Mobile wallets have made it easy to carry out online shopping payments, online utility bill payments, mobile recharge online, DTH recharge online, online bus / movie ticket booking.
In India there are options like Paytm, Mobikwik, Vodafone M-pesa, Chillr, Free-charge, Airtel Money, Oxigen etc.
2. Introduction
Online shopping is the latest trend in India
India is becoming a country of mobiles &
internet with around 200 million internet users.
The trend of online shopping is catching up
fast in metro cities
E-commerce portals have grown up to offer
the option of ‘Cash on Delivery’ to appeal
customers
3. Meanwhile there is increase in people taking up to
different digital payment platforms known as
mobile wallets
Mobile wallets have made it easy to carry out
online shopping payments, online utility bill
payments, mobile recharge online, DTH recharge
online, online bus / movie ticket booking.
In India there are options like Paytm, Mobikwik,
Vodafone M-pesa, Chillr, Free-charge, Airtel
Money, Oxigen etc
4. Paytm
In February 2014 Paytm launched as Ecommerce
website as it started as Mobile recharge , DTH
plans & Online Bill payments
Paytm is offering shopping, travel, entertainment,
and food along with partners like Uber,
Bookmyshow, makemytrip
It is the only wallet giving IRCTC access, & has a
License from RBI to set up payments bank ,
enabling it to offer current & savings account
deposits, issuing debit cards & offering Internet
banking services
5. Mobikwik
Along with Mobile recharge & Bill payment options
Mobikwik offers merchants such as BookMyShow,
MakeMyTrip, Domino's Pizza, eBay
Mobikwik has a section with cash back offers listed on
website that include both online & offline players
It's also tied up with Ezetap, whose new point of sale
machines are like credit card machines that over
70,000 shops are already using, so you can pay with
your MobiKwik wallet at any of these shops even if they
haven't partnered up directly
6. M-pesa
Vodafone started their very own Mobile Wallet &
claims to be India's largest cash out network, with
over 85,000 M-pesa agents spread across the
country
M-pesa deals in Recharge, DTH connections,
postpaid Vodafone numbers, utility bills and online
shopping
Money can be transferred to bank via its inbuilt
IMPS service, or to a mobile number, but charges
apply in slabs
7. Oxigen
Oxigen features deals giving mobile payments
option for mobile, landline & electricity bills
It facilitates money top-up and use it for mobile
data recharge, DTH & data card recharge
Oxigen Wallet is sanctioned by RBI, & claims to
be India's first non-bank wallet to have tied up with
NPCI (National Payments Corporation of India) for
direct money transfer
8. Free-charge
Freecharge gives you mobile recharge, electricity bill
payments, DTH and data card in India
It is acquired by Snapdeal in April 2015, FreeCharge
launched its own digital wallet for making transaction in
September 2015, & at the time claimed a user base of
5 million wallet users in an emailed factsheet
It recently added metro card recharging as a feature of
its platform. The wallet can be topped up with debit
cards, credit cards and net banking, and can be
managed via an app or from the Web browser
9. Loopholes in Mobile Wallets
Security of the User is the main issue in Mobile
Wallets system
The top companies offering Mobile Wallet system
are not successful in providing security to user
name & passwords
Customers should be at ease while using these
services as all important account details are highly
confidential
It will be interesting to see how these companies
cover-up their loopholes