Tag: indian mobile wallet

Leading mobile wallet app in India adds bank account support

This will give the users of the application the opportunity to use a new type of transaction through their smartphones.

A mobile wallet based in India, Paytm, has now announced the introduction of a new feature that will give 25 million users the ability to transfer funds to their bank accounts through the use of their smartphones.

This company is operated by One97, which is a business that is backed by Alibaba, the Chinese e-giant.

Mobile wallets have been rapidly rising in popularity in India. This country is one of the markets in the world where this type of smartphone based payments app has the best chances of success, due to the massive population and the low adoption of credit cards. Many merchants, including online retailers, have had to come up with ways to process transactions through cash. In fact, the current estimate is that even though there are more than a billion people in the country, there are only 450 million bank accounts, not all of which are considered to be actively used.

Mobile wallets provide users with greater reliability than cash without having to obtain a bank account.

Mobile Wallet app - India BankingThat said, for those individuals who do have bank accounts, Paytm has now announced that its mobile payments app – which is supported by many different retailers and services, including Uber – has boosted the versatility of its offerings for the management of small floats of cash.

The users of the Immediate Payment Service (IMPS) mobile apps are now able to transfer up to $80 (5,000 INR) per day, and they can make transfers of up to $400 (25,000 INR) per month. The minimum transfer amount is $16 (1,000 INR). The sender needs to have at least $32 (2,000 INR) in credit available to them in order to make the transfer.

This is not the first time that One97 has discussed this new feature, but considering the fact that Alibaba made an investment into the company in February, it is now starting to gain a great deal more attention. That agreement brought an estimated $200 million investment to One97, valuing it at $1 billion and bringing the Chinese e-commerce giant into India for the first time. That company is already wildly successful for its own mobile wallet and payments service, Alipay.

Mobile wallet from Amdocs targets India’s unbanked

This app has partnered with the State Bank of India in order to reach people without banking access in the country.

The Amdocs mobile wallet app has now entered into a partnership with the State Bank of India for the purpose of reaching the millions of people throughout the country who are unbanked, so that they can have access to digital banking capabilities.

The company has now officially announced its white label solution that targets the underbanked and unbanked populations.

Amdocs provides global customer experience solutions for the telecom industry. It announced that it will be bringing a mobile wallet to the unbanked and underbanked populations of the world. That said, it also made a second announcement, which was of a new partnership that it had opened up with Triotech, the State Bank of India, and Bharat Sanchar Nigram Ltd (the Indian telecom). It has offered its new solution with the intention to be able to reach about 75 million households within the country.

The mobile wallet gives users the ability to complete a range of different types of transaction.

Mobile Wallet App - State Bank of IndiaUsers of the app are able to take part in a broad spectrum of mobile payments and banking capabilities. This includes paying their bills, applying for a microloan, making payments in-store through their debit and credit cards, as well as with prepaid cards.

A significant move by Amdocs that made this new mobile payments and banking solution possible was its acquisition of Utiba, which took place earlier in 2014, and that had already launched its first m-commerce in 2004 in the Philippines.

It is pushing to take part of the massive potential presented by the tremendous unbanked population around the world which, according to the World Bank, is made up of 2.5 billion people. The Amdocs division president of emerging offerings, Patrick McGrory, explained that it is seeing a considerable opportunity to bring together the efforts of telecoms and banks in order to be able to serve that population, particularly as much of the unbanked population of the world also happens to be smartphone owners, making it a potentially perfect fit.