The shopping fantasies look to shift its pathway from physical stores to online patterns. This is also changing the way, payment platforms and payment gateways were previously perceived. Today, both are working hand in hand. Mobile point of sale machines have already existed for long now but mobile wallets are still new. This is very close in competition with credit cards and gradually taking over.
A mobile wallet is nothing but a virtual wallet used on mobile phones for on store payments or otherwise. Both online and offline modes are equally used. There are many wallets in mainly 3 categories- semi, semi-open and closed differing with the usage and payments. The popularity of wallets is increasing with the shift speed of the transaction, the growth of e-commerce companies and e-commerce marketplaces. All in all, an integrated platform for all possible transactions.
Highlighted below are the best mobile wallets in India:
PayTM is one spread out mobile commerce platform in the country. Customers give you the opportunity to store money and make instant payments.
Started in the year 2010, Paytm operates on a semi-closed wallet and has a fully mobile market, where an abundant amount can be stored and used too with functional associations with the merchants. Paytm can be used for many services like bill and utility payments, transfer of money and miscellaneous services of travel, retail and what not.
In fact, they are spreading at a faster pace now with their recent tie-up with the education industry and make fee payments “instant”.
Based in Bangalore, Momoe is a small mobile payments startup that hovers on the payment patterns of people when eating out, traveling or shopping. After using the Momoe app, all your details can be stored on it. Using the Momoe app, one can store all card details and make use of different shops, cafes, stores, and other outlets.
This turned into a trendsetter at restaurants for the comfortable modes of payment. Users can see The users were able to see live tabs, split bills and pay directly, without having to wait for a physical bill to arrive. Even though its services are currently available only in Bangalore, due to the growing popularity of the app and investment funds they will soon be expanding their services to six new cities.
PayUMoney, a Gurgaon-based company that provides online payment solutions launched its wallet service last year. This e-wallet by PayUMoney enables the user to store cash and pay for various services and transactions.
In order to differentiate themselves from other players, they provide a wide range of benefits that include one-touch checkout and discounts/cashback offers on every transaction made. This e-wallet also provides instant refunds on order cancellations and buyer protects to ensure the right purchase and customer satisfaction.
MobiKwik is an independent mobile payment network that supposedly connects 25 million users with 50,000 retailers and more. This mobile wallet 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.
Citrus Pay is a popular e-wallet app for cash storage, payments, and money transfers. Besides tying up with online service providers from varied sectors, they are now collaborating with Woohoo, a gifting and shopping portal to let its customers shop at more than 5000 offline stores listed with them.
Read More:BEST MOBILE WALLET IN INDIA: AN OVERVIEW