With digital transactions gaining traction in India, mobile wallets have gained a lot of importance today. Whether it is payment of electricity, DTH or mobile bill, insurance premium or ordering food from a neighbourhood restaurant—a mobile wallet makes it quite easy. Simply put, it is mobile-based virtual wallet where you preload a certain amount in your account created with the mobile wallet service provider, and spend it at online and offline merchants listed with the m-wallet service provider. Confused about which one to go in for, we take a look at some of the promising mobile wallets in India today.
MobiKwik is gaining a lot of popularity in India and is one of the major independent mobile payment networks available in the country. Quite recently, it tied up with BSNL to expand its reach in the country. This wallet connects users with retailers and helps in digital payment around e-commerce websites, telecom operator bills, daily needs stores, etc. Delivering ease of usability, MobiKwik is available on desktop and smartphone interfaces. The company has prepaid payment instrument license from RBI as well.
PayU is a part of $25 billion internet and media conglomerate, Naspers. Enabling mobile-driven payments, it offers a payment gateway solution to the online businesses that connect to the end user communities. As far as its India operations are concerned, itserves a large number of merchants including e-commerce companies, such as Zomato, Bookmyshow, Tradus, Goibibo, Jabong, Snapdeal, Travelyaari, etc.
Airtel Money app is quite easy to use and is gaining a lot of traction. With this digital wallet, users can easily recharge prepaid accounts or pay postpaid bills. Users can load cash onto the wallet and shop online as well. It is also regarded as one of the safest digital wallets, as every transaction or payment requires a secret 4-digit mPin. With Airtel’s market reach and mobile coverage and capacity, this wallet is sure to expand its base in the country.
mRUPEE is another digital wallet that holds a lot of promise. It is a semi-closed wa let and it is licensed by RBI. Users of this wallet can pay postpaid and landline bills, gas and electricity bills, send money, recharge mobile phones, pay LIC premiums, book bus tickets and make IRCTC bookings. Another promising service from this mobile wallet is mobile money order, presented by MMP Mobi Wallet Payment Systems, with ICICI Bank as the principal bank. With this facility, any customer with an active mobile connection can send/ transfer money to any bank account (in India) by visiting the authorised mRUPEE agent.
As Jio is a green field mobile operator, this is one of the most recent additions to the available mobile wallet list in India. Jio Money represents an easy to use, secure, and convenient way of carrying out daily transactions, while completely on the go. With the help of Jio Money app, users can make digital payments on their daily purchases, DTH recharges, send and receive money, as well as manage their finance in the digital sphere.
Zia Askari writes on communications, technology and gadgets at TelecomDrive.com