Transcript
Page 1: What is all about Mobile Wallet?

Mobile Wallet?By Devashish U Pradhan

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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.

Contents

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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.

What is Mobile Wallet?

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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.

Mobile Wallet - Technically

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Mobile Passes ……cont..

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Mobile Wallet - Eco System

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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.

Types of Mobile Wallet

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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.

Features of Mobile Wallet.

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How Mobile Wallet works.

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.

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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

How Mobile Wallet work – Tech.

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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.

Steps Involve

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Do’s & Don’ts of Mobile Wallet.

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”

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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.

Indian Mobile Wallet Apps.

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Mobile Application Wallet UPI B T Send On Mobile Airtel Money Yes No Yes YesAxis Bank Lime Yes No No NoCitrus Pay Yes No No YesFreecharge Yes No No NoHDFC PayZapp No No No YesICICI Pockets Yes Yes Yes YesJio Money Yes No No NoMobikwik Yes Yes Yes YesmRupee Yes No No YesOxigen Wallet Yes No Yes YesPaytm Yes No Yes YesPhonePe No Yes Yes YesSBI Buddy Yes No No YesTrupay No Yes Yes YesVodafone M-Pesa Yes Yes Yes Yes

Few M Wallet Apps comparison

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Still to come…

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Questions…??You can reach me at [email protected] : +91-9819536672


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