India’s payment landscape could become smart
Firefox has been working on creating a smartphone, becoming yet another digital company to make the transition across to mobile operating systems and handsets. However, this handset has the potential to revolutionise growing economies and help spread payment technologies through the proliferation of affordable smartphone technology.
Known as the Cloud FX, Mozilla’s smartphone is the result of a collaboration with Intex Technologies and is aimed at Indian and Indonesian markets – hence the low asking price of just $33 USD.
The idea behind the lower cost is to enable India’s rise to the top of the global smartphone market, which is already growing at an immensely rapid rate. It’s clearly a space others want to be, as Google are also venturing in with an affordable phone as part of it’s Android One programme.
You’d also think Amazon would be eager to venture into this space with a possible retooled Amazon Fire phone, but due to it’s low sales and general lack of interest in the device, it’s unlikely that they’ll think about bringing their phone – and eCommerce clout – to the region any time soon.
Firefox’s Cloud FX comes with bluetooth technology, but no NFC functionality. It can also support WhatsApp, and therefore feasibly run P2P payment apps and software like PayPal. With Bluetooth connectivity it could even work with beacon technology at retailers if the tech was adopted in India.
While the smartphone market is growing in the region, this affordable phone will only help it reach market penetration faster. This, in turn, means that more people will be able to pay for goods, transfer money, or pay friends with their phones. It turns India into a payments hotbed ready to explode.
It’s also a good move because Bangladesh’s B-Kash could well have an influence on the payment technologies that emerge in India’s mobile payments market.