BENGALURU: It's true that mobile payments are not yet in the mainstream, but that should not stop you from going digital with your wallet. We often forget our wallets accidentally but never our Smartphone’s. This new instant payment system is gaining favor nowadays. All you need is a Smartphone to pay using M-wallet, according to yahoo.com.  

M-Wallet to Become a Game changer:

The banking system recently is burdened by the non-repayment of loans, which means regular losses for public as well as to the private banks. The M-wallet boom provides an opportunity for banks to earn some profits by its transactions. A recent Reserve Bank of India data reveals that the total worth of all M-wallet transactions amounted to 8,180 cr in 2014-15 and the total number of transactions also rose from 106 mn to 255 mn in a span of just one year. This has contributed to the rise of M-wallet transaction.

Banks Too Join The M-Wallet Run:

The Original introduction of E-wallets was through companies like Paytm and Oxigen. All private banks are coming into this branding by launching their own E-wallet Apps. Banks like ICICI and AXIS have already launched their own E-wallet app while other banks are not far behind. HDFC Bank has also introduced its PayZapp for marketing their own branding App online.

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