Mobile Wallets in India
Top 7 Mobile Wallets in India | MadToKnow™
The era of Mobile Wallets in India bloomed significantly after the massive Demonetisation in the Indian History. From offering Cashless Transactions to massive Cashback Scheme, there were a ton of Payment Gateway Mobile Wallets Market in India rushing to open their share in the market. In this blog post on mobile wallets in india, we would be discussing on top 10 mobile wallet companies in India and how are they benefiting the Indian Economy !
Importance of Mobile Wallets in India
Even before you reading this blog post, I’m pretty sure that you already have atleast 2-3 mobile wallets in your smartphone. Isn’t it? From Paytm to Phonepe, Tez to Mobikwik. We are covered with fantastic applications that provide massive discounts and cashbacks for customers while checking out. We have also come across banners and ads during the shopping festival of Amazon, Flipkart and Snapdeal which says Instant 20% Cashback on all Electronic Items, Clothing, Accessories and what not. By doing so, we have almost come to a point where we are making our country to go Digital India !
Well, the main aspect of why should we use a Mobile Wallets in India is because of the following simple factors.
- Transfer Money Instantly with just a Phone Number or UPI ID.
- Simple and Safe around the clock without any complications of finding a nearby bank.
- Getting Instant Cashbacks and Discounts across leading retailers in the country.
Top 7 Mobile Wallets in India
- Paytm – A leading brand in the market handled by One97 Communications. Paytm has enabled many merchants to easily collect payments over the internet with just a click. Paytm users can now easily checkout across ecommerce stores with prepayment money stored in their wallets. Founded by Mr. Vijay Shekhar Sharma in the year 2010, had successfully crossed the margin of 500 million active downloads by the early 2016. They are now also providing massive cashback offers on Buses, Flights, Recharge, Bills and even Gold shopping.
- Mobikwik – A gurugram (Formerly Gurgaon) based company started in the year 2009 by Bipin Preeth Singh with a aim to provide mobile wallets in india by which a customer can easily add money to their wallets and use it for e-commerce shopping. They have worked out now to become the second largest mobile wallet companies in India. The cashback is powered by Super Cash which has its own limitations.
- Phonepe – Started of with a motive of UPI – Unified Payments Interface was later acquired by Flipkart. It was started of in the year 2015 by its CEO – Sameer Nigam. A easy to use app which provides discount and cashbacks for paying electricity, water, gas, landlines etc. bills.
- Freecharge – A Gurgaon based Fintech Company basically started of with Mobile, Landline, DTH Recharging and later grew to provide free coupon codes with McD, Coffee Day etc. They claim to be the easiest method to recharge online and get rewarded.
- Momoe – Pay with mobile in just 0.3 seconds is what they say. Customers can now use Momoe to pay instantly to Groceries, Spas, Saloon, etc. having their present payment options restricted to only Bengaluru, they have now started Share Your Bill options. At present, ShopClues.com have acquired Momoe.
- Citrus Pay – Citrus Pay has completed a successful 1,00,000 + app installs. Founded in the year 2011 by the parent organisation Payu Payments have helped businesses in creating their own payment gateway for their business. Citrus Pay runs with an UPI which lets users to transfer funds directly from their bank account.
- State Bank Buddy – A buddy app launched by the State Bank of India which lets you to manage bank accounts, pay bills, recharge your number, book for movies, hotels, shopping as well as travel such as railway, bus and air tickets.
How Mobile Wallets In India Can help you Grow your Business?
Mobile wallets can be easily integrated with any of the mobile apps or website which your business uses. From WordPress to Joomla, HTML to PHP to Angular JS it is easily integrated. Specially for the E-Commerce Business wherein they need to collects payments online. Just integrate the mobile wallets on your store for free. You would be spending 2%-5% of your invoice amount as commission to the mobile wallet company post successful purchase of the item.
Gone are the days, wherein you had to invest 10,000 Rs. for getting a custom checkout payment gateway for your business. Now, you can easily integrate within few minutes and collect payments either on the app or on the website.
To create a hassle free checkout options and to receive funds directly into your account, make sure that you have completed the KYC option. (Address, PAN and ID Proof)
Identity Proof –
- PAN Card
- Voter’s Identity Card
- Driving License
- Photo identity proof of Central or State government
- Ration card with photograph
- Letter from a recognized public authority or public servant
- Bank Pass Book bearing photograph
- Employee identity card of a listed company or public sector company.
- Voter’s Identity Card
- Driving License
- Electricity Bill, Telephone bill including mobile, landline, wireless, etc type of connections, not more than 6 months old
- Bank Account Statement
- Consumer Gas connection card or Gas Bill
- Letter from any recognized public authority or public servant
- Credit Card Statement
- House Purchase deed
- Lease agreement along with last 3 months rent receipt
- Employer’s certificate for residence proof
Even though, we have seen a million of different ads and recommendation for using the mobile wallets in india, businesses still face problems to easily integrate them on their site. It can either be due to the proper documentation or the installation. If you’re a online businessmen, who wishes to setup a payment gateway on your store. The best recommendation would be to try out different apps and then later finalise.
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Have you come across any other startup friendly mobile wallet in india? Let us know via the comment section below.