M-wallet payments

18th July 2021 1 By indiafreenotes

Mobile Wallet is also known as m-Wallet, digital wallet, or e-Wallet. It is basically referred to a mobile technology that is used the same as a real wallet.

A mobile wallet is a way to carry cash in digital format. You can link your credit card or debit card information in mobile device to mobile wallet application or you can transfer money online to mobile wallet. Instead of using your physical plastic card to make purchases, you can pay with your smartphone, tablet, or smart watch. An individual’s account is required to be linked to the digital wallet to load money in it. Most banks have their e-wallets and some private companies. e.g. Paytm, Freecharge, Mobikwik, Oxigen, mRuppee, Airtel Money, Jio Money, SBI Buddy, itz Cash, Citrus Pay, Vodafone M-Pesa, Axis Bank Lime, ICICI Pockets, SpeedPay etc.

Mobile Wallet is a type of payment service through which individuals can receive and send money by mobile devices. It is a form of an e-commerce model designed for the mobile devices for the convenience and ease of access. Mobile Wallet is also known as Mobile Money or Mobile Money Transfer.

Smartphones are easily available and there seems to be an app for everything. “Mobile Wallet” technology is becoming more popular every day. It is a technique through which you can keep your debit or credit card information in your mobile in the digital form. Instead of using your physical plastic card to make a purchase, you can also pay by using your smartphone, tablet or smartwatch.

Customers can access all of the stored information simply by opening an app on their phones by entering a PIN, password or fingerprint and then select the information that they need to access. This app then utilises information transfer technology like Near-Field Communications (NFC) to interact with ready-to-pay terminals in the mobile wallet.

  • Mobile Wallet securely stores your credit or debit card.
  • They can also store your loyalty cards, coupons, tickets etc.
  • They communicate with the terminals using various techniques or technologies.

Types of Mobile Wallets

  1. Open wallets

An open wallet is used directly by a bank or through a third party. Open wallets allow customers to use the funds in the mobile wallet for making payments for transactions or withdrawing the funds deposited to the account in cash. An example of an open mobile wallet is PayPal, which allows users to make payments for in-store and online purchases and still withdraw the funds in cash.

  1. Closed wallets

Closed wallets are linked to specific merchants, and users can only use the funds to make payments for transactions initiated with the specific merchant. Users cannot use the money to make payments for transactions with other merchants and third-party service providers or withdraw the funds in cash. An example of a closed wallet is Amazon Pay.

  1. Semi-closed wallets

Semi-closed mobile wallets allow users to use the funds in the wallet to make payments for transactions with multiple merchants, as long as there is an existing contract between the merchant and the mobile wallet company. Users can also withdraw the funds into a bank account. However, semi-closed wallets do not allow users to withdraw funds in cash.

Services Offered:

  • Balance Enquiry
  • Passbook/ Transaction history
  • Add money
  • Bank A/c
  • All Cards
  • Cash-In

Accept Money

Pay money

Another wallet (mobile no.) with same provider

Pay merchant

Bar Code reader

Manage Profile


Funds Transfer limit:

For Users

No KYC – Rs 20,000/ month (revised from Rs 10,000 to current till 30th Dec. 2016)

Full KYC – Rs 1,00,000/- month