Top 10 Mobile Wallets Changing the Way We Bank In India

BENGALURU: Gone are the days where we stood in long queues to debit our money in bank or to transfer funds. Smartphones has set a new trend in the way we do banking, compiles LinkedIn.

Mobile wallet, a new concept in India, is replacing our traditional payment methods. In simple terms, a mobile wallet is a virtual mobile-based wallet where one can store cash for making online or offline payments from anywhere. There are various types of mobile wallets in India, such as open, semi-open, semi-closed and closed depending on the type of usage and payments that can be made.

Here is the list of top mobile wallets in India:

Paytm

Launched in 2014, Paytm works on a semi-closed model and has a mobile market where a customer can upload money and make payments to merchants.

Paytm, one of the largest commerce platforms in India, also offers a digital wallet to store money and make quick payments. Paytm wallet can be used to make bill payments, transfer money, and avail services from merchants from travel, entertainment, and retail industry.

Momoe

Momoe, a Bengaluru-based mobile payments startup, lets customers pay while eating out, travel and shop. Using this app one can store their credit card details and make mobile payments at various retail outlets.

For now this app is available in only in Bengaluru, but soon enough  Momoe app will be in six other major cities in India.
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