a study on payment wallet

Payment Wallet

What is a mobile wallet?

It's a mobile-based virtual wallet, where you preload a certain amount in your account created with the mobile wallet service provider, and spend it at online and offline merchants listed with the mobile wallet service provider. For example, if you go to a coffee shop A, which is listed with XYZ mobile wallet, you can pay for your coffee through the phone. Depending on the service provider, you can also pay through app, text message, social media account or website.

Types of walletsOpen

Semi-open

Semi-closed

Closed

What happens to the money you preload?When you register with us, we create an

escrow account in which your preloaded amount is deposited. Only when you make a payment, the respective amount is credited to PayTM account. We don't have any control over your money, so there is no question of the service provider running away with the customer's money."

However, not all the wallet types are required to open an escrow account so it's best that you check it with the vendor before registering with one.

Merits

Demerits

Terms & Conditions Irrevocably authorizes the Bank to debit the State Bank Buddy Wallet for all

transactions/services undertaken by using MPIN.

agrees to keep the MPIN confidential and will not disclose these to any other person

Authorises the Bank to map the Wallet number (Mobile Phone Number) and Wallet ID for the smooth operation of State Bank Buddy offered by Bank and to preserve the mapping record in its own server or server of any other third party and to use such data at its discretion for providing/enhancing further banking/ technology products that it may offer.

Agrees that the transactions originated using the mobile phones are non retractable as these are instantaneous/real time.

Understands and explicitly agrees that Bank has the absolute and unfettered right to revise the prescribed ceilings and charges from time to time which will be binding upon him/her.

Agrees under  Information Technology Act, 2000

Complied under End User License Agreement (EULA).

 The Wallet holder shall be required to acquaint himself/herself with the process for using the Product and that he/she shall be responsible for any error made while using the Product.

The Bank reserves the right to decide what services may be offered. Additions/ deletions to the services offered under the product are at its sole discretion.

The Wallet holder hereby authorizes the Bank or its agents to send promotional messages including the products of the Bank, greetings or any other messages the Bank may consider from time to time.

The Bank shall make all reasonable efforts to ensure that the Wallet holder information is kept confidential but shall not be responsible for any inadvertent divulgence or leakage of confidential Wallet holder information for reasons beyond its control or by action of any third party

The Telecom Service provider of the Wallet holder may levy charges for each SMS/ dial/GPRS/USSD and the Bank is not liable for any dispute that may arise between such telecom service provider and the Wallet holder.

Fees and Charges of Paytm

Terms and Conditions You shall be solely responsible for the confidentiality, safety and security of

the Password. You shall be the sole owner of the Password and shall be responsible for the consequences arising out of disclosure of the Password and/or the unauthorized use of Paytm Wallet.

You acknowledge and understand that Paytm Wallet are linked to your mobile phone number and you shall be solely responsible for any liability arising out of the loss/ theft / misuse of the mobile phone number or deactivation of mobile connection by the concerned telecom service provider, in respect of the Services.

Information submitted by you for availing Paytm Wallet and/or information submitted while using Paytm Wallet may be shared with third parties by Paytm, inter alia, to facilitate the provision of Paytm Wallet.

Any amount transferred erroneously by the Customer to any Merchant Establishment shall not be refunded to the Customer by Paytm in any circumstances.

You agree to receive all commercial message including transactional messages from Paytm.

Advertising & MarketingTv commercials

Billboards

Promotions

Events

News SBIs mobile banking customers are 1.2 crore.

SBI launched SBI Buddy to grab benefits of financial inclusion program and to target rural areas by launching it in 13 different language.

Paytm has raised over $700 million from Alibaba and reportedly raising another $400 million to build payments bank business.

Paytm received payment bank license from RBI and expected to launch its 1st banking unit later this year.

Paytm is going to spend 600cr on marketing till FY 2017 out of which 50cr spent on commercials and its main focus is on NPS to analyze growth of the company.

Survey

Survey Size :132

Target group :18 years to 65 years

Method of Survey : Online Survey

Survey

7547

6 3116-25

26-35

36-45

46-55

56-65

What is your age?

Survey

95

2116 Yes

NoneBanking App

Have you ever tried using mobile wallet app?

Survey

67

165

12713

21PaytmBanking AppChillrFreechargeMobikwikOxigenPayzappNone

Which mobile payment wallet have you used ?

Survey

5280

Banking WalletEcommerce

Which application is better to use Banking wallet or Mobile wallet?

Survey

8427

21 YesNoDon’t Know

Is it simple to use?

Survey

105

27 YES

No

Do you feel it is safe and secure?

Survey

35

76

21 Yes NoDon’t Know

Have you ever faced any difficulties while using payment wallet?

Survey

90

42YESNo

Have you ever received any offers or benefits by using such application?

Survey

27

11

2918

27

21

Recharge

Fund transfer

Bill Payments

Hotel & Travel

Entertainment & Other activi-ties

Not used

What was the purpose of using mobile wallet?

Employees FeedbackTesting Application

User Friendly

Security

Upgradation and Maintenance

Tie ups

FindingsAwareness

Difference in Bank Wallet and E Commerce wallet

Confusion with banks App

More presence Of Commercial Wallet in Markets

Commercial Wallets provides more services than bank wallet

Room for ImprovementCash Back & Discount

Credit to Account

Security

Tie ups with outlets

Flexibility

Hurdle Free