The mobile wallet is a very young concept in India that has enabled the people to go cashless. Still, a new concept but some of the early stage mobile wallet startups have tried to cover a great part of the urban population.
There is an interesting figure for the mobile wallet where in the very short span of time it has surpassed the credit card users in India. In fact, this has become one of the top successful business ideas in current time.
There are around 10 mobile wallets available in India which is helping the people to go anywhere without cash. Pay with your mobile wallet and no need of caring about cash and more important change.
Today in this article, I will tell you about 3 top mobile wallets in India. These have been chosen considering the number of active registered users and market share.
Top Mobile Wallets in India
According to a study by research firm RNCOS, the current Indian market size for the mobile wallet (m-wallet) stands at about INR 350 crore and is estimated to rise to INR 1,210 crore by 2019.
Here is the list of 3 best mobile wallets in India which are dominating the mobile wallet industry and making India of shopping and expense without carrying cash.
1. Paytm Mobile Wallet
Paytm is the largest mobile wallet in India having 20 million active registered users. In fact, Paytm is considered as the pioneer in the mobile wallet in India.
They have received the license for payment bank and is expecting to cross the figure of 100 crores by the end of 2016.
With its mobile-first strategy, Paytm does more than 30 million orders for various digital and physical goods every month. Launched in 2014, Paytm wallet is India’s dominating mobile payment service platform.
2. MobiKwik Mobile Wallet
MobiKwik is the second largest mobile wallet in the country with around 12 Million users after Paytm. Started in 2009, MobiKwik is expanding them with the new features every day and providing users a great experience and benefits.
The MobiKwik Wallet claims to enable users to pay in a flash for their recurring mobile recharge, bill payments and online purchases on popular e-commerce websites (and apps) including eBay, Snapdeal, ShopClues, MakeMyTrip, redBus, BookMyShow, Domino’s Pizza, Fashionandyou, American Swan, Abhibus, Purplle, HomeShop18, Naaptol, Pepperfry, Yepme and Infibeam.
3. Oxigen Mobile Wallet
Oxigen is comparatively new but one of the fastest growing mobile wallet in India. Although they are one of the oldest players in payment segment but the mobile wallet is the new venture and is working quite well.
With its service, people can share money with their friends and family over their preferred social networks and messaging platforms like Facebook, WhatsApp, Google+, and Twitter. It allows users to use their wallet to recharge their mobile phones, pay bills and shop across a large number of online merchants.
Citrus Pay is a popular e-wallet app for payments, cash storage, and money transfers. Besides, tie up with online service providers from varied sectors, Citrus Pay has collaborated with gifting and shopping portal Woohoo. This lets customers shop at more than 5000 offline stores listed with them.
Citrus also provides the merchant account solutions for the business to enable online transactions.
State Bank buddy
State Bank of India launched mobile wallet application to let users pay bills, recharge, transfer money to other bank accounts and users, a book for hotels, movies, shopping as well as travel.
This semi-closed prepaid wallet serves in 13 languages and is made available for non-SBI customers too. This app also allows customers to set reminders for money transfers, dues and view the mini-statement for the transactions carried out.
Citi MasterPass launched by Citi Bank India and MasterCard. The company claims this as India’s first global digital wallet for faster and secure online shopping. Citi Bank Debit and Credit card holders become the first to be able to shop at more than 250,000 e-commerce merchants. It also ensures faster checkout with a single touch or clicks and stores all your debit, credit, prepaid, loyalty cards and shipping details in one place.
This digital bank by ICIC offers a mobile wallet for its customers. It provides all the privilege of using any bank account in India to fund your mobile wallet and pay for transactions. With ICIC Pockets, you can transfer money, book tickets, recharge mobiles, send gifts and split expenses with friends. This Virtual VISA card enables its users to transact on the mobile application or any website in India and provides exclusive deals or packages from associated brands.
Chillr created by HDFC is an instant money transfer app to simplify payment process and money transfer for its customers. You can transfer money to anyone in your contacts by using this mobile payment app, thereby cutting out on the hassles of adding a beneficiary. This exclusive HDFC Bank customers service can be used to recharge, send money, split bills, request or transfer funds and will be able to pay at online & offline stores soon.
HDFC provides one of the best credit card swiper for the merchant.
The third-largest private sector bank Axis Bank launched ‘LIME.’ This application offers payments, mobile wallet, shopping, and regular banking facilities. This mobile wallet service is available for both account & non-account holders and allows the user to add money using credit, debit, and net banking details. Sharing of the wallet is also enabled for a particular purpose.
Things are moving very fast but still, a lot needs to be done in terms of wireless credit card reader.
These were the top mobile wallets in India. There are many more mobile wallets in India which are working quite well and you should use as per your requirements. If you are looking for more business news, you may browse through https://ferasantoonreports.com
Are you using a mobile wallet to pay for the shopping or any kind of payment?