SmartMoney: Digital Payments Strategy in India
On March 25, 2019, the head of business growth for SmartMoney, owned by the Indian conglomerate Smart Industries Limited, was expected by his company's management team to propose a strategy for capturing 10 per cent of India's digital payments market in financial year 2019-20. He knew that the market was vast and fragmented and that he was working with a platform business, where fast mobilization was a key factor. SmartMoney already had market presence, resources, and the required expertise to be competitive on the merchant side of the industry over the long term. Therefore, the immediate and considerable challenge was how to mobilize the consumer side, where the company faced various well-established and aggressive incumbents. To thoroughly asses the market, the head of business growth had to integrate a great deal of available information. He would need to select the right entry strategy and target a consumer segment, offering appropriate incentive schemes to attract business. His challenge was to devise a strategy and build a stable, substantial customer base that would deliver the desired results to sustain long-term growth for both SmartMoney and its parent company. Jaydeep Mukherjee is affiliated with Management Development Institute. Anup Agrawal is affiliated with .