What is a mobile wallet ?
" A mobile wallet is a virtual wallet on the cellphone.. .. one where cash stored digitally and can be used to pay by the phone for various need"
Despite India has 1.2 billion population, a huge number of unbanked population and 700 million cellphone connections, the concept of mobile wallet seems to take some more time to popular in India as people are still unaware of its benefits like financial inclusion.
The mobile wallet is resembles to the general leather wallet. It has the four phases as
mobile banking, mobile payment , mobile commerce and mobile transaction. Mobile wallet is a complex software where multiple players can play. Analysts analyses that the concept not matured in India, it has huge potential but it will take 10 years to pick up in India as the standards are not in place.
Mobile wallet will used to sending and receiving money, to pay for utility bills. buy rail and movie tickets, recharge of telecom, direct to home TV, as also moved advanced like instant e-payment at shops, physical or online.
" A mobile wallet is a virtual wallet on the cellphone.. .. one where cash stored digitally and can be used to pay by the phone for various need"
The mobile wallet is resembles to the general leather wallet. It has the four phases as
Mobile wallet will used to sending and receiving money, to pay for utility bills. buy rail and movie tickets, recharge of telecom, direct to home TV, as also moved advanced like instant e-payment at shops, physical or online.
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