The Indian wallet market is awaiting significant growth as Indian consumers are increasingly getting cut off from cash and plastic money, according to a leading data and analytics company Global Data. , India is one of the top markets globally in terms of mobile wallet adoption with 55.4% people using mobile wallets more, according to Consumer Payments Insight Survey 2017.
Times have changed completely now. Usage of cash is very limited owing to the increasing need for virtual money. This is not only convenient but also offers additional paybacks. There’s absolutely no need for cash in your pocket always. You can also make transactions using virtual wallets. India’s large giants introduced their e-wallets and encouraged the use of technology for money transactions.
A quick glance at the best e-wallets in the market at the moment:
Paytm needs no introduction at all. It was the first ever user-friendly digital wallet and was well accepted by people. It ensures safety and security at all levels of transactions. Paytm has also opened its payments bank too after expanding into e -commerce, ticketing, and distribution of financial products & services.
Mobikwik is also a virtual payment system where an individual is allowed to perform different actions namely add money, conduct money transactions and do all banking. Also, utility payments can be easily make possible.
JioMoney digital wallet has an extremely easy interface and increase the visibility of users. Jio is a new player and running well with its easy option to recharge, send/request money, and pay at a shop.
Oxigen has a vivid interface with intricate banners at the back, followed by the available options. One can send or ask for money, pay bills and get recharges. Oxigen is a secure ewallet to do every transaction on time. With a customer base of 150 million, it is quite liked with time.
State Bank Buddy:
State Bank Buddy is a user friendly wallet to send money to customers, watch movies, hotels, as well as shopping. Its features include payment reminders, recharges and instant payments.
The large industry players like Paytm, Mobikwik, JioMoney, Freecharge etc. are encouraging the way up to a purely cashless economy which less stress on cash use. But also with the present situation, there’s a massive shortage of cash for direct payments.
Now is the time when the country is unanimously turning towards digital wallets and helps to pay all bills at convenience.
Also read: Can Paypal be counted as a Digital Wallet ?