 "Aircel seeks customer loyalty with mobile wallet")
Aircel, the latest to enter the mobile wallet industry, aims to use the service to retain customers. “On day one we had 80 million customers. We are not like other mobile wallets that have to acquire new customers,” said LV Sastry, business head, mobile banking and commerce, Aircel.
The telecom company was issued a mobile wallet licence last year. It launched the service in February.
In the first phase, Aircel provides remittances, online recharges, payments, and integration with merchants.
“The target customers are rural and value-seeking urban customers,” said Sastry. The company will offer customised services using its access to customer data and location.
The mobile wallet industry is heating up with several banks and non-financial players entering the fray. According to the Reserve Bank of India (RBI), mobile wallets recorded 748 million transactions valued at Rs 48,800 crore in 2015-16, up from 314 million transactions valued at Rs 21,200 crore in the previous year.
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The number of entities allowed to offer mobile wallets has increased to 42, with nine authorised during 2015-16.
RBI has also allowed telecom companies to set up payments banks. Airtel, Vodafone and Reliance Jio are set to roll out these services.
Aircel has not applied for a payments bank licence. It believes its mobile wallet will provide several services similar to payments banks.
