A mobile wallet, in simple terms, is a virtual mobile-based wallet where one can store cash for making mobile, online or offline payments. There are various types of mobile wallets in India, such as open, semi-open, semi-closed and closed - depending on the type of usage and payments that can be made. Wallets are growing rapidly as they help in increasing the speed of transaction, especially for ecommerce companies and all ecommerce marketplaces have integrated with such mobile wallets too.
Here are some mobile wallet companies in India and what they offer to their customers.
1.PayTm-PayTM is one of the largest mobile commerce platforms in India, offering its customers a digital wallet to store money and make quick payments.
2.Amazon Pay-Amazon Pay is an online payments processing service that is owned by Amazon. Launched in 2007 globally and in India in 2017, Amazon Pay uses the consumer base of Amazon and focuses on giving users the option to pay with their Amazon accounts on external merchant websites, including apps like BigBazaar etc. You also get to Shop on Amazon using Amazon Pay.
3.Google Pay (formerly known as Tez)-As its part of the Google ecosystem they have scaled up their user base really quickly, inspite of being a late entrant. With Google Pay you can send money to friends, pay bills and buy online, recharge your phone. Since Google Pay works with your existing bank account, which means your money is safe with your bank. There's no need to worry about reloading wallets and you don't need to do additional KYC - which is required for all the other apps.
4.Yono by SBI-This mobile wallet application was launched by State Bank of India to let users transfer money to other users and bank accounts, pay bills, recharge, book for movies, hotels, shopping as well as travel. This semi-closed prepaid wallet offers its services in 13 languages and is available for non-SBI customers as well. This app also allows its customers to set reminders for dues, money transfers and view the mini-statement for the transactions carried out.
5.Citi MasterPass-Citi Bank India and MasterCard recently launched 'Citi MasterPass', India's first global digital wallet for faster and secure online shopping.By using this, Citi Bank debit and credit card customers become the first in this country to be able to shop at more than 250,000 e-commerce merchants. It ensures faster checkout with a single click or touch and stores all your credit, debit, prepaid, loyalty cards and shipping details in one place.
6.ICICI Pockets-Pockets by ICICI is a digital bank that offers a mobile wallet for its customers. It provides the convenience of using any bank account in India to fund your mobile wallet and pay for transactions.
7.HDFC PayZapp-PayZapp is a complete payment solution giving you the power to pay in just One Click. PayZapp lets you recharge your mobile, DTH and data card, pay utility bills, compare and book flight tickets, bus and hotels, shop, buy movie tickets, music and groceries, avail great offers at SmartBuy, and send money to anyone in your phone book.
8.PhonePe (now part of Flipkart)-PhonePe started in 2015 and in just 4 years it has been able to cross the 100 million download mark. From UPI payments to recharges, money transfers to online bill payments, you can do it all on PhonePe. Its got a very good user interface and is one of the safest and fastest online payment experience in India.
9.Mobikwik-MobiKwik is an independent mobile payment network that supposedly connects 25 million users with 50,000 retailers and more. This mobile wallet lets its users add money using debit, credit card, net banking and even doorstep cash collection service, which can in turn be used to recharge, pay utility bills and shop at marketplaces. Owing to the growing need for convenience, MobiKwik has also recently tied up with large and small time grocery, restaurants and other offline merchants.
10.BHIM Axis Pay-BHIM Axis Pay is a UPI banking app that lets you transfer money instantly to anyone using just your smartphone. Make online recharges to your prepaid mobile and DTH set-top boxes directly from the app.
Number of installs: 1,000,000+ (1 Million or 0.1 crore) on Android Play Store
11.JioMoney-JioMoney wallet has a simple interface and all the elements that matter are visible at once to users. For instance, your wallet balance, the option to recharge, send/request money, and pay at a shop are present on the main page itself. It is available in Google Play Store and Apple App Store.
12.Oxigen-Oxigen has a lively looking interface with a banner on special schemes running on top, followed by the options that are available. You can send or ask for money, pay bills and get recharges. Users feel secure with Oxigen while doing transaction because every time a six-digit one-time password (OTP) is sent to the registered mobile number. According to the company website, it has a retail footprint of 1,00,000 outlets and has processed over 2 billion transactions till date with a current transaction volume rate of 720 million transactions per annum. It has a large customer base of over 150 million. The Oxigen wallet app is available only to Android users.
13.State Bank Buddy-The mobile wallet app can be used to send money to new and registered customers, book movies, flights and hotels, as well as for shopping. It also has features like reminders to settle dues, recharge and pay bills instantly. This wallet app is available in 13 languages and allows users to set reminders for money transfers and clearing dues. The SBI Buddy app is available in Google Play Store and Apple App Store.
14.PayUMoney-PayUmoney is an Online Payment solution, which is the mobile-based online payment solution. Their main aim is to bring cashless payment through the use of mobile wallets in India. Encourages the use of Credit/ Debit card payments, Net banking for anything by the use of Mobile app without even Swiping Machine.
The salient feature of this digital wallet includes, it does not need a merchant to install any hardware. The mobile app allows typing the offers in a search URL to the Users using their unique id’s. The application also scans the QR code to search the favorites of the user.
15.Momoe-Momoe is the developing company located in Bangalore whose vision is to bring rapid change in online payment gateway and build a good bridge between the customer at the real world outlet such as grocery, medical store etc., from the small place till the big business.
Enabling the payment through the mobile phones with the mobile application which will be more comfortable for the customers. The payment is also possible by credit card and debit card by Mobile Application with MOMOE.
16.CITRUS-Citrus is the fast-growing online payment solution. The application offers One Tap transaction, Payment provider, and other aspects. The payment can be made during dinner, movies, parties, and where the bill can be split among friends. With the one tap system, they can compete with MobiKwik.
The citrus digital wallet is currently growing as a top mobile wallet in India with online payments like Cafe day, PVR cinemas, Ixigo, Meru cabs, Ticket new, Inox, Faasos and more.
17.LIME-Lime Wallet is an internet-based digital wallet, which is the Axis banks third largest private area. Also, allow users to store receipt data. Lime will act as a separate application, which will encounter any individual to share mobile wallets and make seamless peer to peer on the on-stream an offline dealers.
Types Of Digital Wallet
NON HOSTED: The non-hosted or a direct payment gateway is inside merchant store, here no card information’s are being taken by the merchant. Here security is a most important process.
HOSTED: Redirect or hosted gateway include the transaction among the customer and the dealer is fully based on the online where the security will be provided in a various way through encryptionetc. will be done at each side, each and every step is being known by the user.
The advantage of the digital usage includes credit/ debit card, online money transfer, usage of wallets for money transfer. But it has a negative end, where the usage of cards in cities is high but in rural India, it’s difficult which is made possible by mobile wallet.
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