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Government’s communication arm BSNL launches mobile wallet

Government’s communication arm BSNL launches mobile wallet-Optimized

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With the BHIM Apps success Government of India has now launched a mobile wallet developed by Mobikwik. The wallet will be available to 100 Mn Users who are already on the BSNL platform to pay BSNL bills and buy items through ecommerce.

Speaking on the development Minister of Telecommunication said “With this co-branded wallet, the ease of payment will be extended to all the customers while equally strengthening financial inclusion in the rural hinterlands, which often get neglected. Going digital is the need of an hour for both urban and rural areas, and this partnership is definitely a step in right direction.”

Government of India is looking to build an ecosystem of payment infrastructure of Its own so that it can facilitate transactions online for various schemes on its own platform rather than collaborating with other existing private players.

Government of India and National Payment Corporation of India had earlier launched BHIM – Bharat Interface for Money. This was the first ever Mobile Wallet launched officially by the Government for all mobile users across India who have operational bank accounts with them. BSNL is second in the row and soon will be expected to get integrated to UPI payments through BHIM app leading to an ecosystem of mobile wallets.

A brief peek into some of the leading mobile wallets

BHIM App – Quick Statistics
Downloads 20 Mn+
Transactions per day  5 Mn +
Paytm – Quick Statistics
Merchants 20 lakhs
Consumers 200 million
Paytm has crossed 60 million downloads and currently has 192 million mobile wallet users.
It has also hit 5 billion GMV and is currently clocking INR 120 crores worth deal daily
Has launched the POS Service for all merchants across PAN India
Post Demonetisation, it has grown into three folds with 7 million + transactions daily
The company has also launched its Fintech Services in Cananda
Paytm has also launched recurring billing service for digital subscription cloud-based companies, such as content apps and websites, newsletters, utilities and media companies.
Mobikwik – Quick Statistics
Merchants 2.5 Lakhs
Consumers 40 million
Has recently tied up with 391 toll plazas in India to pay through their app
Allows merchants to transfer the amount in their account with 0% facilitation fee
Mobikwik with a user base of 40 million has seen a growth of 40% in daily app downloads.
Also has partnered with Mumbai Traffic Police
Freecharge Quick Statistics
Merchants 3 lakh
Consumers 35 Million
Has recently partenered with IOCL, BPCL and HPCL across the country.Will be available on major petrol pumps in India
The list includes nearly 26,000 petrol pumps of IOCL, nearly 13,500 petrol pumps of HPCL and nearly 13,800 petrol pumps of BPCL.
Will also be available to pay with 17,000 LPG distributors across the Country.
Paypall Quick Statistics
Total Volume of Digital Payments Globally $282 Billion
Total Volume of Mobile Payments Globally $66 Billion (23% of Total Digital Payments)
Paypal has lesser volume of total payments through mobile which will always lure Paypal towards Mobile Wallets in India which is an emerging market for Fintech Companies worldwide

 

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