Mobile wallet is a new concept in India that has surpassed credit card usage and is now replacing the traditional payments methods. A mobile wallet is a virtual mobile based wallet where one can store cash for making money mobile online or offline payments. There are various types of mobile wallets in India such as open, semi-open, semi-closed – all of these have their own features and type of usage and payments that can be made.
Below mentioned are the top 10 mobile wallet companies and what they offer to their customers.
PayTM is one of the largest mobile commerce platforms in India, offering its customers a digital wallet to store money and make quick payments. PayTM was launched in 2014 and works on a semi-closed model. It has a mobile market, where a customer can load money and 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 and avail services from merchants from travel, entertainment and retail industry.
2. Google Wallet –
Instead of tapping your credit card on the NFC machine at the checkout counter, all you have to do is wave your smartphone or tap it on the machine to make your payments. It will easily identify the credit card information linked on your Google account. For this to work, Google Wallet requires Near Field Communication (NFC) technology available, which unfortunately is only available on certain smartphones and tablets. This presently works only in the US.
Momoe is a Bangaluru based mobile payments which focus on changing how customers pay while eating out, travel and shop. Using the Momoe app, one can store their credit card details and make mobile payments at various restaurants, grocery stores, apparel, salons and other retail outlets.
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. For the convenience of customers, MobiKwik has been tied up with large and small time grocery, restaurants and other offline merchants.
Oxigen is one of the oldest players in the payment market since last year. With its service, people can easily share money with their friends and family over their preferred social networks and messaging platforms like Facebook, WhatsApp, Google+, and Twitter. The user can easily make use of their wallet to recharge their mobile phones, pay bills and shop across a large number of online merchants.
Venmo is an app available for BlackBerry, iOS and Android for transferring money between friends. Once you have an account, you can link a bank account, credit or debit card to it. It works similar to PayPal but only between two parties with Venmo accounts. Sending money is like writing an email to a friend, plus the amount you want to transfer. You can even share the transaction with a message on Facebook, Twitter or Foursquare.
PayUMoney is a company based in Gurgaon that provides online payment solutions which launched its services last year. This e-wallet enables the user to store cash and pay for various services and transactions. They provide with a wide range of benefits that include one-touch check out and discounts or on cash back offers on every transaction made. It provides instant refunds on order cancellations and buyer protect to ensure the right purchase and customer satisfaction.
This mobile wallet application was launched by State Bank of India so that users can transfer money to other users and bank accounts, pay bills, recharge, book for movies, hotels, shopping as well as travel.
Citi Bank India and MasterCard recently launched ‘Citi MasterPass’, India’s first global digital wallet for faster and secure online shopping. It enables the user for faster checkouts with a single click or touch and stores all your credit, debit, prepaid, loyalty cards and shipping details in one place.
The third largest private sector bank launched ‘LIME’, an application that offers a mobile wallet, payments, shopping and banking facilities. This mobile wallet is available for both account & non-account holders and lets a user add money using his or her credit, debit and net banking details. One can also share the wallet with their loved ones or pool in funds into a shared wallet for a particular purpose.
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