While the entire nation is still struggling to come to terms with the post-demonetisation blues, payment and technology companies are geared up to hire new talent, to meet the unprecedented increase in digital payments.
Since the scrapping of high-denomination currency notes from 9th November 2016, organisations like Paytm, MobiKwik, Freecharge, PayU and other digital wallet companies have been on a hiring spree. These oorganisationshave been busy talent scouting for senior management positions such as product managers, business heads and function heads.
Mrinal Sinha, chief operating officer, MobiKwik, said that they are ramping up the talent size to meet the increasing demand. MobiKwik is all set to expand its talent pool by hiring 100 engineers from campus placements and another 1000 to its sales force team. The company will be hiring mostly at the senior management level.
Most digital wallet and fintech companies are reaching out to merchants and helping them embrace the digital economy. Before ddemonetisation only 1% of the country’s merchant populace used digital payment method. But, post 9th November, the scenario has changed drastically, and this has opened up a tremendous opportunity for growth, especially for this kind of companies.
The challenge is, to what extent of the population the businesses can reach out to and how fast is it possible to achieve this feat. Over the past few weeks, billions of consumers across India have tried mobile wallets as a substitute for cash. Paytm, which has 160 million customers, plans to expand its customer base to 5 million merchants by the end of this financial year seeking to widen acceptance of its digital wallet.
Amit Sinha, senior vice president, Paytm said that they are currently on a lookout for talent across the country as they intend to build India’s largest payment ecosystem.
ItzCash, another major player in the digital wallet domain, also echoes the same idea. “If the overall business growth happens at 40-50per cent, we will have to grow our team at 10-20per cent,” said Bhavik Vasa, chief growth officer, ItzCash.
Search firms like, EMA Partners and RGF Executive Search stated that they have been receiving an increasing number of mandate from the digital wallet and fintech companies for mid-level and senior-level positions since demonetization.
K Sudarshan, managing partner, EMA Partners India, said that they are in talking terms with many fintech companies that are looking for product managers, product architect and engineers.
Needless to say that given the opportunity that demonetisation has opened up for the fintech companies, they are all set to leverage the power of the same, by ramping up talent across all verticals.
On the last note, it can be said that job seekers looking for sales jobs and engineering jobs currently, will find ample opportunities in the technology domain particularly Digital Wallet Companies. Similarly, employers should also brace up their recruitment strategies now, to tap the best possible talent.