State of Mobile Wallets / Payments in India

Mobile Wallets in IndiaPayTM, Mobikwik and Freecharge (owned by Snapdeal) are the biggest independent online wallet companies in India with claimed registered wallets of 120mn/25mn and 20mn respectively. Apart from them some telecom companies (Vodafone, Airtel, Idea ) and banks (SBI, ICICI, HDFC etc.) have their own online wallet services. The online wallet was initially developed as a means of enabling mobile recharges for consumers, which was subsequently, expanded to PayTV and utility bill payment services.

Some of the wallets companies like PayTM, telco and banking wallets etc have received (more…)

Rise & Growth of Mobile Finance / Payments using JAM Trinity

Rural India Mobile PaymentTechnically, e-finance is any financial product whose sale or consumption is facilitated electronically ā€“ or more specifically, via the internet or mobile. The ā€˜eā€™ part of e-finance is supposed to help reduce transaction costs, increase processing efficiency, and provide instant access to information. Some examples across the retail and corporate spectrum are identified below:

Retail – Being able to conduct a payment transaction on a mobile phone to a service/product provider without the physical exchange of cash, or being able to borrow from a bank via an online platform without any manual (more…)