The Future group application for digital payments, Future Pay, has seen a significant rise in users. A group executive said that Future Pay has crossed Paytm’s sales in Big Bazaar weekly sales. Future pay now accounts to 1% of Big Bazaar’s sales, while Paytm is at 0.65%. Future Pay was launched a month before the Demonetisation move happened on November 8.
Kishore Biyani, CEO of the Future Group said that “We have seen one million downloads and are expecting 10 million downloads soon.”
The Future Pay, apart from payments, also compares the Future Group’s prices with that of competitors. If in this comparison, the ccompetitor’s prices are low, the Future Group deposits the difference into the account of the consumers Future Pay Wallet. This wallet can be used to pay across all Future Group outlets including Ezone and Home Town. In regard to this, Biyani said, “This is our answer to offline and online discounts. Now, we are also lower than Amazon.”
Vinay Bhatia, CEO and Future group loyalty and analytics said that Demonetisation has helped the group big time. He also admitted that if Demonetisation didn’t happen, they would have taken an year to achieve the one million consumer base that the App gained in one month. He also said that, on weekends the card payments face issues in some cases, but the app does not have any such glitches. Making the transactions easy and smooth process.
The Future Pay wallet was developed in collaboration with Oxygen Services. This, like all the e-wallets, allows the user to download money from Debit/ Credit card and Net Banking and make further use.
The App, as mentioned above, repays the price difference to the consumer. It puts a pressure on the profits of the company, but the App developers and Future Group are confident that with increasing consumer base, they will be able to make up the losses.
