Not so long ago, India was off the radar for the famous FAANG group of tech giants who have disrupted the way billions of people communicate, connect, shop and entertain globally.
Today, the famous five — Facebook, Apple, Amazon, Netflix and Google — are fighting for space in the “mobile first” Indian market where digitisation is in full swing to bring the last-mile connectivity and smartphone revolution — riding on ultra-cheap data plans — has reached smaller cities and towns. You can buy anything with just one click, order food and cab online, pay utility bills, clear off credit card debts, book movies and flight tickets — even live darshan of your family deity — and connect with anyone, anywhere.
Clearly, the FAANG family has realised the growing digital hunger among one billion-plus Indians which needs to be satiated. According to industry experts, India is the fastest-growing among the top 20 smartphone markets globally, with a large untapped user base potential in Tier V and VI cities and beyond.
The rapid growth of the smartphone market can be attributed to several factors like low smartphone penetration, inexpensive mobile data and a growing aspirational middle class. As a result, the Indian smartphone market continues to look fertile in the coming years, helping brands grow and enhance their portfolios.
“Given the popularity and reach of WhatsApp in India, it is a given that WhatsApp Pay will make a strong dent on the payments ecosystem, and the incumbents therein,” Prabhu Ram, Head-Industry Intelligence Group, CyberMedia Research, told IANS.