What is all about Mobile Wallet?
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Mobile wallets allow users to store digital versions of items like credit cards, loyalty cards, and coupons on their smartphones. There are four main types of mobile wallets in India - open, semi-open, semi-closed, and closed - which differ in their capabilities for cash withdrawals, transfers, and payments. Popular mobile wallet apps in India include PayTM, Mobikwik, FreeCharge, PhonePe, and others, which offer features like bill payments, discounts, refunds to the wallet, and money transfers between users. Mobile wallets provide security for transactions using encryption and work with a user's bank by sending payment information to payment processors without directly accessing bank accounts.
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What is all about Mobile Wallet?
- 1. By Devashish U Pradhan
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- 3. In reference with Indian Context What is Mobile Wallet? Mobile Wallet Ecosystem Types of Mobile Wallet. Features of Mobile Wallet. How Mobile Wallet works. Do’s & Don’ts of Mobile Wallet. Indian Mobile Wallet Apps. Few Apps comparison. 3
- 4. In general, the term “mobile wallet” referred to “digital wallet,” or “wallet passes” or “wallet card” or “mobile wallet passes”. Think of it as the digital equivalent of all the everyday things included in a physical wallet like loyalty cards, coupons, business cards, tickets, credit cards and more. Mobile wallets are rarely forgotten because they're stored on your consumer’s smart phone. They are also very effective and efficient for a business because a wallet can be easily created, managed and updated, allowing a business to significantly reduce the cost of a traditional (physical) card program by 10x-25x. 4
- 5. A digital wallet is a software component that allows a user to make an electronic payment with a financial instrument and hides the low-level details of executing the payment protocol that is used to make the payment. A digital wallet allows a user to make an electronic payment with a financial instrument (such as a credit card or digital cash), and hides the low-level details of executing the payment protocol that is used to make the payment. It authenticates the consumer through the use of digital certificates or other encryption methods, stores and transfers value, and secure the payment process from the consumer to the merchant. It can hold other than payments like Bank account details, Credit cards, Gift coupons and reward certificates, Loyalty cards Offers. 5
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- 8. There are four types of mobile wallets in India – Open - Open wallets are the ones that allow you to buy good and services, withdraw cash at ATMs or banks and transfer funds. These services can only be jointly launched with a bank. M-Pesa by Vodafone and ICICI is one such example. Apart from the usual merchant payments, it also allows you to send money to any mobile number bank account. Semi-Open -Airtel Money is a semi-open wallet, which allows you to transact with merchants that have a contract with Airtel. You can't withdraw cash or get it back. You'll have to spend what you load. Semi-Closed - Wallets like PayTM, which do not permit cash withdrawal or redemption, but allow you to buy goods and services at listed merchants and perform financial services at listed locations. Closed. - Which are quite popular with e-commerce companies, where a certain amount of money is locked with the merchant in case of a cancellation or return of the order, or gift cards. 8
- 9. It is quick, simple to download and register. (Mobile App is Free) It offers quick re-charge and payment of utility bills and shopping from website. You can get discounts while shopping Coupons which can be redeemed while shopping. These are delivered to your email id or mobile wallet. If you have promo code you can enter and avail discounts and cash backs. In case of refunds, such refund amount is credited to your mobile wallet where you can use later on for other payments. 9
- 10. Chart Process Smart phone carefully encrypts your account information (notably NOT your bank, card or other payment information), which the POS Then reads through near field communication (NFC). NFC is technology that enables devices to establish a radio communication with each other when they are within a certain small distance. The POS does not read the information, rather, it sends it first to the mobile wallet provider, who de-encrypts the information, sees which account you’re looking to access, and checks your identifying information. Once the provider has satisfactorily proven you are who you say you are, they send along your card information to your payment processor who is the one to actually access your bank information and request that your bank send the money back to them. The payment processor then sends your money along to the store’s bank and alerts the POS that the transaction has been completed. 10
- 11. A digital wallet has a software and information component. The software provides security and encryption for the personal information and for the actual transaction. Normally, digital wallets are stored on the client side and are easily self- maintained and fully compatible with most e- commerce Web sites. A server-side digital wallet, also known as a thin wallet, is one that an organization creates for and about you and maintains on its servers. Server-side digital wallets are gaining popularity among major retailers due to the security, efficiency, and added utility it provides to the end- user, which increases their enjoyment of their overall purchase. The information component is basically a database of user- inputted information. This information consists of your shipping address, billing address, payment methods (including credit card numbers, expiry dates, and security numbers), and other information 11
- 12. Sender Mobile sends request to Transfer Money. System checks available balance in Sender’s A/C from that particular Bank. It transfers money from senders A/C to receivers A/C. After a successful money transfer it sends a confirmation notification (SMS/Email) to receiver. Money can be send and/or receive from PayPoints. 12
- 13. Do’s Don’ts Use strong password: Use a mix of numbers, characters, capital letter alphabet, and alphanumeric Download apps from authentic sources: Preferably from the company site, not third party sources Check your mobile wallet statement carefully: Hackers don’t siphon off all your money in one go, they take small amounts. Don’t use public Wi-Fi: Hackers can snoop into the connection to steal login credentials Don’t fall for cash-back offers: Don’t merely go for the wallet that offers cash-back. Check the RBI website to find out if the mobile wallet company has a license Don’t add too much money: Even in the case of a hack, the amount you lose will be less Don’t save card details on mobile wallets: Every time you transact, make sure you uncheck the box that says, “save your card for future use” 13
- 14. PayTM is one of the leading digital wallets… Mobikwik is another versatile app that allows you to pay or transfer money using the mobile number.... FreeCharge.... State Bank Buddy. ... HDFC PayZapp.... ICICI Pockets.... LIME.... PhonePe…. And many more. 14
- 15. Mobile Application Wallet UPI B T Send On Mobile Airtel Money Yes No Yes Yes Axis Bank Lime Yes No No No Citrus Pay Yes No No Yes Freecharge Yes No No No HDFC PayZapp No No No Yes ICICI Pockets Yes Yes Yes Yes Jio Money Yes No No No Mobikwik Yes Yes Yes Yes mRupee Yes No No Yes Oxigen Wallet Yes No Yes Yes Paytm Yes No Yes Yes PhonePe No Yes Yes Yes SBI Buddy Yes No No Yes Trupay No Yes Yes Yes Vodafone M-Pesa Yes Yes Yes Yes 15
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- 17. You can reach me at dupradhan@yahoo.com Mobile : +91-9819536672 17