Page 35 - Banking Finance October 017
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ARTICLE

             ing sold by the sellers. This wallet can be used for pur-
             chasing these products also.
         3. Mobikwik - Mobikwik is another versatile & secure app
             that allows a person to pay or transfer money using the
             mobile number. It allows making mobile recharge and
             paying bills in seconds. One can use Mobikwik mobile
             wallet and buy anything online, that too with good dis-
             counts. Making bill payments, mobile recharge, shop-
             ping and more has become easy with Mobikwik mobile
             wallet.
         4. FreeCharge - FreeCharge e-Wallet allows a person to
             add credit and debit cards which make it easy to make
             payments. It is the fastest growing digital payment plat-
             form, allowing to pay electricity bills, mobile and DTH
             recharge and more. It enables making online and digi-  9. Ola Money - Ola Money allows making payments for
             tal payments securely, using mobile.                all daily needs. Ola Money wallet can be recharged
                                                                 using credit / debit cards or net banking. One can keep
         5. PayZapp - PayZapp from HDFC bank is available to cus-
             tomers of all banks and allows making payments with  track of transactions by looking at transaction history.
             just a single click, by adding credit or debit card details.  Paying for the Ola and other cabs also is made easy using
             Card details are totally safe with the bank and there is  this mobile wallet. Ola Money mobile wallet also helps
             no cause for worry. PayZapp mobile wallet does three  one to transfer money to his friends.
             security checks for every transaction.           10. Airtel Money - Airtel Money wallet was launched by
         6. Pockets - Pockets app is the first mobile wallet app in  Airtel Payments Bank. One can make payments, do
             India which allows a person to make UPI-based pay-  mobile recharge and transfer money to any bank ac-
             ments. ICICI developed this mobile wallet, and it helps  count using this mobile wallet. One can shop online with
             to make payments online. Now anyone can shop any-   discounts and coupons. Banking and remittance services
             where, pay anyone and bank with ease. It allows trans-  are supported by Airtel Money. With this e-Wallet app,
             ferring money, book tickets, do mobile recharge and  one can make payments with just a single click.
             more, with just a single click, sending and receiving
             payments to and from Pocket users.               Effects of Demonetisation
         7. LIME - LIME has been launched by Axis Bank, providing  Demonetisation has given a fillip to mobile wallets business.
             payments, banking, and shopping facilities. It is avail-  The Smartphone has become mightier than the wallet to-
             able for account and non-account holders. One can pay  day - that's what demonetisation has proved? For all kinds
             shopping bills, mobile recharge, buy movie tickets and  of needs, from buying candy to transferring money, there
             more using LIME mobile e-wallet. By just adding credit  are more digital options available than paper. It's also time-
             or debit card details, anyone can make payments  saving. Why stand in bank and ATM queues to get cash when
             through mobile.                                  a few seconds of tapping a wallet app on a mobile phone
         8. PhonePe - PhonePe from Flipkart Group Company     are enough to make a payment? There are a number of
             works over Unified Payment Interface (UPI) with Yes  options available, leaving many confused about the best way
             Bank as banking partner. It allows one to make all pay-  to pay. Should it be net banking, credit cards, UPI, NEFT,
             ments securely. One can make bank to bank transfers  RTGS, IMPS, USSD, Aadhaar linked BHIM or a combination
             using Virtual Payment Address. As it is a UPI app, there  of them?
             is no need to add details of the beneficiary account.
             PhonePe mobile wallet provides discounts and coupons  So far, people have grabbed whatever is easily available to
             when shopping online. One can top-up his mobile wal-  pay for coffee,  movie tickets, cab rides and just about any-
             let by linking it to bank account and allows transacting  thing, and here, e-wallets have scored over others. How-
             maximum up to Rupees 1 lakh only.                ever, as more alternatives to cash payments evolve, users

            34 | 2017 | OCTOBER                                                            | BANKING FINANCE








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