5 e-payment platforms accelerating India’s digital economy growth

The digital economy of India can be aptly chronicled into ‘before November 2016 and after.’ The surge in digital payments and wallets which sparked after demonetisation is continuing to run the payments landscape in the country.

Surpassing the United States last year, India has become the second-largest market in the world for mobile phones. With the internet becoming readily available, smartphones easily affordable, and the government’s push for a cashless economy, India has more reason to amplify its payment channels. A report by Credit Suisse states that the mobile payments market in India, which was at $200 billion in 2017, could expand to $1 trillion by the year 2022, which signifies a 5X growth.

The entry of NPCI-owned Unified Payments Interface (UPI) is another major contributor to the payments space in India, which amounted to 2 percent of the country’s payment volumes last year. Right now, UPI’s contribution is around 20 percent.

Razorpay’s CEO Harshil Mathur, who has been watching the payments landscape closely, believes that the reason behind the significant adoption of UPI is that it is one of the only instruments in the country today built with a mobile-first design and approach.

Though cash is still king in many places and debit/credit cards make for their own domination, the level of convenience of digital payments has its own niche, thanks to the disruption of digital wallets like these:

Paytm

Founded in 2010 by Vijay Shekhar Sharma, Paytm has been the flag-bearer of this space for the past three years. While the company scaled up the ladder in 2017, it also reached the top rung both as a mobile wallet and a business in 2018. In 2017, Paytm became the country’s first-ever payments app that had crossed 100 million downloads.

As of July 2018, Paytm crossed an annual run rate of five billion transactions a year, with $50 billion in annual gross transaction value. The same year, One97 Communications (the parent company) had raised more than $2 billion from investors like the Chinese tech giant Alibaba and Japanese titan SoftBank, while renowned investor Warren Buffett’s investment firm Berkshire Hathaway picked up a stake in Paytm for $356 million.

Apart from facilitating payments and services in 11 languages, for gas, water, electricity, mobile and metro recharges, movie ticketing, trains and flights, several other Paytm products like Paytm Mall, Paytm Payment Bank, Paytm Money, Paytm Gamepind, and Paytm Smart Retail have added to the success.

The company achieved its billion-dollar valuation in 2015, and is now reportedly heading towards a $16 billion valuation with the ongoing process of raising a new round of funding.

Google Pay

Starting as a search engine, Google has pushed itself into advertising, marketplaces and cloud storage for consumers and businesses, cloud computing a product suite, web browser, mobile devices like smartphones, watches, laptops and pretty much anything in the digital consumer landscape. It then turned to payments.

Initially released as Android Pay in 2015 at Google I/O, it rebranded its platform to Google Tez for the Indian market in 2017, and then Google Pay in January 2018.

Within 37 days of the launch in India, Google Pay had 8.5 million app installations and only within 40 days, 30 million transactions were recorded.

It is reported that Google Pay has now clocked more than 65 million monthly active users (MAUs) and digital transactions worth $110 billion in India alone. Recently, it has launched Google Pay for businesses to facilitate direct digital payments for merchants without any intervention from an agent.

PhonePe

Founded by the Flipkart mafia – Sameer Nigam, Rahul Chari and Burzin Engineer, in June, the Bengaluru-based payments company reached an offline merchant base of more than five million. This was a rapid increase from January 2019, when the total offline merchants on the platform stood at 1 million, which crossed three million in April.

Besides being a digital wallet for payments, PhonePe also launched its own apps platform in 2018, allowing customers to place orders on Ola, Myntra, IRCTC, Goibibo, redBus, Oyo and Treebo, etc.

It has also partnered with online gaming startup Mobile Premier League. Right now, the payments startup is aiming to bring in more partners across categories like travel, mobility, food, hyperlocal, shopping and entertainment.

Owned by Flipkart, which has a 100 percent stake in PhonePe, in March this year, the Flipkart board gave an in-principle approval to hive off PhonePe as a separate entity after investing Rs 700 crore in it.

Three months later, in July, PhonePe received a capital infusion of Rs 698 crore again from its parent company. At present, PhonePe is valued at more than a billion dollars.

The offering includes instant settlements and zero processing fee on UPI transactions for merchants. At present, PhonePe is present in more than 150 cities across India, and continues to expand into new geographies.

MobiKwik

Founded by husband and wife Bipin Preet Singh and Upasana Taku, MobiKwik has been around since 2009.

Having raised more than $118 million in funding so far, the payment gateway claims to now have 20 million credit cards and more than 94 million unique cards saved on its platform.

Its clientele includes the likes of Uber, IRCTC, Dream11, Zomato, Delhivery, Dominos, Maruti Suzuki, Grofers, Blue Dart, and Bajaj Finance. Reportedly, the startup has claimed a 94 percent success rate in its transactions.

Currently, MobiKwik claims to have a user base of more than 107 million users, 3 million merchants and over 200 billers. The payments startup claims that it will enrol at least 10 million users by FY 2020 to avail at least three financial services on the MobiKwik platform.

In June this year, the startup entered a partnership with DT One, a global B2B network for mobile top-up solutions. After the agreement, MobiKwik has crossed international waters to offer mobile recharge in 150 countries across 550 mobile operators.

Amazon Pay

To lock horns with Paytm, PhonePe, and most pertinently, Google, Amazon Pay is catching up fast. Amazon launched its payments arm Amazon Pay in 2016. Ever since, Amazon Pay has been pumped in with Rs 2,771 crore, according to Tofler’s business intelligence.

The digital payments arm of the ecommerce major has also acquired Bengaluru-based app aggregator Tapzo in August 2018, to ramp up its online payments business. In January this year, Amazon pumped in Rs 300 crore into Amazon Pay, through its Singapore and Mauritius-based group entities Amazon Corporate Holdings Private Ltd and Amazon.com Inc Limited.

Later in July, the ecommerce giant had infused Rs 450 crore into Amazon Pay unit in India.

In April this year, Amazon Pay launched person-to-person (P2P) payments on Android, allowing its users to make instant bank-to-bank transfers while leveraging the Unified Payments Interface (UPI) platform on the Amazon app.

Digital wallet Platform

As mobile wallet plays a vital role, Roamsoft introduces a digital wallet platform “R Pay” with customer app, merchant app, end- to- end admin panel. If you want to possess your own digital wallet solution then R Pay is the right choice.

Source: https://yourstory.com/2019/09/digital-wallets-india-amazon-google-paytm-phonepe-economy

Sirsi farm cooperative to launch digital wallet for members

TSS Wallet to allow cashless transactions

In an effort to popularise digital transactions among its members, a farm cooperative from Uttara Kannada district of Karnataka is set to launch its own digital wallet.

The 96-year-old TSS (Totagars’ Cooperative Sale Society) Ltd in Sirsi will launch the digital wallet for its members on September 11. The cooperative primarily deals in procurement and marketing of arecanut and pepper in the district.

TSS Wallet

Ravish Hegde, General Manager of TSS Ltd, told BusinessLine that the cooperative has taken various transaction-related activities of its members into consideration while planning its ‘TSS Wallet’.

The mobile wallet will enable TSS members to pay digitally for purchases at the TSS supermarket in the town, and to pay to their workforce in the farm.

Apart from viewing their account details maintained with TSS Ltd, members will get the daily market report of the agriculture produces sold through TSS Ltd. There will be options to transfer money to other bank accounts, and book tickets, recharge mobile phones and DTH, among others.

Read also: A cooperative that caters to almost all needs of farmers

The wallet also helps members to store important documents such as Aadhaar, voter ID, driving licence, land records, etc, digitally, he said.

There are also plans to popularise this wallet among other traders and service providers in the region. In this regard, the cooperative is planning to encourage QR code-based payments among the traders and service providers in the town. Hegde said TSS Ltd is partnering with the mobile wallet service provider ‘TA Wallet’ for launching the wallet.

Face recognition

TSS Ltd, which has around 30,000 members, also introduced ‘face-recognition’ system for its members for payments at its supermarket in Sirsi a few months ago. Hegde said the ‘face-recognition’ system enables members and persons authorised by them to buy the product they want at the supermarket, and pay digitally. The ‘face-recognition’ system helps deduct money from the account of the member concerned at TSS Ltd.

Terming it as a secure and safe system, Hegde said members need not pay cash or swipe cards for their purchases at the supermarket. This system prevents any kind of malpractices in transactions, he added.

Digital wallet Platform

As mobile wallet plays a vital role, Roamsoft introduces a digital wallet platform “R Pay” with customer app, merchant app, end- to- end admin panel. If you want to possess your own digital wallet solution then R Pay is the right choice.

Source: https://www.thehindubusinessline.com/economy/agri-business/sirsi-farm-cooperative-to-launch-digital-wallet-for-members/article29389599.ece

What Is a Digital Wallet and How Does It Work?

Digital wallets have been around in some form for years, but recently, the technology has grown to become a major part of the way we make transactions across the world. If you’re interested in why you might want to adopt a digital wallet, read more.

What Is a Digital Wallet?

A digital wallet, sometimes called an e-wallet, is a service that allows you to pay for things, usually through a mobile phone app. It also stores a number of other items a traditional wallet would hold, such as a driver’s license, gift cards, tickets for entertainment events, and transportation passes. Digital wallets are not only easier to use in some cases but are also generally considered to be more secure than a traditional wallet.

How Do Digital Wallets Work?

Digital wallet software is traditionally housed through a mobile app on a smartphone, but can also be used in a variety of other formats such as a physical device or on your personal computer. The smartphone app version of the digital wallet is by far the most popular today due to its flexibility and mobility.

These digital wallets typically require you to download a digital wallet app on your smartphone. These can be created by your bank of choice or a trusted third party. Make sure you do your research and confirm the company’s trustworthiness before providing your financial information to an app.

Typically, you must find a point of sale (POS) system terminal that is compatible with your digital wallet in order to use it. Usually, you will be able to identify this through the contactless symbol displayed at checkout. Some POS systems also allow you to pay using Magnetic Secure Transmission technology. While contactless payments can be more difficult to find, many modern POS systems can support Magnetic Secure Transmission payments.

Once you find a POS system that is compatible with your digital wallet app, you can simply hold your smartphone up near the sales terminal to pay. Sometimes you can even pay directly through your app.

This rule can also apply to some ATMs, where you can withdraw cash from the app when in close proximity to a compatible ATM.

What Are the Different Types of Digital Wallets?

Digital wallets have been slowly gaining in popularity over the years. There are a multitude of digital wallet apps to choose from, but which one is right for you?

Paypal One Touch

Paypal is one of the oldest major digital payment companies, so if you’re looking for a tried-and-true, trustworthy company, look no further! Paypal One Touch is an extension of Paypal’s usual services. The app allows you to transfer money or make payments much faster than usual, having you skip the login screen and the tedious process of entering your password. This experience can also be had across your desktop, tablet, or laptop. The downside is that Paypal (PYPL – Get Report) still charges a fee to transfer from a credit card or convert a transaction into a different currency.

Apple Pay

Apple (AAPL – Get Report) Pay is a clean, streamlined digital wallet app that is exclusively for iPhone or Apple Watch users. It allows you to take part in transactions both in-store and online. In-store, you simply need to verify your identity using your smartphone’s pin number or FaceID, then hold your device near a compatible POS system to complete the transaction. One of the main advantages of Apple Pay is the ease of experience, allowing you to make payments seamlessly and securely.

Venmo

Though now owned by Paypal, the app boasts 40 million users as of April 2019. Centered around a social media-like feed, it allows for easy and painless transfers between friends. However, some small companies have even begun to utilize the app in place of cash trips.

All transfers are entirely free, unless you are transferring funds from a credit card, when they apply a 3% charge to the transaction. Instant transfers are also subject to a 1% charge. For all other transfers, there is around a three-day turnaround for bank transfers. One thing that makes this app so great is how easy it is to get started. All you need is an email address and a bank account or credit card.

Samsung Pay

Samsung Pay is one of the most well-established digital wallet apps available. They have been in operation since 2011. Though it’s only for Samsung (SSNLF) users, it’s incredibly versatile. It allows you to pay in person, on the app, or online — with the potential to earn special rewards at major retailers and cash back along the way. This creates a powerful combo that is difficult to resist.

Before committing to Samsung Pay, be sure that your financial institutions of choice are covered. Though they support most major financial institutions and a multitude of smaller ones, it never hurts to double-check.

eWallet

eWallet is one of the few digital wallet mobile applications that cost $9.99 in the app store. However, the app’s robust offerings more than compensate for the cost. eWallet also sells software for Mac or Windows desktops, allowing you to get an even more seamless experience across devices. The app not only holds your credit and debit card information but also your other essentials like:

  • Passports
  • Insurance cards
  • Loyalty program cards
  • Library cards
  • Airline frequent flyer cards

It’s important to note that mobile payments aren’t possible through this app. Instead, it securely stores sensitive information and allows you to easily access it.

What Are the Benefits of a Digital Wallet?

Aside from simply feeling like you’re living in the future, digital wallets have a lot of benefits over a physical wallet. Here are some of the many reasons why you might want to consider adopting a digital wallet app or software.

Convenience

Rather than digging your card out of your likely bulging wallet, you can simply hold your smartphone up to a terminal at checkout and be ready to go. Online transaction processes are also streamlined, allowing you to shop online quickly. Let’s be honest, it’s also pretty nice to not have to carry around a heavy wallet brimming with cards and cash.

Organization

How many times have you had trouble finding something in your wallet between your ID, credit cards, reward and loyalty cards, and errant receipts? Digital wallets don’t have this problem. Most apps allow you to easily organize all of your information in an easy-to-access way, saving you time shuffling through your wallet for the items you need.

More Security

Physical wallets can easily be lost or stolen. If you have ever lost your wallet either through an accident or theft, you know firsthand how time-consuming and stressful it can be to cancel and replace all of your cards, identification, and more. You also lose out on any cash that you were carrying. A digital wallet negates these problems. Even if you lose your phone, the person would need to break your password on your phone, then any passwords or Face IDs used to protect your digital wallet app.

Additional Bonuses and Rewards

Many digital wallet apps give their users access to numerous benefits and rewards that can give you a little more “bang for your buck” on certain purchases. These benefits can be layered on top of cash back and special rewards offered by your credit cards, allowing you to maximize your free bonuses on purchases.

Are Digital Wallets Safe?

While you should always be concerned about your personal information, major digital wallet apps are widely considered to be safe. In fact, they are likely more safe than carrying your financial information and other sensitive documents in a physical wallet.

Additionally, all reliable digital wallet apps heavily encrypt their user’s payment information, making it difficult to compromise when the information is being transferred from the application to the payment system. This can actually help protect your information if a retailer or company you purchase from has an information leak or hack.

Digital wallet Platform

As mobile wallet plays a vital role, Roamsoft introduces a digital wallet platform “R Pay” with customer app, merchant app, end- to- end admin panel. If you want to possess your own digital wallet solution then R Pay is the right choice.

Source: https://www.thestreet.com/technology/what-is-a-digital-wallet-15100753

OnePlus Goes After Digital Payments With OnePlus Pay Mobile Wallet Service

Chinese smartphone maker OnePlus is ready to foray into digital payments landscape, along the lines of Samsung, Google and Apple. The company during the launch of its latest smartphone and smart TV said that it will also launch OnePlus Pay, a digital payments service.

Szymon Kopeć, the head of the Software Product Growth division at OnePlus said, “There’s a very fantastic product we’ve been working on for a little over a year now. I couldn’t be more excited to tell you guys that starting sometime next year, you will no longer need your physical wallet as we are announcing OnePlus Pay.”

The company hasn’t divulged many details about these plans but Kopeć said that the company will bring something that the Indian market has not seen so far in the digital payments sector.

With a debut set for 2020, there’s some speculation about OnePlus Pay being an alternative to Google Pay and other UPI-based services, but Kopeć saying that users won’t need a physical wallet could also mean a cards-plus-wallet service with tokenization.


Related Article: How OnePlus India Plans To Leverage ‘Never Settle’ To Build A Premium O2O Smartphone Experience For Indian Users


OnePlus entered the Indian market in 2014 as a mid-tier premium smartphone brand, and has quickly risen to become a notable challenger in the premium segment (smartphones priced over INR 30K), competing with Samsung, Apple and others.

OnePlus Cloud Launched

Further amping its game against Samsung, Google and Apple, OnePlus Pay is another addition to the increasingly competitive payments landscape. But OnePlus is also entering the cloud storage business with OnePlus Cloud for users of OnePlus devices.

The service will be available for OnePlus 7T users and will reach the OnePlus 7 series with the Android 10 update. OnePlus Cloud will require users to login with their OnePlus Account ID and access online storage on OnePlus servers.

With OnePlus Cloud, users will be able to create device backups similar to how it happens with Google Drive. Users can store photos and videos from the OnePlus Gallery app. However, OnePlus will only offer 5GB cloud space as standard and as an introductory offer, users will get an additional 50GB data for the first year.

OnePlus Invests Big In India

OnePlus recently announced its commitment to invest INR 1000 Cr over the next three years in its India operations with a focus on R&D. The company launched its research and development facility in Hyderabad last year, which works on the development of India-specific software features for the company’s OxygenOS Android UI.

According to the International Data Corporation’s (IDC) Asia/Pacific Quarterly Mobile Phone Tracker, the Indian smartphone market saw the highest-ever second-quarter shipment of 36.9 Mn in 2019. In terms of growth, the $400-$600 segment had the second-highest rate with 16.3% YoY growth in Q2 2019 — OnePlus led this segment with a 63.6% share opting for the newly launched OnePlus 7 series.

At the same time, Samsung had a 22% share, while Apple was at 20%. The company is also looking to increase focus on offline store expansion to boost sales of its premium phones in a market where 95% of all handset sales are budget-level smartphones.

OnePlus is now looking to expand its brand stores in India to 25 by 2020. With the jump into digital payments landscape, OnePlus is looking at challenging mobile wallet players such as Paytm, PhonePe, Amazon Pay etc. According to NITI Aayog’s “Digital Payments (2018 edition)”, India’s digital payments industry is estimated to grow to $1 Tn by 2023. It also suggested that the value of digital payments will likely jump from the current 10% to over 25% by 2023.

Digital wallet Platform

As mobile wallet plays a vital role, Roamsoft introduces a digital wallet platform “R Pay” with customer app, merchant app, end- to- end admin panel. If you want to possess your own digital wallet solution then R Pay is the right choice.

Source: https://inc42.com/buzz/oneplus-goes-after-digital-payments-with-oneplus-pay-mobile-wallet-service/

Swipe launches Digital Wallet on Apple and Google Play Stores

The Swipe Wallet mobile application is now available on the Apple iOS App Store & Google Play Store.

Swipe Wallet is excited to announce the launch of the Swipe App, a Digital Wallet application, on the Apple iOS and Google Play Stores. Now users around the world can download the Swipe Wallet application on their iOS and Android based devices and instantly create a multi-asset and multi-currency Wallet with fast KYC on-boarding. The Swipe Wallet application allows users to buy, sell, manage, exchange, and pay with any supported digital currency directly with a “swipe” of a few buttons.

With a Digital Currency Wallet built into the application user will also be able to send and receive digital assets/currencies directly within the app as well. All services and fees collected within the Wallet use Swipe’s native digital currency token (SXP) as the gas and fuel of the ecosystem. Built on the Ethereum platform, users will transparently be able to verify all fees and platform activity regarding SXP directly on the blockchain and a block explorer.

Joselito Lizarondo, Founder & CEO of Swipe, said: “Swipe Wallet will give users around the world a platform and application to use their cryptocurrencies in real time. With a dynamic platform and a wide array of features, users will be able to access all traditional financial services features as well as digital currency products. We are extremely excited to be approved in the Apple and Google app stores and will continuously work on bringing exciting products and updates to our users. Powered by Ethereum, we are bringing real-world applications to the blockchain.”

Learn more about Swipe Wallet at: https://swipe.io

About Swipe Wallet
Swipe Wallet is a Digital Application that enables users to buy, sell, and pay with all supported digital currencies. Swipe Wallet is headquartered in London, United Kingdom with locations in the United States, Estonia, and Philippines with a mission to enable users around the world access to financial services tied into digital currencies. Coupled with the Swipe Wallet is the Swipe Debit Card that will be enable users in the future to spend their cryptocurrencies.

Digital wallet Platform

As mobile wallet plays a vital role, Roamsoft introduces a digital wallet platform “R Pay” with customer app, merchant app, end- to- end admin panel. If you want to possess your own digital wallet solution then R Pay is the right choice.

Source: https://www.prnewswire.com/news-releases/swipe-launches-digital-wallet-on-apple-and-google-play-stores-300917900.html

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

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

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

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

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.

As mobile wallet plays a vital role, Roamsoft introduces a digital wallet platform “R Pay” with customer app, merchant app, end- to- end admin panel. If you want to possess your own digital wallet solution then R Pay is the right choice.

Source: https://www.livemint.com/Companies/fxk2sJoKy7aQd9apRKEXqL/Top-5-trending-mobile-wallets-in-India.html

Best Mobile Wallets in India 2019

There are many mobile wallets exist in India, but only a few mobile wallets are the choices of Indian citizens.

Best Mobile Wallets in India 2019

Following are the lists of best mobile wallets in India 2019:

Paytm: Paytm is a mobile wallet, founded in 2010 is the best and most popular mobile wallets in India. Paytm is used to do an online payment, online shopping, to book movie tickets, railway, and air ticket bookings. Paytm is also used to order food and to do mobile recharge. Paytm recently partnered with premium educational institutions in India to introduce cashless payments for school fees, bills, and other expenses.

PhonePe: PhonePe started in 2015, and in just four years, it has been able to cross 100 million download mark. Only like Paytm PhonePe also offers the services of online transactions, but Cashback offers provided by PhonePe is quite different from paytm.

Freecharge: Freecharge started in August 2010 in Gurugram, Haryana. But now its headquarter is in Mumbai. FreeCharge consumers can pay landline bills, utility bills or recharge mobile, DTH, broadband, etc. FreeCharge also allows its consumers to invest in mutual fund and get easy credit through FreeCharge EMI.

Mobikwik: Mobikwik is one of the fastest growing digital wallet systems. Mobikwik has witnessed around 35-40% rise in the number of online traffic since the Government of India has announced demonetization.

Google Pay: Google Pay, formerly known as Google Tez, is not a wallet. Google Pay allows its consumers to use their bank account to transfer money from one bank account to other bank accounts, to pay various kinds of bills with the help of a UPI.

Amazon Pay: Amazon is expanding its business at a significant level. Most of the Indians generally think that Amazon is only serving their clients in the field of e-commerce, but the truth is very much different because Amazon is helping their clients in various other areas also and one of the best services provided by Amazon is Amazon Pay.

Amazon Pay is a mobile wallet or a digital wallet used to do online transactions for various things like mobile recharge, DTH, electricity bill, landline bill, gas, and water bill. Amazon pay is also used to make payment for the products that you are buying from Amazon itself, and we can use Amazon pay for sending money to other users.

We have to make one thing very clear; Amazon has not launched any separate mobile app or website for amazon pay as Amazon is providing this service in the app and website which people are using for e-commerce purpose.

Airtel Money: Airtel is the popular cellular networks in India. The new Airtel money provides limited but some beneficial services to its consumers.

Just provide your KYC details, and you will get a saving account on Airtel Payments Bank, which will give you a virtual debit card for online shopping. Airtel money also provides some other features including mobile recharge, bill payments, and transferring money using BHIM UPI.

The app further provides offers from online travels, entertainment, and food merchants. You can get all these offers and services from Airtel money, all you need is just an Airtel Sim Card.

Mobile Wallets Market in India

The market of Mobile Wallet in India is going higher and higher day by day since the demonetization. All these facts discussed above gives us a conclusion that the demand for mobile wallets is a remunerative one, with investors ready to invest money.

As e-commerce continues its rapid growth in Asia, mobile wallets have become one of the most preferred ways to pay online. Most of these wallets comprise multiple payment methods, from bank transfers to credit cards, debit cards, gift cards, and more.

According to the National Cyber Security Coordinator in the PMO, Mr. Gulshan Rai, mobile wallet transactions in India have increased 40 times in the last five years, and each service provider is targeting India market for its services.

Mr. Rai also said that online transaction in India was growing 1.5 times faster than the global average.

It is because the digital transaction in India is the first and the favorite choice of youths in India, and they are helping mobile wallet companies to set up an active market in India.

So by following all the theories mentioned above, it is very much believed that market of mobile wallet in India is at its peak after the demonetization which is helping Indian economy and the mindset of Indian society in terms of digital transaction and mobile wallet.

Conclusion

Technologies around the world have been developed only to solve our problems. And the mobile wallet is one of them.

Adopting new trends without forgetting the old ones is the perfect way to balance your life in the world of technology. We have to put some efforts to support these new technologies, but at the same time, we have to judge the pros and cons of these technologies to avoid future difficulties.

Mobile wallet considered as the easiest possible way to make financial transaction anywhere around the world, and the reality is that mobile wallet also contributes to the betterment of society in many ways.

As we discussed earlier, that every technology has its advantages and disadvantages, so we have to make a perfect balance between these two aspects.

We can not refuse any mobile apps or any other technology based on their disadvantages, as we have to understand all the aspects of a particular technology.

Mobile wallets in India are looking to target the year 2019 to set up some new and unbelievable records by helping us to perform a safe and secure digital transaction.

Keep your trust on mobile wallets, and you will surely realize that 2019 is a year of Mobile wallets in India.

Digital Wallet Platform

As mobile wallet plays a vital role, Roamsoft introduces a digital wallet platform “R Pay” with customer app, merchant app, end- to- end admin panel. If you want to possess your own digital wallet solution then R Pay is the right choice.

source: https://magnetoitsolutions.com/blog/year-of-mobile-wallets-in-india

Number of Mobile Wallet users in India

After some revolutionary steps like demonetization taken by Government of India, the mobile wallet is now a reality in India.

Number of Mobile Wallet users in India

As we all know, the use of smartphones is increasing exponentially in India, and this increase is directly helping the mobile wallets system to get some great existence.

According to eMarketer, India has 337 million active smartphone users until November 2018.

Now, according to Cisco, by 2022, there will be 829 million smartphone users in India, which will be 60% of the total population.

With so many people using smartphones in India, the use of mobile wallets are also increasing day by day.

According to the report released by eMarketer over the total number of smartphone users in India in 2018, India had 73.9 million people using mobile wallets.

Mobile Wallets: Advantages and Disadvantages

All the technologies in this high profile world have its advantages and disadvantages, no matter how superior that technology is.

Similarly, Mobile Wallets also has its advantages and disadvantages.

Let’s have a brief look in these areas.

Advantages:

1) Easy accessibility: Using a mobile wallet for day to day transactions is straightforward. All you need to do is downloading the app and creating a user ID and password. And the best part of the mobile wallet is that you can use it anytime, anywhere if your internet connection allows you to do so.

2) Security: By using a mobile wallet, users no longer have to presume the security dangers related to cash or worry whether they have enough money in their bulky physical wallets so that mobile payments decrease theft risks of having cash on hand. Moreover, mobile payment is a secure way to make payment.

3) A range of uses: Mobile Wallet is an all-rounder player just like Kapil Dev. Yes, you heard it right. Starting from bill payments for DTH, postpaid, data card to buy air and train ticket, from online shopping to ordering Pizza, Mobile Wallets can be used each and everywhere in the digital world.

4) Discount and Cashback Offers: Mobile wallets and Payment gateways like PayTM and Google Pay offer various kinds of cashback offers and discounts in every digital transaction, and it helps you to enjoy many incentives, freebies, and discounts. The government also have announced a list of excuses for going cashless.

Disadvantages:

1) Not always accepted: Mobile payments, especially in the country like India, is not still accepted everywhere. Even in the metropolitan cities like Mumbai, some shopkeepers don’t have faith in the mobile wallets.

2) Internet Connection: As all mobile wallets works on the internet, internet connection is one of the significant problems in the country like India where it’s tough to get fast internet connection in most of the country.

3) Supported by certain phones: Mobile wallets do not support all the phones, and that is why it’s tough to use mobile wallets in such kind of phones.

4) Payments are bind to your phone: If your phone is lost or stolen or even if the battery dies, you are out of luck because you can’t make payments.

Importance of Mobile Wallet in 2019

In India, Mobile wallets are becoming favorite day by day. And people are making a great habit of using mobile wallets in there daily life.

However, India still has to cover a significant distance to achieve the target of Cashless India.

Nowadays, many mobile applications like PayTM, Mobikwik, PayPal, PhonePe, Google Pay have been developed to give massive support to the cashless transaction.

Several new online games like LOCO and MPL have been started, which allows us to win the game and money as well. And then we can transfer that money in our mobile wallet.

But still, 2019 will be crucial for India because many more new technologies will be added to attract users with some joyful cashback offers.

Many cities in India are remaining to adopt mobile wallets, and 2019 will be the year for those cities.

Various Mobile Application Development Companies are also developing on-demand apps for mobile wallets.

Apart from mobile wallets, various other apps and technologies will be in the discussion in 2019, but still, mobile wallets will remain on top in India.

Digital wallet platform

As mobile wallet plays a vital role, Roamsoft introduces a digital wallet platform “R Pay” with customer app, merchant app, end- to- end admin panel. If you want to possess your own digital wallet solution then R Pay is the right choice.

Source: https://magnetoitsolutions.com/blog/year-of-mobile-wallets-in-india

2019: Year Of Mobile Wallets In India

The trend of Mobile Wallets & Payment Gateways in most parts of the world has increased a lot, especially in India. Alone in India, we have seen that the trend of Mobile Wallets and Payments Gateways has grown exponentially in the last two years.

From Petrol Stations to Online shopping, the mobile wallet is now highly used to pay any amount of money with no fear.

The mobile wallet is now the first and also the favorite choice for most of the youth in India.

Around ten years back, this mode of payment seemed to be unachievable for most of the people in India, but techies in India kept their faith that one day India will surely see a generation of Mobile Wallets.

And guess what? We are witnessing the same.

Now the situation is visible because of the use of mobile wallet is rapidly growing, helping in the betterment of the Indian economy and reducing chances of corruption.



Now, like most of the technologies, this technology also has its advantages and disadvantages.

In this article, We will go through all the aspects of Mobile Wallets and its importance in 2019 in India.

What is a Mobile Wallet?

Before discussing anything, first, we have to keep an eye on the question of what Mobile Wallet is?

What is a Mobile Wallet

Mobile Wallet, or sometimes known as Digital Wallet, is an electronic device or online service that allows an individual to make electronic transactions. These electronic transactions include purchasing items online or buying something from the store with the help of smartphones.

The Popularity of Mobile Wallet

After the idea of a financial transaction using mobile phones initiated by Coca Cola, this idea gets massive support in the different parts of the world and slowly and steadily innovations, inventions, and changes introduced in the field of the mobile wallet.

As time passes, the popularity of Mobile Wallet increased day by day. Mobile devices are used for movie tickets, arrange travel, and even order food items like Pizza. Online shopping and for petrol stations, mobile wallets used at a vast level.

According to TechBullion, by 2003, over 90 million cell phone users have made a purchase using their mobile devices all over the world. And by 2022, this number is expected to rise exponentially.

Many developments came into the picture in the field of mobile wallet, which generally helps this technology to gain some real popularity. Scanning QR Code and cashback offer made things easy for consumers. Many organizations all over the world have tried to give their contributions to the development of a mobile wallet.

Amidst all these developments, Google and Apple came out as a significant player in mobile wallets.

Apart from Google and Apple, many more new companies came into existence and introduced their mobile wallet.

Just the thing is that some companies got some real success and some companies were not able to do well.

Mobile Wallet adoption in India

Since the dawn of the digital era in India, most of our attention has moved from face to face conversation online. It is only because of the youths of the new generation in India who started trusting the internet and realized the importance of going digital. Many innovations, ideas, and inventions have been introduced on the path of digital India to make the dream of Digital India a reality.

Mobile Wallet adoption in India

Even after all innovations and inventions to be digital, a mobile wallet was still unable to gain an edge in the Indian market.

On 8th November 2016, it was around 8 PM, and I have found 5-6 notifications on my cell phone from THE HINDU app. And all those notifications were showing that Government of India announced the demonetization of all ₹500 and ₹1000 banknotes.

That was the day after which Mobile Wallets such as PayTM, Mobikwik, and Ola Money came as a boon during November and December 2016.

India’s journey in the field of the mobile wallet is making its way towards success. From the launch of 1s mobile wallet, India has now over 15 mobile wallets with over 70 million users.

After that, on the way of Digital India, India has never looked back and now India is the world’s largest-growing mobile payments market.

On the road of success, everyone faces lots of hurdles.

Similarly, in the process of adopting mobile wallets during demonetization, Indian citizens faced some harsh challenges but now use of mobile wallet is very common in India.

Digital wallet platform

As mobile wallet plays a vital role, Roamsoft introduces a digital wallet platform “R Pay” with customer app, merchant app, end- to- end admin panel. If you want to possess your own digital wallet solution then R Pay is the right choice.

Source: https://magnetoitsolutions.com/blog/year-of-mobile-wallets-in-india

How wallet companies prevent fraudulent mobile transactions

Paytm is experimenting with facial recognition technology to secure mobile transactions. MobiKwik has introduced card checks and device ID checks. Oxigen Wallet has launched mobile virtual cards powered by Visa for users without debit or credit cards to transact securely on ecommerce sites.

These companies are all in the fastgrowing digital wallet space and are trying to ward off what could emerge as the biggest threat to their business in 2016 – fraud.

Within the realm of digital wallets, mobile recharges, bill payments and ticketing and recharge applications are the most vulnerable due to the benefits and cashbacks that go back into customers’ accounts, say experts. Mobile recharges, bill payments and ticketing and recharge applications account for about 95% of digital wallet frauds.

“India offers a very unique challenge because consumers are gullible,” said Vijay Shekhar Sharma, cofounder of Paytm, which claims to be the digital wallets leader with over 120 million registered users and more than 2.5 million transactions daily, on average. “So, we have to find out ways to run the system even more than differently than the rest of the world.”

Paytm itself blocked about 5.5 million users in 2015 after they were hit by fraud. The company even barred about 17,000 of its 1 lakh merchants over the past eight months.

“Fraud is fast becoming an area of concern for retailers as they gear up for further growth in online commerce” with the number of users making online transactions growing exponentially, the Associated Chambers of Commerce & Industry of India said in a recent report. With the surge in the number of companies in the online wallet space, the risk of fraud has been rising in recent months, Mumbai-based digital payments company TranServ said. During September-October, mobile wallet fraud peaked to 3-3.5% of value, 15-20 times the levels in ecommerce, it said.

The problem areas are the same for all wallet companies, which are mostly focussing on controlling and preventing fraud while adding customers to widen market share.

India has about 135 million wallet users, according to market research firm and consultancy 6Wresearch. PayU Money, Paytm, MobiKwik, Oxigen and My Mobile Payments have captured around 70% of the market revenue, in no particular order, senior consultant Rajat Kharbanda said.

Fraudulent transactions through mobile wallets are estimated at about 1% of the market at present and experts expect them to rise to more than 2% in a couple of years, when the customer base would have widened.

6Wresearch predicts the value of India’s mobile wallet transactions will reach $11.5 billion by 2022. According to Counterpoint Technology Market Research, the segment was worth $3.2 billion in 2015, with an average transaction value of close to $2.

Paytm is attempting to replicate its major shareholder Alibaba’s ‘Smile to Pay’ feature on its app. ‘Smile to Pay’– which Alibaba founder Jack Ma showcased in Hannover, Germany, early last year as one of the beta-stage innovations that it had in store for AliPay – requires a person to look into the camera of a smartphone in order to complete a transaction on the app.

Sharma said Paytm is working on this ‘selfie’ technology to better secure transactions on its platform. “Facial recognition technologies are enabling better mobile commerce. We’re experimenting with it, but launching it is a little different.”

He wasn’t sure when it could be introduced in India. “RBI needs to identify whether face recognition can work as anything beyond a log-in technology,” he said. Moreover, India needs abundant data connectivity and until there is a pervasive presence of mobile Internet such as 4G, heavy image-processing and videocentric features on apps may not work.

The company is also working on other security features with AliPay including iris authentication and thumbprint verification for phones that support them. “Since we are in the business of money and give away a lot of incentives in the form of cashbacks, we do come across users who try to game the system,” said Bipin Preet Singh, CEO of MobiKwik.

Nitin Gupta, cofounder of PayU India, which runs the PayU Money mobile wallet, said recharges are most targeted by fraudsters since the gratification is instant. PayU Money mobile wallet has 8 million customers.

We have seen users creating several accounts on our system to claim cashbacks multiple times,” MobiKwik’s Singh said. Fraud accounts make up less than 0.08% of MobiKwik’s 25 million users. 6Wresearch added that while mobile recharges have led the market due to the small value of the transactions, tremendous growth in money transfer, bill payments and ticketing can be anticipated over the next six years.

Once a fraud account is detected, it is blocked and no longer allowed access into the system. “Our fraud detection and analysis team closely studies user and transaction data to detect patterns of unusual behaviour,” MobiKwik’s Singh said. The company introduced card checks and device ID checks as counter-measures and they have worked so far. Similar steps were taken by Paytm, which captures Internet connection and device footprint and location to detect and prevent fraud.

Digital wallet Platform

As mobile wallet plays a vital role, Roamsoft introduces a digital wallet platform “R Pay” with customer app, merchant app, end- to- end admin panel. If you want to possess your own digital wallet solution then R Pay is the right choice.

Source: https://economictimes.indiatimes.com/small-biz/startups/how-wallet-companies-like-paytm-mobikwik-oxigen-wallet-are-trying-to-prevent-fraudulent-mobile-transactions/articleshow/50598068.cms