Introduction:
Every day, 100 million people rely on public transit for their daily commute. Despite the country's rapid digital adoption, the mass transit sector still uses antiquated payment methods like closed-loop cards, paper tickets, or cash, resulting in inefficiency and inconvenience. With rising urban infrastructure demands and an urgent need for seamless connectivity, Orbit Wallet aims to simplify digital payments and provide commuters with a more convenient experience.
India's public transportation ticketing system is fragmented, with distinct systems in place for each mode of transportation. This disjointed setup requires the use of multiple payment methods, which is inconvenient for users who must manage multiple tools and apps. Orbit Walletaddresses this issue by offering a unified payment solution that simplifies everyday transactions while eliminating the need for multiple payment methods.
Using the NPCI's NCMC framework, Orbit Wallet will be implementing a unified ticketing system for public transportation across cities and modes of transportation, increasing commuter convenience and accessibility across the country. Orbit Wallet also aims to provide a unified payment card with interoperability across multiple payment methods. The Orbit Card will ensure a smooth transaction, whether it is for a cup of coffee, online shopping, or public transportation. The card integrates seamlessly with existing closed-loop systems, expanding its applications beyond transit to offline events and sports arenas.
The Orbit Wallet team consists of individuals with diverse backgrounds in product development and business scaling. CEO Harshvardhan Zaveri and CTO Aman Bisht have extensive experience developing financial products, and COO Shikha Chouksey specializes in scaling direct-to-consumer businesses. Together, they form a dynamic team committed to driving innovation and growth in the digital payments industry.
Market Opportunity:
With India's urban mobility infrastructure rapidly expanding, Orbit Wallet is capitalizing on a growing market opportunity. The country boasts a significant number of operational metros and bus services, catering to millions of urban commuters. India has built world-class metro infrastructure in the last decade and is set to become the second-largest metro network in the world, operating across 23 cities by 2028. The rapid construction of metros highlights the opportunity for digital payment solutions such as Orbit Wallet to thrive. Furthermore, upcoming projects such as the RRTS and NAMO Metro will strengthen the transportation landscape, creating numerous opportunities for Orbit Wallet to expand its reach.
Orbit Wallet competes primarily with metro cards and bank cards that have NCMC capabilities. While metro cards provide closed-loop solutions, bank cards lack transit-specific payment features. Paytm Transit emerges as a strong competitor, but compliance issues have temporarily hampered its market presence, giving Orbit Wallet an opportunity to capitalise on the growing demand for interoperable payment solutions.
100X Thesis:
Orbit Wallet presents a compelling proposition with its innovative approach to digital payments in India's transit and shopping sectors. Orbit Wallet, a unified payment solution built over years of meticulous development, addresses the critical need for interoperability in a fragmented payment landscape. Orbit Wallet, which uses the NCMC framework and integrates seamlessly with existing infrastructure, not only simplifies commuter transactions but also provides valuable insights in a data-driven sector. 100X.VC recognizes the significant market potential of Orbit Wallet and its ability to scale, positioning the company as a frontrunner in reshaping digital payments in India's urban transport ecosystem.
Conclusion:
Orbit Wallet, a pioneering force in India's urban transportation system, intends to use the NCMC framework and urban infrastructure to revolutionize digital payments. Orbit Wallet addresses the fragmented payment ecosystem by providing interoperable cards and embracing cashless transactions, envisioning a future in which digital transactions are simplified across all modes of transportation. The long-term impact of digitizing payments in urban transit goes beyond operational efficiency to help with broader digitization efforts across the country, transforming how people commute and transact.
