Chennai’s Ritchie Street Goes Digital
Chennai: While digital payment adoption is predominantly increasing among the channel fraternity across India, Chennai’s famed IT market- Ritchie Street is not behind. It has turned digital as more than 80 percent of the IT and electron
According to key channel distributors in the market, digital payments are becoming increasingly popular as many of the customers come with the request for transactions through digital wallets.
Digitally inclined but lacks awareness
Many partners feel that the digital wallet is considered as the last option- when a customer does not have either a debit card or a physical cash. Partners who manage their own shop can afford having a digital payment system. However, those shops that are run by a manager will have to be extra cautious as there is no proper alert system or sync to the current account which is maintained in bank. K Raja, Director, Softline technologies, says “The digital wallets have created a huge demand in the market. However, there is a lack of awareness among the sellers themselves. The sellers are confused on the accounting front.”
Ravikumar Vajravelu, CEO, Pravi Technologies, another partner on the same street, who had deployed digital wallets in the area claims that there is a need for awareness among the customers to start using it. “Currently the transactions are happening only in the B2C front. The transaction between a partner and distributor is not happening yet.”
Training and Awareness session
Many channel partners expect a training or demo sessions for themselves or for their employees who are using digital money in counters. The sellers also voiced their interest in alert/back-up system which will avoid the employees from cheating the shop-owner with digital transactions.
ics shops are accepting payments through e-wallets.
The sale of IT products in Tamil Nadu saw a dip over the past three months as they witnessed untoward incidents like death of former Chief Minister Jayalalithaa, cyclone ‘Vardah’ and the recent protest against the traditional sport ‘Jalikattu’. While many shops remained closed for atleast two days for the aforesaid events, the transactions were reducing slowly.