and withdrawing the money on these websites.
The widely used and accepted UPI has been one of the key factors that contributed to the rising popularity of gaming apps and websites. Additionally, the nation-wide lockdown in 2020 brought more and more people to the thresholds of gaming apps to battle boredom.
Why UPI is Behind the Success of Gaming Apps
Since most betting sites and gaming apps now accept UPI, it is no wonder that people are more open to trying such platforms. Getting to use UPI, instead of having to download and use any untrustworthy international payment apps, is definitely a source of relief for those who wish to gamble online.
Last but not least, through UPI, users can now receive their prize money or winnings straight into their accounts, skipping any additional transactional fees that cut down on their profits. All in all, the exponential growth that brought UPI to the forefront of the Indian payment ecosystem has also allowed room for other dependent industries to flourish – a fact that has been made evident from the success of real-money gaming and betting apps.
