Mobile Wallet

The value of mobile wallet payments in India, as per a GlobalData report, grew at a CAGR of 72.1 per cent between 2019 and 2023 to reach Rs 202.8 trillion in 2023

Tribunal says Ola is a mere intermediary; its role is limited to managing OLA app, facilitating transport services by the driver to the rider and payment collection via e-wallet on driver's behalf

The Walmart-backed payments firm's market share stands at 33.4%, behind market leader Paytm's 42%; but its app was used in 53% of smartphones in the domestic market, compared to Paytm's 51.3%

MobiKwik has over 65 million users and 2 million merchants and is using its database to promote financial services

The new guidelines take a giant step towards interoperability

New Delhi, 10 MarchFor mobile wallet entities, the new set of guidelines from the government under the draft Information Technology (Security of Prepaid Payment Instruments) Rules, 2017, issued for public consultation, means yet another body they'd have to consult before conducting any business.Till now, they say, they only had to adhere to Reserve Bank of India guidelines. "It means more going to two bodies for checks and balances; more paperwork for us. What they should do is to form a separate body altogether, handling all sorts of guidelines around online payments," said a senior executive of a mobile wallet entity. The new draft rules, he added, should cover all payment methods and not only wallets."We already have solid cyber security measures in place and treat the data of our users with utmost care. If the government asks us to put additional measures which might be unnecessary, our costs might increase," said another."We are already implementing many of these suggestions and .

A mobile wallet may offer discounts but allows transactions of limited amounts. And, while a bank app or internet account allows larger transactions, it might be less convenient