BENGALURU: Nowadays, people want their banking needs to be portable to use as well as getting quick service from banks. Online shopping frenzy has now become a fashion statement and online money transfer has too become so much easier with apps like Paytm and MobiKwik. SBI, Axis and Yes will launch mobile wallets to take on pre-paid issuers like Paytm and MobiKwik who lure customers with easy payment option and attractive retail offerings, according to ET.

SBI, Axis and Yes banks are planning to launch mobile wallets to take on the pre-paid issuers like Paytm and MobiKwik who lure customers with their easy payment option and attractive retail offerings. M-wallets electronic saving accounts will be an edge over pre-paid users because it can be used for shopping using mobile handsets. Earlier, banks were bringing their internet banking apps to lure customers, but were unsuccessful because more and more customers were turning to online transactions.

Each and every business has its own risk and not to mention the rivalry to gain the top most hand in the market. According to RBI data, transactions from m-wallets have surged three-fold to Rs 8,180 crore in 2014-15 and the number of transactions rose from 106 million to 255 million in 2014-15. By the arrival of Smartphones, E-commerce transactions have multiplied and telecom companies too have lowered internet pack rates for their users.

Prepaid medium is used by these mobile apps as an alternative to bank deposit usage. Axis Bank, SBI and Yes Bank are likely to launch their respective m-wallets within the next few months. Yes Bank's customers will have an edge here because their bank’s wallet is designed in such a way that the users can send and request money from any of the Facebook friend or phone book contacts. Also, users can split bills among themselves.

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