PAYMENT APPS CAN KILL DEBIT CARDS:

Here is a case in point. #Xero offered Open APIs allowing various apps to easily integrate with it. This has speeded up acceptance and increased their customer base 5x over 3 years. ?

Similarly, can #Phonepe, #Razorpay, #Paytm, #Googlepay, #WhatsappPay, #Tide and others offer such #OpenAPIs, to enable a B2B integration with #ExpenseManagementSoftware?

HOW & WHY?

1. I believe customer of #paymentapps can already create a parent wallet and thereafter, in real time, child wallets.
2. An #expensemanagement application should be able to, via an API, connect with these parent & child #e-wallet.
3. This will then allow the Claimant in the #expensemanagement app to request an advance, which once approved, will have monies transferred instantly from the “parent e-wallet” into the relevant "child wallet".
4. The assumption here is that the parent #e-wallet is already linked to the customer’s bank account and can be funded instantly through a VPA. [No working capital blockage]. Alternatively, opportunity for these apps to also provide very short term loans!
5. This API link to the wallet is only there to allow information to flow into the #expensemanagement solution.
6. As a result, the cash movements in the child e-wallet are visible to both the Claimant and the Finance Manager (Administrator) in the expense management app.
7. As soon as the claimant makes a payment using their e-wallet, an expense is created automatically in the expense management app. [an added bonus]

?BENEFITS:

1. If this is possible, a large chunk of businesses who offer their employees physical or virtual debit cards will move to these e-wallets.
2. Payment apps will see a significant jump in the monies being spent and an increase in the user base.
3. Finally, this may also speed up the demise of Debit cards.

I would be interested in knowing the opinion of leaders in Payment app to such a proposition?