Mobile wallet companies including Paytm, Mobikwik and Flipkart-owned PhonePe on Wednesday said they have seen a significant jump in digital transactions amid a recent currency shortage at ATMs and banks in some parts of the country
MobiKwik has ploughed-in $2.5 million (roughly Rs. 16 crores) for launching a business to business (B2B) product
Paytm draws up Rs 20,000 cr investment plan, to break even in two years, says CEO Vijay Shekhar Sharma
The company will invest Rs 5,000 crore over the next two years in its financial and payments services
Banks and securities firms in India to invest heavily in contactless payment; IT spending to increase to $9.1 bn: Gartner
Firms in the banking and securities industry are investing more in devices to upgrade their existing infrastructure.
"I am excited to join MobiKwik Payment Gateway at a time when mobile digital payments are at an inflection point," said Rukaiya Rangwala.
Mobile wallet companies like Paytm and MobiKwik have also seen manifold growth in transactions as well as new users coming on board.
Indian mobile wallet major MobiKwik on Wednesday said it has relaunched its payment gateway Zaakpay as "MobiKwik Payment Gateway".
Punjab National Bank and state-run firm BSNL today teamed up to roll out open mobile wallet Speedpay across 10 states in the country.
The mobile wallet industry is expected to maintain the pace of its current expansion with transaction volume expected to touch 32 billion by 2022.
Mobile wallet companies like Paytm and MobiKwik have witnessed significant growth in number of users as well as volume of transactions on their platforms.
Snapdeal is also looking at selling its e-commerce business and has been engaged in discussions with larger rival Flipkart for the past few months.
The deal between Snapdeal and Flipkart, once completed, would mark the biggest acquisition in the Indian e-commerce space
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Social media has a massive database of users, even bigger than a bank, so it makes perfect sense to blend online payments with social media platforms
He said people in India are gullible which is a big problem for any company to build business.
Digital wallet company Mobikwik has said it would stay firm to its three-fold growth projection to $10 billion gross merchandise value by the end of 2017 despite the arrival of Aadhaar-based biometric payment system.
Snapdeal owned mobile wallet and online recharge platform FreeCharge, has announced its association with ToneTag to enable customers to make payments using sound.
South Korean tech giant Samsung is planning to launch its mobile payment wallet in India in the first half of 2017.
By both volume and value, only a fraction of cashless transactions are conducted through UPI.
The mobile-wallet market in India is expected to grow at over 190 per cent to reach Rs 1,512 billion by financial year 2022 from the current level of about Rs.1.5 billion, says a study conducted jointly by trade body Assocham and business consulting firm RNCOS.
The outage was due to a system upgrade where Paytm wanted to increase the capacity, because of a surge of users following the demonetisation.