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With its latest offering,<keyword id="143842" type="UNKNOWN" weightage="60" keywordseo="Mobikwik">Mobikwik</keyword> doesn’t want to limit you to pay or receive Mobikwik cash but it is open to integrating with other e-wallets like <keyword id="6357120" type="UNKNOWN" weightage="20" keywordseo="PayTM">Paytm</keyword>. 
 
Not just that, Mobikwik ‘lite’ is claiming to be India’s lightest mobile wallet only taking up 700 kb on your phone. This app can prove to be a gamechanger after demonetization, for a majority of Indians who might have a basic smartphone but not an email address. 
 
<a href="http://www.businessinsider.in/EXCLUSIVE-Inside-Paytm-the-first-24-hours-after-demonetization/articleshow/55581182.cms">ALSO READ: EXCLUSIVE: Inside Paytm, the first 24 hours after demonetization</a> 
 <keyword id="1132860" type="UNKNOWN" weightage="60" keywordseo="Bipin-Preet-Singh">Bipin Preet Singh</keyword>, CEO &amp; Co-founder of Mobikwik explained <a href="http://www.businessinsider.in/The-5-people-you-should-have-in-your-startup/articleshow/55582908.cms">how this is going to work.</a> “We already have five e-wallets on our platform namely Pesa, Oxigen, Pockets, PayZapp and SBI Buddy. What this means is that the customer can use any of these wallets to pay through Mobikwik to a merchant.” 
 “Currently working with 2G or even Edge connectivity, <keyword id="3896202" type="UNKNOWN" weightage="20" keywordseo="Mobikwik-Lite">Mobikwik Lite</keyword> will soon work without any net connectivity too, thereby addressing all the challenges being faced by the masses in accessing wallet payments, from language to connectivity or quality of smartphones,” <keyword id="6361419" type="PERSON" weightage="20" keywordseo="Singh">Singh</keyword> said. This lightweight app is expected to be a free service for the merchants and customers until March 2017. 
 
Mrinal Sinha, COO, Mobikwik said, “After demonetization, we realized that we wanted to get as many people online as possible, from merchants to consumers. This move is to make digital payments through internet or SMS available to all. In theory, this will disrupt the market as it could replace POS devices.'' 
​ 
<a href="http://www.businessinsider.in/MobiKwik-launches-a-light-lite-app-to-integrate-all-Indians/articleshow/55662642.cms">The completely offline app is expected to launch in 10 days. E-commerce partnerships have been doing really well for the company, as it moves towards its goal of becoming profitable by mid-2018.</a> 
 
“80% of our e-commerce partnerships are profitable even after the cashback. Recharge and bills are breakevens for us,” claims Singh.

	 
	Maybe, partnering with other e-wallets makes sense on the way to profitability in the newly digitized market.

	 
	Whether it is going to be survival of the fittest or the lightest, only acquisitions will tell.

EXCLUSIVE: Mobikwik is willing to partner with other e-wallets
like Paytm

<keyword id="2823188" type="UNKNOWN" weightage="100" keywordseo="One-Mobikwik-Systems">One MobiKwik Systems</keyword>, the owner and operator of <a href="http://www.businessinsider.in/Exclusive-How-MobiKwik-managed-to-stay-on-top-of-the-Digital-Wallet-market-despite-stiff-competition-from-Paytm/articleshow/50201287.cms">MobiKwik</a>, the online recharge and mobile wallet, has managed to raise around $50 million (Rs 332.6 crore) in a new fresh capital round led by Japan's <keyword id="3346730" type="UNKNOWN" weightage="100" keywordseo="GMO-Payment-Gateway">GMO Payment Gateway</keyword> and Taiwanese fabless semiconductor company <keyword id="6369515" type="COMPANY" weightage="100" keywordseo="Mediatek">MediaTek</keyword>. 
 
Also read: <a href="http://www.businessinsider.in/One-wallet-to-pay-for-them-all-MobiKwik-ties-up-with-Zomato-OYORooms/articleshow/49324049.cms">One wallet to pay for them all: MobiKwik ties up with Zomato, OYORooms</a> 
 The Series-C round was closed last month and also had the company's existing investors <keyword id="122716" type="CITY" weightage="100" keywordseo="Sequoia-Capital">Sequoia Capital</keyword> and Asia-focused hedge fund <keyword id="2799728" type="UNKNOWN" weightage="100" keywordseo="Tree-Line-Asia">Tree Line Asia</keyword> participating in it. However, the amount at which the company was valued after getting the funding was not disclosed. 
 
"<a href="http://www.businessinsider.in/After-Snapdeal-Mobikwik-files-patent-for-payment-platform/articleshow/50379128.cms">MobiKwik</a> is excited to have raised an undisclosed amount in the Series-C round of funding led by GMO and MediaTek. GMO is Japan's leading payment gateway and MediaTek is the world's leading semiconductor company," said a mail that the company spokesperson wrote to ET, without commenting on the specifics of the deal. 
 It was in March that <keyword id="143842" type="UNKNOWN" weightage="100" keywordseo="Mobikwik">MobiKwik</keyword>'s CEO <a href="http://www.businessinsider.in/Start-in-India-to-Make-in-India-A-startup-CEOs-message-for-Budget-2016/articleshow/51093247.cms">Bipin Preet Singh</a> had said that the company was looking to raise an amount between ranging from $40 to 50 million. 
 
According to a statement released by GMO Payment Gateway, the company has made the investment through GMO Global Payment Fund, a $15-million fund that is backed by major financial institutions, including, credit card issuers and acquiring banks. The fund targets investment opportunities among payments companies throughout Asia, while putting a strong focus on South East Asia. 
 
<a href="http://i1.wp.com/apptricker.in/wp-content/uploads/2015/12/Mobikwik-Wallet-Offers.jpg">Image source</a>

MobiKwik’s parent raises $50million in funding

2015 was a landmark year for <keyword id="6362513" type="ORGANIZATION" weightage="100" keywordseo="Startups">startups</keyword> in India. The world stood up and took notice of the amazing startup ecosystem here with investments for over<a href="http://yourstory.com/2015/12/indian-startups-raise-9billion-2015/"> 1000 startups valued at $9 billion</a>.The spotlight was on how startups would be the pillars of India's economy and give a much needed impetus to India's growth by providing employment to millions. 

	<o:p> And, with <keyword id="2783177" type="UNKNOWN" weightage="100" keywordseo="Budget-2016">Budget 2016</keyword>, being just a few days away, we thought it'd be interesting to</o:p> talk about the highlights one by one: 
	 
	 

	<o:p> </o:p>

	<keyword id="3003094" type="UNKNOWN" weightage="100" keywordseo="Startup-India">Startup India</keyword>: As I watched the entire startup community descend at Vigyan Bhawan to flag off the Startup India initiative, it was heartening to see the government recognise entrepreneurs as a driving force of modern change. Many new taxation and regulatory changes were promised and we eagerly wait to see how well they are implemented. TRAI's recent ruling on Free Basics is one of the first steps to ensure that any startup can leverage a free and open Internet to disrupt the status quo. Government needs to increase their focus on connecting millions through an open Internet and nip in the bud restrictive practices introduced by corporates only then would an initiative like Startup India be successful. Internet can give a voice to the unheard and to the new, and I hope government supports the startup ecosystem by aggressively ensuring that an unrestricted Internet is within everyone's reach. 
	 
	 

	<o:p> </o:p>

	<keyword id="6354869" type="UNKNOWN" weightage="100" keywordseo="make-in-India">Make in India</keyword>: I was blown away by the fact that the government had attracted investments worth $222 billion towards the Make In India initiative. Strengthening manufacturing is one of the core priorities and given India’s growing potential to be one of the top economic powerhouses in the world, I have no doubt that we can definitely achieve this. Focusing on quality STEM (Science, Technology, Engineering, and Medicine) education and supplementing blue collar workers with modern manufacturing skills is the 1st step towards this. In order to achieve economies of scale, automation is a crucial step and we need to note how it impacts millions of jobs.

	<o:p> </o:p> 
	 
	Where Startup India will meet Make In India: "Coding is the new ABC" and must be taught in schools and colleges. Make In India will only be successful if we view technology as a tool for massive, positive societal change. Think about it-Google disrupted libraries, Amazon disrupted shopping malls, Uber disrupted public transportation, and<a href="http://www.businessinsider.in/searchresult.cms?query=mobikwik"> MobiKwik</a> is disrupting cash. In order to see startups make in india the government needs to encourage more hardware startups by the means of doing away with certain import duties.

	If India is to give birth to many Silicon Valleys and encourage indigenous manufacturing then we need to start thinking on the lines of 3D Printing, Robotics, Artificial Intelligence and the like. It will propel us towards living up the ‘Make in India’ vision. 
	 
	 

	<o:p> </o:p>

	On the Wallet Sector: Internally at <keyword id="143842" type="UNKNOWN" weightage="100" keywordseo="Mobikwik">MobiKwik</keyword> we have a saying that "MobiKwik exists so that cash does not". According to a recent report until 2015 over 200 million still remain unbanked in India and <a href="http://www.livemint.com/Industry/v4zrym0BCjNvXg3qcUD30K/Indias-unbanked-population-halves-to-233-million.html">even the remaining don’t have 100% access to all the banking services</a>. The propagation and rapid adoption of mobile wallets is a step in addressing this gap. Government needs to start right at the grassroots-level and allow tax rebates to retailers in order to increase wallet usage. <a href="http://indianexpress.com/article/technology/tech-news-technology/indias-e-commerce-revenue-may-touch-38-bn-in-2016-assocham/">Cash-on-delivery still accounts for over 45 percent of e-commerce orders</a> since people are apprehensive or don’t have means to make online payments. Government needs to relax its banking norms so that mobile wallet companies can function better than banks and offer financially inclusive services to millions more. 
	 (This article is authored by <keyword id="1132860" type="UNKNOWN" weightage="100" keywordseo="Bipin-Preet-Singh">Bipin Preet Singh</keyword>, CEO of MobiKwik)

	<o:p> </o:p>

Start in India to 'Make in India': A startup CEO's plea for Budget 2016

New Delhi, Jul 15 () Digital payments company MobiKwik on Wednesday said its net revenue has surged 134 per cent to Rs 379 crore in FY20, and exuded confidence of hitting profitability this fiscal. MobiKwik, which competes against companies like Paytm and Flipkart-owned PhonePe, had clocked a net revenue (primarily income from transactions and income share from financial products) of Rs 162 crore in FY19. "This is the third consecutive year where we have demonstrated higher than 100 per cent growth. Our cash loss has reduced 91 per cent, last year on a revenue of Rs 162 crore, we had lost in cash Rs 98 crore, versus this year's revenue of Rs 379 crore, we have lost only Rs 9 crore in cash," MobiKwik co-founder and COO Upasana Taku told . She added that the actual loss is Rs 45 crore but much of that was paid in stocks, and therefore the cash burnt was Rs 9 crore. Taku said the company is focussing on a profitable growth strategy and has executed on it in the right manner that has helped drive 159 per cent rise in consumer payments (wallet) net revenue to Rs 230 crore and a 216 per cent jump in fintech net revenue to Rs 91 crore. She explained that MobiKwik's wallets business - which has 120 million users - had recorded net revenue of Rs 89 crore in the previous fiscal. User incentives in FY20 grew only 30 per cent, indicating that cost of acquiring and retaining users was low and the company is generating higher spends per user, she added. MobiKwik's merchant-facing payment gateway business (via its subsidiary Zaakpay) registered net revenue of Rs 190 crore in FY20, compared to Rs 101 crore in FY19 on a standalone basis. MobiKwik, which has about 325 employees, operates in three segments -- consumer payments, fintech (includes credit, mutual funds, etc), and payment gateway. In FY20, consumer payments accounted for 63 per cent of the net revenue, followed by fintech (25 per cent) and payment gateway (13 per cent). "March 2020 was a stellar month for us, our lifetime best month and we clocked a revenue of Rs 38 crore but we lost only Rs 8 lakh. So, we were set on an amazing peak and had COVID not happened, we would have already done the same or higher run rate," she said. MobiKwik expects recovery across segments by early September and is confident of showing growth and hitting profits in FY21, Taku noted. Founded in 2009 by Bipin Preet Singh and Upasana Taku, MobiKwik has raised over USD 100 million in funding from investors like Sequoia Capital, Bajaj Finance, American Express and Net1. "We are the only independent, large digital payments platform in India that is neither owned nor controlled by a large foreign company...teams (founders and employees own 45 per cent stake. It is a big achievement just to compete in this hyper-competitive market against players with deep pockets," Taku said. She emphasised that MobiKwik is focussed on building out the company and delivering value to shareholders. "On the back of Rs 26 crores raised in early 2019, we have delivered Rs 203 crore in incremental net revenue in FY2020, which is a capital efficiency of 8x," Taku said. SR BAL BAL BAL

MobiKwik net revenue more than doubles to Rs 379 cr in FY20; eyes profits this fiscal

<ul><li><keyword id="143842" type="COMPANY" weightage="20" keywordseo="Mobikwik">Mobikwik</keyword>, a digital payments company, has said that its payment gateway business has turned profitable. </li><li>With an IPO in mind, the company is now aiming for a ₹1.4 lakh crore annual payment volume from the payment gateway business.</li><li>Earlier in July, Mobikwik had reported a funding of ₹8.67 crores. </li></ul>Mobikwik, one of India’s leading digital payments companies, has claimed that its payment gateways vertical had turned profitable since April 2019. “Our focus on building the best tech stack for our merchants is evident in the growth and success of our Payment Gateway business. Our product and user experience (UX) philosophy is to keep the user experience simple and ultra fast. Payment Gateway is one of our fastest growing verticals and will play an instrumental role in our path to profitability,” said Upasana Taku, Co-Founder, MobiKwik. With this, the payments company now aims to ₹1.4 lakh crore annual payment volume for its payment gateway business. As a payment gateway, Mobikwik finds clients in businesses like Uber, IRCTC, Dream11, Bajaj Finance, Zomato, Grofers, Blue Dart, Delhivery, Dominos, Maruti Suzuki, Hyundai, etc. “Over 94 million unique cards are saved on MobiKwik PG platform; this includes 20 million credit cards which is 50% of all credit cards issued in India,” said the company’s official statement. In July, the company had also announced a new round of funding of ₹8.67 crore from Trifecta Capital and NDTV. Its previous investors include Sequoia Capital and American Express among others. According to <a href="https://economictimes.indiatimes.com/markets/ipos/fpos/ahead-of-ipo-mobikwik-scouts-for-investor-eyes-profit-from-fy21/articleshow/69810493.cms?from=mdr">reports</a>, Mobikwik is also planning to head for an IPO in the next three years. "We are looking for an investor who will help the company go for an initial public offering (IPO) in three years," co-founder and chief executive Bipin Preet Singh told <a href="https://economictimes.indiatimes.com/markets/ipos/fpos/ahead-of-ipo-mobikwik-scouts-for-investor-eyes-profit-from-fy21/articleshow/69810493.cms?from=mdr">ET.</a> Mobikwik finds competition from the likes of Paytm, PayU and Razorpay in the payment gateway business. Paytm claims to hold over 50% of the market share and has said that it does 400 million transactions per month; is five times more than its next competitor. A report by Credit Suisse Group AG says that the Indian digital payments market will increase five-fold from the current $200 billion to $1 trillion by the year 2023. This has also resulted in many international players eyeing the Indian market like <a href="https://www.businessinsider.in/google-wallet-creator-osama-bediers-startup-poynt-will-launch-in-india-in-2019/articleshow/68145220.cms">Osama Bedier's Poynt.</a> Bedier is also credited to be the creator of the Google Wallet. In June 2019, Mobikwik had also partnered with DT One, a global B2B network for mobile recharge, giving its users the opportunity to recharge their phones in 150 countries. MobiKwik’s competitor in India, Paytm had already entered two international markets – Canada and Japan.

Heading for an IPO, Mobikwik reports a profit in its payment gateway business

The <a href="http://www.businessinsider.in/searchresult.cms?query=RBI&amp;sortorder=effectivedate">Reserve Bank of India </a>(RBI) has some good news for <keyword id="6358031" type="UNKNOWN" weightage="20" keywordseo="digital-wallets">digital wallets</keyword>. In the backdrop of rising popularity of <a href="http://www.businessinsider.in/searchresult.cms?query=UPI&amp;sortorder=effectivedate">Unified Payment Interface</a> (<keyword id="6358921" type="COMPANY" weightage="20" keywordseo="UPI">UPI</keyword>), or payment through digital wallets, the RBI has decided to make digital wallets inter-operable. 
 
At present, digital wallets such as <a href="http://www.businessinsider.in/searchresult.cms?query=paytm&amp;sortorder=effectivedate">Paytm</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=Mobikwik&amp;sortorder=effectivedate">MobiKwik</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=PhonePe&amp;sortorder=effectivedate">PhonePe</a>, etc can access the UPI network through partner banks to facilitate bank-to-bank money transfers. 
 Once the RBI gives a nod to inter-operation of digital wallets, you will be able to send money directly to <keyword id="6357120" type="UNKNOWN" weightage="100" keywordseo="PayTM">Paytm</keyword> from your FreeCharge wallet and vice-versa. 
 
“RBI is expected to issue guidelines shortly on interoperability and 'know your customer' (KYC) norms for digital wallet companies. RBI will also decide on the interchange fees between the wallets for them to be able to access the UPI framework,” ET quoted two people as saying. 
 
Online money transfer and payments are gaining popularity in India and the Indian Government is also pushing for Aadhaar-based payment platform and another instrument for transactions using QR codes. 
 Bipin Preet Singh, chief executive of <keyword id="143842" type="UNKNOWN" weightage="100" keywordseo="Mobikwik">MobiKwik</keyword>, told ET, “The company is keen to partner with other financial networks to develop a collaborative financial services platform." 
 
"We are hearing that the process (of opening up UPI for digital wallets) is likely to be fast-tracked. Since the (prepaid payment instruments, or digital wallets) are also issued licences by RBI, the logical step is to open the UPI infrastructure to them and make it more inclusive," Ritesh Pai, country head for digital banking at Yes Bank, which has partnered with Flipkart-owned payments venture PhonePe, told ET. 
 
As per the RBI data, UPI network registered about 4.2 million transactions worth Rs 1,900 crore in February.

Soon, you’ll be able to pay on MobiKwik via Paytm wallet and vice-versa. Here’s how

Few days after <keyword id="541988" type="COMPANY" weightage="20" keywordseo="SnapDeal">Snapdeal</keyword> filed patent for its indigenously developed payment platform, <keyword id="143842" type="UNKNOWN" weightage="20" keywordseo="Mobikwik">Mobikwik</keyword> has now requested for patent for its power wallet. 
 
Mobikwik’s power wallet, customers can make payments on the retailer’s platform without being re-directed to Mobikwik for payments. 
 
Snapdeal-owned Free-Charge had filed patent for its alternative to the SMS-based one-time-password. 
 
Mobikwik claims almost 100% success rate in processing payments compared with the industry average of about 60%. 
 
"The implementation of power wallet can also be done through tap payments or through the nearfield communications technology where retailers can accept contact-less payments," Bipin Preet Singh, founder and CEO of Mobikwik told ET, adding “it is a pretty unique proposition; worldwide there is no such thing since a person's identity, authentication and payment can all be done under the retailers interface by using the underline technology system off the shelf.” 
 
It seems filing patents has become a fad among new age payment companies.

After Snapdeal, Mobikwik files patent for payment platform

Digital payment company <keyword id="143842" type="UNKNOWN" weightage="20" keywordseo="Mobikwik">MobiKwik</keyword> today said its customers will be able to pay <keyword id="89728" type="UNKNOWN" weightage="20" keywordseo="Toll-tax">toll tax</keyword> at 391 toll plazas using the mobile wallet. 
 After receiving the approval from National Highways Authority of India (<keyword id="49448" type="ORGANIZATION" weightage="20" keywordseo="nhai">NHAI</keyword>), Mobikwik's wallet service will soon be live at 391 toll plazas in India, it said in a statement. 
 
The company has received an approval from NHAI to enable commuters across all toll plazas in the country pay cashless through its mobile wallet to avoid traffic congestion due to cash crunch, it added. 
 
"Commuters across the country can soon pay cashless at all toll plazas using their MobiKwik wallet. We have taken this step in the wake of demonetisation to avoid congestion at highways, owing to the ill effects of cash crunch," MobiKwik co-founder Bipin Preet Singh said. 
 
Post scrapping of old Rs 500 and Rs 1,000 notes on November 8, NHAI has announced no charge at all toll plazas till December 2, 2016. 
 
However, the scarcity of physical cash is expected to impact the smooth traffic at tolls after this date, given that masses are still struggling to get cash. 
 
To solve this issue, MobiKwik has been roped in to digitise toll plazas in India, the company said. 
 
At the toll plazas, users will have to open the MobiKwik app on their phone and scan the QR code on the toll plaza. After entering the amount communicated by the toll operator and the vehicle number, they can press 'pay' to complete the transaction. 
 MobiKwik has about 40 million users and is accepted at 2.5 lakh merchants, including IRCTC, <keyword id="6357823" type="COMPANY" weightage="20" keywordseo="Big-Bazaar">Big Bazaar</keyword>, OYO Rooms, Zomato, Grofers and Big Basket. 
 Founded in 2009, its investors include <keyword id="270604" type="ENTERTAINMENT" weightage="20" keywordseo="Sequoia">Sequoia</keyword> Capital, American Express, Tree Line Asia, MediaTek, Net1, GMO Payment Gateway and Cisco Investments.

You will soon be able to pay toll tax using Mobikwik Wallet

In the age of the abundance of mobile payment <keyword id="727091" type="UNKNOWN" weightage="80" keywordseo="wallets">wallets</keyword>, <keyword id="143842" type="UNKNOWN" weightage="80" keywordseo="Mobikwik">MobiKwik</keyword> stands out having constantly expanding its network and connecting 25 million users with 50,000 retailers. 
 
In its bid to reach even deeper into the payments sector, MobiKwik has tied up with two players who have revolutionized the hotel and food ordering industry. 
 By tying up with <keyword id="2550719" type="UNKNOWN" weightage="80" keywordseo="OYO-Rooms">OYO Rooms</keyword> and <keyword id="830092" type="COMPANY" weightage="80" keywordseo="Zomato">Zomato</keyword>, MobiKwik now brings convenience of instant and easy mobile payments to frequent travelers and diners. 
 
Increased smartphone penetration and usage in Tier II and III Indian cities is paving the way for increased growth of the on-demand delivery, dining and the sharing economy. 
 
Talking about the tie-up, Bipin Preet Singh, CEO, MobiKwik, “Cumulative research indicates that online platforms will occupy 15-20% of the total spend of the Indian economy by 2020. Our tie ups with category leaders such as OYO Rooms and Zomato positions us well to leverage that wave.” 
 
Other popular brands currently using MobiKwik’s services include Uber, Meru Cabs, Big Bazaar, WHSmith India, Café Coffee Day, PVR, BookMyShow, Grofers, Big Basket, Domino's, Pizza Hut, eBay, ShopClues, Myntra, Jabong, Pepperfry, Star Sports, GoDaddy, MakeMyTrip, Cleartrip, and Yatra.

One wallet to pay for them all: MobiKwik ties up with Zomato, OYORooms

Consumers are trying out new methods of payments, especially <a href="http://www.businessinsider.in/searchresult.cms?query=digital+wallets">digital wallets</a>. This trend saw transactions by <keyword id="6358031" type="UNKNOWN" weightage="100" keywordseo="digital-wallets">digital wallets</keyword> grow three times between February and April. 
 
A <a href="http://www.businessinsider.in/searchresult.cms?query=RTI">Right to Information</a> application filed with <a href="http://www.businessinsider.in/searchresult.cms?query=RBI">Reserve Bank of India</a> (RBI) revealed that around 6.7 crore transactions worth Rs 1,196 crore were recorded through digital wallets in April compared with 2.4 crore payments totalling Rs 876 crore in February. 
 
The total number of digital wallets as of April 2015 is 101.86 million. Through digital wallets, people can pay through mobilephones. 
 
Economic Times reported that <a href="http://www.businessinsider.in/searchresult.cms?query=Paytm">Paytm</a> spent around Rs 100 crore on advertising its e-wallet services during February-April. 
 "February was the time when the cricket world cup took place and we first started advertising on television. As a result, we attracted new users. While existing users have become comfortable in making high-value transactions, new users are still experimenting with the product,” Amit Lakhotiya, vice-president at <keyword id="6357120" type="UNKNOWN" weightage="100" keywordseo="PayTM">Paytm</keyword>, told ET. 
 Meanwhile, investors are attracted to the growth of digital wallets and in past few months, Paytm raised $375 million and <keyword id="143842" type="UNKNOWN" weightage="100" keywordseo="Mobikwik">MobiKwik</keyword> got $25 million. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=electronic+payment">E-wallet</a> companies MobiKwik and <keyword id="1493568" type="UNKNOWN" weightage="100" keywordseo="PayU">PayU</keyword> told the financial daily that they plan to spend over Rs 100 crore and Rs 60 crore, respectively, on advertising over the next few months to boost digital transactions. 
 
"If we created a wallet for every mobile number that ever used our platform, then MobiKwik would have 100-120 million wallets today," Bipin Preet Singh, founder and CEO of MobiKwik, told ET. 
 
(Image: Thinkstock)

Digital wallets becoming popular among consumers, reveals RTI

Post demonetisation, the whole nation has understood that all you need to survive is your smartphone. You can literally buy candies and also transfer money with your smartphones and it’s also timesaving. 
 
"In the near term, wallets will do well as they are more popular,” Niren Shah, MD of Norwest Venture Partners, told ET. 
 So far, people have grabbed whatever is easily available to pay for coffee, bills, movie tickets, cab rides and just about anything, and here, m-wallet <keyword id="6357120" type="UNKNOWN" weightage="20" keywordseo="PayTM">Paytm</keyword> has scored over others. 
 
Users comfortable with mobile wallets today could shift to an easier digital platform. 
 "Frictionless payments are the future,” R Venkatachalam, managing director for India &amp; <keyword id="52011" type="CITY" weightage="20" keywordseo="South-Asia">South Asia</keyword> at FIS Global, a global provider of financial services technology. That is, any payment mechanism which is effortless, without requiring users to remember too many passwords, PINs etc, perhaps biometrics-enabled, told ET. 
 
There's more to providing a smooth digital payment experience than aspects such as security and ability to attract customers who are used to transacting in cash and are reluctant to change. 
 
"Three things are important for any payment option - access, interoperability and financial sustainability of the operator,” said Anant Bhagwati, partner, Bain &amp; Company. 
 People are using mobile wallets as they offer the least hurdles to complete a payment. Paytm alone has 173 million users but they have limitations. They are not interoperable and transferring money requires sender and receiver to have the same company's account - it's Paytm to Paytm, <keyword id="143842" type="UNKNOWN" weightage="20" keywordseo="Mobikwik">MobiKwik</keyword> to MobiKwik and <keyword id="6377963" type="UNKNOWN" weightage="20" keywordseo="Freecharge">Freecharge</keyword> to Freecharge. 
 
And furthermore, the money transferred to a wallet does not earn interest. Small merchants such as owners of corner shops and neighbourhood kirana stores can't draw more than Rs 25,000 a month from a digital wallet, which affects cash flow. Even the founders of some mobile wallet companies are not so optimistic about their future if challenges like interoperability persist. 
 "That's why we don't call it a Paytm wallet - it's a Paytm account that people have with us,” <keyword id="198636" type="PERSON" weightage="20" keywordseo="Vijay-Shekhar-Sharma">Vijay Shekhar Sharma</keyword>, founder of Paytm, told ET. 
 The account could be a digital wallet, <keyword id="6358921" type="COMPANY" weightage="20" keywordseo="UPI">UPI</keyword> or anything else that is permitted. 
 
"The fight is about owning consumers and merchants - protocols can change,”, Sharma said. 
 
At present, wallet companies are not allowed to enable users to access UPI, which enables funds to be transferred from one bank account to another. By the end of 2017, it's quite possible that people could be ditching their digital wallets and opting for UPI or even voice commands to digital avatars to complete payments. 
 
"Wallets need to mature, evolve into something else and be interoperable to be relevant,” Bipin Preet Singh, founder of MobiKwik, a wallet company with 45 million users, told ET. 
 
In India, 27% of the more than 1 billion mobile phone users have smartphones - compared with 70% in China - and the rest use feature phones. Affordability, among other factors, has hindered the faster adoption of smartphones. The digital payment option for feature phones is USSD, or Unstructured Supplementary Service Data, which transmits data over GSM networks and is popular in Kenya, Bangladesh, Cambodia and Zimbabwe with their respective services, mPesa, bKash, Wing and EcoCash. 
 
Plastic Lacks Reach; UPI Fills Void If mobile wallets face multiple headwinds, one of the oldest cashless options - credit and debit cards - have limited reach. About 800 million people carry plastic (mostly debit cards, less than 10% are credit cards) and they are generally used to withdraw cash from ATMs. 
 
Today, digital wallets are popular. Tomorrow, direct payment systems will score over intermediaries such as mobile wallet and plastic money companies.

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