Top 5 trending mobile wallets in India
Mobile wallets are one of the best innovations in the field of technology. Millions of people are making payments from these e-wallets, which are easy to use
New Delhi: Gone are the days when people used to carry cash in order to shop. Now mobile wallets (m-wallets), or virtual wallets, have become quite popular. With these mobile wallets, you can pay just by using your smartphone. After demonetisation, more people have started using m-wallets. Digital wallets are one of the best innovations in the field of technology. Millions of people are making payments from these e-wallets, which are easy to use.
A look at the top trending mobile wallets:
Paytm is one of the most popular mobile wallets in India that offers users an online payment platform for secure transactions. Paytm is a user-friendly application and easy to use. Paytm, which is now a payments bank too, has over the last 4-5 years expanded into e-commerce, ticketing, and distribution of financial products. As a payments bank, its focus is also on building a banking customer base and to sell other financial products. Paytm is available on both platforms, Android and iOS.
Mobikwik wallet is an online payment wallet system where a person after logging in, can add money via his debit or credit card. After adding the money he or she can make transactions on mobile, DTH, pay electricity bills and much more. You can undertake all these transactions without any hard cash. MobiKwik is available to iOS, Android, and Windows Phone users.
JioMoney wallet has a simple interface and all the elements that matter are visible at once to users. For instance, your wallet balance, the option to recharge, send/request money, and pay at a shop are present on the main page itself. It is available in Google Play Store and Apple App Store.
Oxigen has a lively looking interface with a banner on special schemes running on top, followed by the options that are available. You can send or ask for money, pay bills and get recharges. Users feel secure with Oxigen while doing transaction because every time a six-digit one-time password (OTP) is sent to the registered mobile number. According to company website it has a retail footprint of 1,00,000 outlets and has processed over 2 billion transactions till date with a current transaction volume rate of 720 million transactions per annum. It has a large customer base of over 150 million. The Oxigen wallet app is available only to Android users.
State Bank Buddy
The mobile wallet app can be used to send money to new and registered customers, book movies, flights and hotels, as well as for shopping. It also has features like reminders to settle dues, recharge and pay bills instantly. This wallet app is available in 13 languages and allows users to set reminders for money transfers and clearing dues. The SBI Buddy app is available in Google Play Store and Apple App Store.
The number of mobile wallet users in India is expected to grow from the current 200-250 million to around 500 million in the next couple of years.
Cab rental services like Uber and Ola allow their customers to pay online using mobile wallets. Most digital wallets offer some discount or cashback for online payment.