Master Cashless Transactions with these Mobile Wallets in India

by November 23, 2016 0 comments

Almost every household in India is having a hard time owing to the scarcity of fluid cash and thus dependency on Plastic Money is inevitable. Mobile wallets are tuning themselves to go with this flow and allowing users to easily transact just at the touch of a button on their smartphones. We recently listed the top apps for going cashless in the current cash crisis.

Cashless mobile wallets come handy when you run out of cash or have no spare change. Especially in the wake of the current ban on Rs. 500 and Rs. 100o notes, cashless payment options have picked up much pace. ATMs have witnessed a makeshift cash crisis resulting in long queues outside. Going cashless is tough job for the no-so-technology-friendly populace of India, and we recently reported how it is not a feasible option for many others without the privilege of a smartphone. But a large chunk of relatively more advantaged population must make the most out of this opportunity to save their sweat in the course of daily payments.

This article compares leading applications as mobile wallets – Freecharge, Oxigen Wallet, Vodafone M-pesa, MobiKwik and SBI Buddy – for their capabilities and ease of use. The images for the steps are attached below the table.

Mobile WalletHow To SignUpHow to Add MoneyHow To Send MoneyHow to Receive MoneyAdditional Features
FreechargeYou can easily register by entering your Name, mobile number and email id.

An OTP is then received to verify your account.
You can add money to your Freecharge wallet using Debit/Credit cards or Netbanking.Paying via Freecharge is convenient as you can choose from:
1. Entering receiver's mobile number associated with Freecharge, or
2. Pay merchants who are registered with Freecharge using an "ON-THE-GO" pin, or
3. Scan merchant's QR code, or
4. Allow merchant to scan QR code on your phone
The option of receiving money is limited to entering sender's mobile number.

You do not get the option of scanning any codes.

This, however, does not guarantee if you will receive the solicited payment or not.
You can communicate via messages with your contacts while requesting them for money.

You can withdraw money by transferring it into your bank account, but it is currently disabled due to demonetization.
Oxigen WalletYou can sign up for Oxigen Wallet in a three-step process. First, enter your mobile number, name, DOB and six-digit security key. A One-time code is generated for verification.

Then, add your email id and postal code (however, this is optional).

Note: We struggled with installing Oxigen Wallet app as it kept failing to respond on various devices including Nexus 4 with Android 7 and Oneplus 2 with Android 6.
You can load money into your wallet by using Credit/Debit cards or Netbanking, or even through IMPS bank transfer. You can send money by:
1. Entering payee's mobile number, or
2. Using IMPS or MMID to deposit directly into bank
3. Using popular services like Whatsapp, Facebook, Twitter, or email. This is linked with Social Payment Service called Fastacash.

There is, however, no options of convenience like scanning QR code to transfer money with the tap of just one button.
Like Freecharge, you only receive the option of requesting for money, which the sender can be notified of via SMS or social media.You can generate a virtual Prepaid VISA card, associated with RBL Bank for quick online transaction, which are limited to only India.
Vodafone M-pesaSigning up for M-pesa requires you o enter your mobile number, name, and DOB as well as a four-digit security pin.

Following this, an OTP is sent for verification
Money can be added using Credit/Debit and ATM cards, besides Netbanking. You can transfer money directly into beneficiary's bank or send it to m-Pesa wallet attached with their phone number. You can request money only from existing M-pesa customers using their mobile numbers only. AN OTP is sent on every login to ensure security.

M-pesa is more like banking app and lets you save beneficiaries, that you transact with regularly.
MobiKwikSigning up for MobiKwik Wallet requires you to add your mobile number and email id. An OPT is then sent to your mobile number to enable verification. You can add money using your card details or via netbanking.

You also have the option of having money Picked up from your home in a matter only 30 minutes.

You can also visit MobiKwik designated stores to deposit cash. Well, that's the case when you have cash.
Users can transfer money directly into bank accounts or into wallets of other MobiKwik users.

You can also scan a QR code generated by the merchant to process payments or sharing an 8-character code with them.
There is no apparent option in MobiKwik to request payments. In order to receive money, you must ensure that the sender processes it from their end. MobiKwik's "Number Lo Paise Do" Scheme allows users to get ashback on their wallet transfers by adding new members and uploading their pictures on Twitter with relevant hashtags.
SBI Buddy In order to sign up for SBI Buddy App, you need to enter mobile number, name, email id and date of birth. Following this, an OPT is received for the purpose of identification.

Users, henceforth, must set up a four-digit PIN which required every time you login.
You can add money using Netbaking and Credit/debit cards only. SBI Buddy is the most basic of the entire tally and to send money, you must enter beneficiary's mobile number.
Strictly no other option is available.
To ask for money, you must enter desired amount along with the sender's mobile number. SBI Buddy allows existing SBI Customers to increase their wallet limits to Rs. 50,000 by entering their Internet Banking or Debit Card details.

Images for Reference:

Freecharge:

Freecharge

Oxigen Wallet:

oxigen wallet

Vodafone M-pesa:

Vodafone m-Pesa

MobiKwik:

MobiKwik

SBI Buddy:

SBI Buddy

 

Paytm can be seen dominating the market of mobile wallets with most signups since demonetization was announced. Visit for a detailed overview of how to use Paytm for easy, cashless payment.

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