What is a mobile wallet? Know about popular mobile wallets
Today almost every type of branded wallets are available in the market, ranging from global to Indian, from tech companies to telecom players and banks.
The timing of cashless payment entirely depends on us. Today, WhatsApp has control over instant messaging while Paytm is the largest mobile wallet in the country with the largest user base. According to Paytm’s claim, its user base is more than 100 million.
Simply put, this is the era of mobile wallets which are creating a cashless society with the changes in the economy. Almost all big tech companies have their own wallets. Apple Pay, Google Wallet and Samsung Pay are important names among them. But apart from all this, all wallets are different from each other, for example if you use Ola cab or Ola store for grocery then you will need an Ola Money wallet and you cannot recharge it with Paytm balance. You can add money to your mobile wallet.
Many e-commerce and ticket booking sites like BookMyShow, Groupon, RedBus, MakeMyTrip, Snapdeal, Flipkart, Amazon, etc. give online customers the option to pay through mobile wallet at the time of checkout. You can make secure online payments using the mobile wallet of your choice. Apart from this, most of the mobile wallets also offer cashback on online payment. You can also avail the benefits of mobile wallet by using the relevant promo or coupon code.
Before we talk about some of the popular mobile wallets available in India, we will tell you some ways to use mobile wallet to make online payments.
- You can sign up for free on any mobile wallet app using your email ID and password.
- Once you login to your account, you can choose options like net banking transfer, debit card, credit card, ATM transfer as per your convenience.
- After this you can add money to the wallet to make online prepaid mobile payment (postpaid also), DTH recharge, data card bill payment, electricity bill payment, gal bill payment, landline phone bill payment.
So, do you need to install several different wallets on your phone or will just a few apps do? Today we will tell you about some popular mobile wallets which we found very useful.
There are three types of mobile wallets
According to RBI, there are three different types of mobile wallets in the country. These include closed wallet, semi-closed wallet and open wallet.
Closed wallets can be used only for the goods and services of a particular company (or online merchant). No cash can be deposited in this type of wallet. MakeMyTrip, Jabong etc. are examples of such closed wallets. If a refund is returned to your account in case of return of a product or cancellation of an order on MakeMyTrip or Jabong, you can use it only for purchases at that merchant.
No cash can be withdrawn even from a semi-closed wallet. With this type of wallet, payments for goods and services can be made at many different places (merchant locations). Provided that the mobile wallet company has tie-ups with other companies. Paytm, Mobikwik, PayuMoney, Oxygen etc. are examples of such wallets. This type of wallet is most used in India.
Cash can be withdrawn from open wallet. Apart from this, they can also be used like semi-closed wallets. Vodafone’s M-Pesa is the best example of this.
1) Paytm
At the time of launch of Paytm, only mobile recharge, DTH plans and bill payments could be done. After this, in February 2014, the company entered the e-commerce sector. Paytm’s wallet partners include many companies including Uber, BookMyShow and MakeMyTrip. Other than this ShoppingPaytm also has partnerships with many companies in the travel, entertainment and food sectors.
It is worth noting that Paytm is the only mobile wallet that supports booking on IRCTC and it also has an RBI license for payment bank setup. With this license, Paytm offers current and savings account deposits, debit card issuance and internet banking services.
Like most other mobile wallets, with Paytm you can also send money to anyone through mobile number or bank account. Paytm wallet can be recharged through debit card, credit card, net banking and IMPS merchant payment.
Paytm is a great app to download on your phone and is easy to use with its partners spread across the country. Whether you want to book an Uber cab or order food from Foodpanda, Paytm is there. Paytm is now attracting the attention of customers with good offers on its e-commerce site. Apart from this, you can also buy all types of electronics, home appliances, footwear on Paytm with cashback offer.
Recently Metro Card recharge facility has also been started on Paytm. Delhi and Mumbai Metro passengers can now easily recharge their Metro cards through Paytm without standing in line. Every weekend, Paytm also gives huge discounts to the users on many other products including Weekend Bazaar.
Paytm has gained immense popularity on Twitter with the tag #PaytmKaro. Apart from this, for any kind of complaint, you can email anytime at care@paytm.com for 24×7 customer care.
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2) FreeCharge
With Freecharge you can recharge any type of prepaid mobile phone, postpaid mobile, electricity bill payment, DTH and data card in India. Metro card can also be recharged through Freecharge. Freecharge wallet can be recharged through debit card, credit card and net banking. This wallet can be used from both app and web browser.
Freecharge was acquired by Snapdeal in April 2015. In September 2015, Freecharge launched its digital wallet for transactions on Freecharge and Snapdeal. At that time the company had claimed that it had a wallet user base of more than 5 million.
If you frequently use Snapdeal or its new venture shopo, FindMyStyle, you can use Freecharge. Apart from this, it is an easy way for quick recharge and bill payment.
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3) MobiKwik
MobiKwik, the mobile wallet of MobiKwik Systems Private Limited, is also used for mobile recharge and bill payments. But BookMyShow, MakeMyTrip, Domino’s Pizza, eBay and other merchants also accept payments through MobiKwik. Mobikwik’s website has a section for cashback offers for both online and offline partners. The most special thing is MobiKwik’s partnership with offline partners like Cafe Coffee Day. If you do not have cash, you can make payment through MobiKwik.
In October last year, MobiKwik had claimed to have a user base of more than 25 million and more than 4,00,000 daily transactions on its website. Mobikwik can also be topped up through net banking, debit card and credit card. Apart from this, you can also transact money between your friends and family using mobile number or email ID.
Apart from this, another reason to download this app is that MobiKwik offers doorstep cash collection service, under which it is most beneficial for those users who do not have any bank account or credit card. Currently cash collection is available in Delhi, Mumbai, Gurgaon and Jaipur. A maximum of Rs 10,000 can be added to the MobiKwik wallet in a calendar month. If you are looking for a mobile wallet that has a strong offline presence, then this is definitely the best option.
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4) Airtel Money
Airtel Money is a semi-locked wallet which does not allow cash withdrawals and does not provide any rebate. Can be recharged with Airtel Money. Apart from this, money can be transferred to contacts and bank accounts. Bill payments can be made and online shopping can also be paid for. Airtel Money can also be used to book tickets but it does not provide a great user experience.
Through this app, requests can be sent with NFC-based payment and transactions can be done through debit/credit cards or net banking without putting money in the wallet.
Cash can be loaded into the Airtel Money Wallet from any Airtel Money outlet or an Airtel Relationship Centre. This app is more useful for those people who keep recharging their Airtel prepaid SIM. Airtel Money is also partnering with other partners like Uber. Airtel Money is also among the select wallets that have received license from RBI. This means that Airtel can offer interest. Along with this, it can also issue its own debit card.
5) Vodafone M-Pesa
Vodafone M-Pesa claims to be India’s largest cash out network. The wallet claims to have more than 85,000 M-Pesa agents nationwide. Along with sending money to someone, prepaid recharge, DTH connection, postpaid Vodafone number, water-electricity bill and online shopping can be done through this service. Money can be transferred to bank or any mobile number through its inbuilt IMPS service. But there are different charges for different slabs, like – if you transfer Rs 2000 to a bank account or M-Pesa account, then you will have to pay Rs 38. DTH and pre-paid recharge can be done for free with M-Pesa.
M-Pesa is very useful for business correspondents because it allows you to convert your virtual balance into cash without much difficulty. Apart from this, M-Pesa is also a useful option for those who do not have a bank account.
6) Oxygen Wallet
With Oxygen Wallet, users can top up, recharge mobile data, DTH and data card. Apart from this, mobile, landline and electricity bills can also be paid. Users can transact money directly into any bank account using Oxygen Wallet.
Through this app, users also get reward points for using any service, which they can use for shopping on partner websites. Oxygen Wallet is licensed by RBI and claims to be the first non-bank wallet in India to partner with NPCI (National Payments Corporation of India) for instant money transfers. According to the company, Oxygen Wallet can have a maximum balance of up to Rs 10,000. A maximum transaction of Rs 5,000 can be done in a day and up to Rs 10,000 in a month.
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7) Chillar
With Chillr you can send money to any contact in your phone book in a matter of seconds without waiting for their account number, IFSC code and OTP. Only HDFC Bank and Bank of Baroda customers can use this service to send money while customers of other banks can receive money using this app. For this, it is necessary to enable the account through net banking or mobile banking, for this MMID request can be sent and MPIN can also be generated.
If you are an HDF or Bank of Baroda customer then this app is perfect for bill payments, mobile, DTT and data card recharge. This wallet carries out transactions directly from your bank account and does not require any third-party wallet. Chiller can also be used by a merchant or user to send or receive money using a QR code.
If you are an HDFC customer then you can use the Chillar app because then you will not have to keep your money in different places. For other people, there are very few reasons to download Chiller.
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7) Payumani
PayU launches its e-wallet service PayUMoney in India. Online payment can be done through this wallet through credit card, netbanking, debit card. Apart from this, users can also earn reward points on every transaction. Using PayUMoney, secure transactions can be done on many websites and merchants.
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It may be noted that Paytm founder Vijay Shekhar Sharma’s One97 company has invested in Gadgets 360.
