A Promising Disruption — Mobile Wallets in India

Factors affecting adoption of Mobile Wallets

Source: dazeinfo.com
Source: dazeinfo.com

Types of Mobile Wallets in India

  1. Closed wallet: platforms like Ola Money and Amazon Pay where the credit amount can also be used to purchase goods and services that come under the ecosystem of Ola and Amazon respectively.
  2. Semi-closed wallet: Paytm is an example of a semi-closed wallet where users can buy goods and services from listed vendors, either on other online platforms or at listed brick-and-mortar stores.
  3. Open wallet: all wallets rolled out by banks are categorised as open wallets as an app like State Bank Buddy or HDFC’s PayZapp enables the user to transfer money to other bank accounts, transact online and purchase goods and services.

The m-wallet adoption lifecycle

Source: UMN

M-Wallets users: Early Adopters or Early Majority

Source: Penser Consulting

Alternatives to m-wallets

Challenges & developments in m-wallets industry

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Utsav Sarkar

Utsav Sarkar

I write about lifestyle, sports, music and technology. Good content is borne out of experiences, all that needs to be added is a dash of perspective.

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