More so, no one is going to give you a candy or two instead of a one rupee coin when short on change. You don’t have to worry about carrying cash anywhere. As soon as you credit your mobile wallet, it’ll reflect in the mobile app of the said service provider, and now you’re all set to your wallet to access the goods sold by associated merchants, both online and offline.Īs soon as you credit your mobile wallet, it’ll reflect in the mobile app of the said service provider, and now you’re all set to your wallet to access the goods sold by associated merchants, both online and offline. Add money using your debit/credit/atm card or internet banking. So, once you register on any of the mobile service mentioned above, you’ll be asked to add money to the wallet to use the services provided by merchants listed with the mobile wallet service provider. An escrow account serves as a buffer point wherein money is held by a third-party on behalf of two transacting parties, that is, the customer and the merchant. Mobile wallets form an escrow account for every one of their registered customers.
The more famous ones are Paytm, MobiKwik, Freecharge, PayU and Oxigen.Ĭurrently, Paytm has a chunk of market share in the number of registered users and volume of transactions via the service provider. Several online wallet services have emerged in the young emerging mobile wallet market of India. Which are the major mobile wallets in India? Say you want to have breakfast at ABC restaurant, which is listed with XYZ service provider, you can choose to pay the bill via your phone if you’re registered with XYZ service provider and have cash in your mobile wallet. You can use these wallets to pay your mobile, Dth, electricity, other utility bills and shop for groceries, clothing and much more from the registered merchants.
Mobile Wallets are also called mWallet, eWallet or digital wallet.
These are mobile-based virtual wallets wherein you can store your money after registering with a service provider, to make online and offline payments to merchants associated with the said service provider. If you wish to watch a detailed video about mobile wallets, click here.Īs more and more people are shifting to using online wallets for payments, we answer a few frequently asked questions below that will help you use the wallets more efficiently and do away with the concerns you might have of putting your hard-earned money in these mobile wallets.