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What is Perspective of Money Mobile in India

Narendra Kumar

| Updated: Nov 04, 2017 | Category: Prepaid Wallet License

What is Perspective of Money Mobile in India

The usage of a mobile phone in order to transfer funds among banks or accounts, deposit or withdraw funds, or pay bills. This term is also used for the broader realm of electronic commerce; it can refer to the use of a mobile device to purchase items, whether physical or electronic. Mobile Money is an electronic wallet service, available in many countries, that lets users store, send & receive money using their mobile phone. It’s safe, easy electronic payments make Mobile Money a popular alternative to bank accounts. It can be used on both smartphones & basic feature phones. In general word, money mobile means to send or receive money to a friend by registering with a money transfer service by setting up an account & making a deposit & by using the provided short text commands to text cash to your friend’s phone number or account id & to receive funds by requesting & accepting payments via text message. Transfer funds to banks or accounts, deposit or withdraw funds, or pay bills by mobile phone. Purchase items, whether physical or electronic, by mobile phone.

Thus the definition of money mobile varies across the industry as it covers a wide scope of overlapping applications. However, mobile money is a term defining the services that permit electronic money transactions over a mobile phone. It is also referred to as mobile financial services, mobile wallet & mobile payment.

Some of the Money Mobile Applications are as follows:

Mobile banking — use of a mobile phone to remotely access a bank account, primarily for account balance check-up & bill payment services

Mobile money transfer (remittance) — a peer-to-peer application making use of a mobile phone to send money to family or friends, primarily across international borders.

Payment by Mobile money e-commerce (payment) — usage of a mobile phone to achieve financial transactions for purchases or sales, either remotely or on-site, retrieve promotion information or coupons, & deliver gift items.

Mobile money creates important changes in the lives of the poor. Relying solely on cash keeps many people excluded from the formal economy, but mobile money provides a convenient & safe alternative to informal financial services & cash-based assets. Mobile money also plays a critical role in any national financial inclusion strategy. It not only reduces dependency on cash by enabling digital payments through a mobile device but also provides a platform for customers to access a much broader range of financial services. The complex infrastructure (mobile connectivity + networks for cash-in & cash-out services + mobile money account) that people use to transact & store their money electronically can be used by a range of financial institutions to offer other services & products, which improves efficiency & competition in the financial sector.

Top Mobile Money Wallets in India

As shopping outlines remain to evolve, so does the Payment Platform & Payment Gateway Industry that drives the former. Mobile Point of Sales Machines have of course existed for a long time. The mobile wallet is an innovative & new perception in India that has been surpassing credit card usage & is slowly beginning to replace the traditional payment methods.

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 & closed – depending on the type of usage & payments that can be made. Wallets are growing rapidly as they help in Increasing the Speed of Transaction, Especially For E-commerce Companies & all Ecommerce Marketplaces have integrated with such mobile wallets too.

  • PayTM

PayTM is one of the largest mobile commerce platforms in India, offering its customers a digital wallet to store money & make quick payments.

Launched in 2010, PayTM works on a semi-closed model & has a mobile market, where a customer can load money & make payments to merchants who have operational tie-ups with the company. Apart from making e-commerce transactions, PayTM wallet can also be used to make bill payments, transfer money & avail services from merchants from travel, entertainment & retail industry.

Capitalizing on the scope & growth of India’s education market segment, they recently partnered with premium educational institutions in India to introduce cashless payments for fees, bills & other expenses.

Number of installs: 1,000,000+

  • Momoe

Momoe is Bengaluru based mobile payments startup that focuses on changing how customers pay while eating out, travel & shop. Using the Momoe app, one can store their credit card details & make mobile payments at various restaurants, grocery stores, apparel, salons & other retail outlets.

The app’s first foray was into restaurants which engrossed many installs due to the comfort & ease of payment options. The users were able to see live tabs, split bills & pay directly, without having to wait for a physical bill to arrive. Even though its services are currently available only in Bangalore, due to the growing popularity of the app & investment funds they will soon be exp&ing their services to six new cities.

Number of installs: 100,000+

  • Pay U Money

Pay U Money, a Gurgaon-based company that provides online payment solutions launched its wallet service last year. This e-wallet by Pay U Money enables the user to store cash & pay for various services & transactions.

In order to differentiate themselves from other players, they provide a wide range of benefits that include one-touch checkout & discounts/cashback offers for every transaction made. This e-wallet also provides instant refunds on order cancellations & buyer protect to ensure the right purchase & customer satisfaction.

Number of installs: 100,000+

  • Mobikwik

MobiKwik is an independent mobile payment network that supposedly connects 25 million users with 50,000 retailers & more. This mobile wallet lets its users add money using debit, credit card, net banking & even doorstep cash collection service, which can, in turn, be used to recharge, pay utility bills & shop at marketplaces.

Owing to the growing need for convenience, MobiKwik has also recently tied up with large & small time grocery, restaurants & other offline merchants.

Number of installs: 10,000,000+

  • Citrus

Citrus Pay is a popular e-wallet app for cash storage, payments & money transfers. Besides tying up with online service providers from varied sectors, they are now collaborating with a gifting & shopping portal to let its customers shop at more than 5000 offline stores listed with them.

Number of installs: 100,000+

  • State Bank Buddy

This mobile wallet application was launched by State Bank of India to let users transfer money to other users & bank accounts, pay bills, recharge, the book for movies, hotels, shopping as well as travel.

This semi-closed prepaid wallet offers its services in 13 languages & is available for Non-SBI customers as well. This app also allows its customers to set reminders for dues, money transfers & view the mini-statement for the transactions carried out.

Number of installs: 100,000+

  • Citi Master Pass

Citi Bank India & MasterCard recently launched ‘Citi Master Pass’, India’s first global digital wallet for faster & secure online shopping. By using this, Citi Bank Debit & 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 & stores all your credit, debit, prepaid, loyalty cards & shipping details in one place.

  • ICICI Pockets

ICICI Pockets is a digital bank that provides a mobile wallet for its customers. It provides the convenience of using any bank account in India to fund your mobile wallet & pay for transactions.

With Pockets, one can transfer money, recharge, & book tickets, send gifts & split expenses with friends. This wallet uses a virtual VISA card that enables its users to transact on any website or mobile application in India & provides exclusive deals or packages from associated br&s.

Number of installs: 1,000,000+

  • Money Mobile by ICICI bank

ICICI Bank presents “Mobile Money”, an account on your mobile phone where your mobile number itself is your account number. Some of the key services you can avail through your Mobile Money account: Deposit Money, Prepaid Recharge, Transfer Funds, Pay Bills, Withdraw Cash, Pay Merchants.

  • m-Pesa

ICICI Bank & MCSL, a Vodafone group company, jointly present “m-Pesa” a mobile money transfer service for Vodafone subscribers.

  • mRupee

Nowadays sending your money through Mobile Money Order, a money transfer service which is presented by mRupee.

  • Aircel ICICI Bank Mobile Money

ICICI Bank & ASML, an Aircel group of the company jointly offer Aircel ICICI Bank Mobile Money, a prepaid account for Aircel subscribers.

  • Oxygen e-Paisa

Nowadays sending your money through Oxygen e-Paisa, a money transfer service brought to one by Oxygen India Pvt. Ltd in association with ICICI Bank.

  • HDFC Chillr

Chiller is an instant money transfer app created by HDFC to simplify money transfer & payment process for its customers.

Using this mobile payment app, one can transfer money to anyone in their phone book, thereby cutting out on the hassles of adding a beneficiary. It is currently available only for HDFC Bank customers & can be used to send money, recharge, split bills, request funds or transfer & will soon be able to pay at online & offline stores.

Number of installs: 100,000+

  • LIME

Axis Bank, the 3rd largest private sector bank launched ‘LIME’, an application that offers a mobile wallet, payments, shopping & banking facilities.

This mobile wallet is available for both account & non-account holders & lets a user add money using his or her credit, debit & net banking details & one can also share the wallet with their friends & families or pool in funds into a shared wallet for a particular purpose (Example: Gifts, vacations, etc.)

Number of installs: 10,000+

Some of the interesting findings on digital payment adoption from the recent survey in India

While these numbers indicate the growing need for secure, faster & efficient payment methods for the online marketplace, efforts to make payments to the individual or brick & mortar stores are also increasing. Start-ups & huge corporates are constantly on the lookout for customer-friendly technology, thereby giving more power to the customer.

Thus, the day will come when people will walk around without a physical wallet & pay their local dhobi & Kirana store uncle using a mobile wallet is not so far.

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Narendra Kumar

Experienced Finance and Legal Professional with 12+ Years of Experience in Legal, Finance, Fintech, Blockchain, and Revenue Management.

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