A mobile wallet is a way to carry your credit and debit card information in a secure digital form on yourmobile device. Instead of using your physical plastic card to make purchases, a mobile wallet allows you to pay with your smartphone, tablet, or smartwatch in stores, in apps, or on the web.
A mobile wallet is a way to carry your credit and debit card information in a secure digital form on your mobile device. Instead of using your physical plastic card to make purchases, a mobile wallet allows you to pay with your smartphone, tablet, or smartwatch in stores, in apps, or on the web. You can also access Wells Fargo ATMs that display the contactless symbol when you add your Wells Fargo Debit or EasyPay Card to your mobile wallet1. Here’s an overview of how mobile wallets work.
There is no doubt about the fact that the demand for mobile wallets is on rise, and with security being the top most concern among developers, the usage of mobile wallets is only going to increase in the year 2019.
In fact, frictionless payment methods is what today’s customers love to see in the mobile apps that they use.
So, in 2019, mobile wallets as well as payment gateway integration that offer highest level of secured encryption will become mainstream in all kinds of mobile apps.
Mobile wallets are a new concept in India that has been slowly beginning to replace the traditional payment methods. Payment wallet is a virtual place to store money that can perform most banking functions. Demonetization has urged the customer to understand the advantage of digital payments for simplifying the daily transactions.
All it requires is to download these digital wallet apps from the app store or play store. With the advent of technology and increasing, use of smartphones and tablet devices made these apps so popular. Also, the development of Unified Payment Interface (UPI) made them performing transactions easier.
Mobile wallet trends in 2019
- Over 2 billion mobile wallet users
- More secure mobile wallets
- Contactless payment
Launched in 2010, PayTM works on a semi-closed model and has a Mobile wallets 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
PhonePe started as UPI payment app and later was acquired by Flipkart to be launched as a digital
pay through your phone wallet for the e-commerce giant. It definitely has a lot of smart people behind the app as a first time user will find the app really easy to use. Do use them if you shop often on Flipkart and pay bills online. It has great cashback offers on online Bill payments (electricity, DTH, water, mobile). The fast and good user experience of the app even though they highlight a
lot of services.
3. Airtel Money
Airtel Money easily has one of the largest user bases. However, most of the transactions on the
platform is limited to Airtel bill payments for mobile, broadband and other services. You can absolutely use it for online transactions like others but most users do not.
MobiKwik is an independent mobile payment network that supposedly connects 25 million users with 50,000 retailers and more. This mobile wallets 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. Owing to the growing need for convenience, MobiKwik
has also recently tied up with large and small time grocery, restaurants and other offline merchants.
5. Ola Money
Ola Money which is the payment wallet offered along with the OLA cab booking app has a large user adoption due it being one of the market leaders in the mobility space. However, most people use it for paying Ola bills or keeping the money for cab rides. Ola Money makes it easy and quick to pay for OLA cab rides, share passes, clearing Ola credit.
6. State Bank Buddy
This mobile wallets application was launched by State Bank of India to let users transfer money to other users and 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 and is available for non-SBI customers as well. This app also allows its customers to set reminders for dues, money transfers and view the mini-statement for the transactions carried out.
7. Citi MasterPass
Citi Bank India and MasterCard recently launched ‘Citi MasterPass’, India’s first global digital wallet for faster and secure online shopping. By using this, Citi Bank Debit And 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 and stores all your credit, debit, prepaid, loyalty cards and shipping details in one place.
8. ICICI Pockets
Pockets by ICICI is a digital bank that offers mobile wallets for its customers. It provides the convenience of using any bank account in India to fund your mobile wallet and pay for transactions. With Pockets, one can transfer money, recharge, book tickets, send gifts and 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 and provides exclusive deals or packages from associated brands.
9. HDFC Chillr
Chillr is an instant money transfer app created by HDFC to simplify money transfer and 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 and can be used to send money, recharge, split bills, request funds or transfer and will soon be able to pay at online & offline stores.
Axis Bank, the third largest private sector bank launched ‘LIME’, an application that offers a mobile wallet, payments, shopping and banking facilities. This mobile wallets 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 (Example: Gifts, vacations, etc.)