Best mobile wallets in India

May 24, 2016 Finance Talk Valli Sarvani No comments

The size of the mobile wallet market is growing considerably in India. Many startups are being opened with this business concept as Indian youth love it and embrace it. As per the study of RNCOS, a research firm, the present Indian market size for mobile wallet is approximately Rs.350 crore and it will grow to Rs.1,210 crore by 2019.

Currently there are many mobile wallet companies in India. Here is a list of the best mobile wallets in the country.

Many of you might be aware of PayTm. It is one of the leading mobile payment service platforms in India. Launched in 2014, Paytm received the mobile wallet service licence from Reserve Bank of India. It aims to reach 100-million users by this year. The company has over 30 million orders per month. These include physical goods as well as digital goods.

MobiKwik is another mobile wallet service. It was started in 2009. The company claims to have more than 12 Million users. Users of this service can recharge their mobiles, pay bills and purchase online on several popular websites.

Oxigen is one of the oldest operators in the payment market. But it switched to mobile wallet service two years ago. Users of Oxigen can share money with their friends and relatives on chosen social networks and messaging platforms like Facebook, WhatsApp, Google+, and Twitter. They can also use this wallet to recharge their mobile phones, pay bills and shop online on many major merchants.

Citrus Pay is another mobile wallet service in India. The company claims to have accomplished 1bn dollars’ worth transactions on its platform.

mRupee, is the mobile wallet service from Tata Teleservices. This is licensed by Reserve Bank of India. The users of mRupee can pay bills, recharge mobile and send money to their family members. The company is trying to make customers use their wallet over traditional payment methods like cash, cards etc.

FreeCharge was founded in 2010. The company claims to have more than 20 million registered users. It is a mobile recharge platform. The company was acquired by Snapdeal for $400. Both the companies operate separately, yet FreeCharge customers can buy products from Snapdeal, and Snapdeal customers can buy products from FreeCharge.

Image Credit: Bhupinder Nayyar / CC BY 2.0