Top 5 Mobile e-Wallets (m-Wallets) in Indian Market

In a very short time the size of mobile wallet market in India grew significantly. According to a study by research firm RNCOS, the current Indian market size for mobile wallet (m-wallet) stands at about Rs 350 crore and is estimated to rise to Rs 1,210 crore by 2019.
Mobile wallet is a very young concept in India that has taken on consumer psyche rapidly.

Everyone is loving mobile wallets and embracing them with open arms. Today, mobile wallet is one of the successful business ideas for start-ups. The evidence lies in the fact that it has surpassed credit cards in terms of the number of users in just a fraction of time.

1. PayTm

PayTM is one of the fast growing companies in the mobile wallet space in India. Accroding to Vijay Shekhar Sharma, chairman and managing director of One97 Communications, which operates Paytm, Paytm, which received the mobile wallet service licence from the Reserve Bank of India last year, aims to cross the 100-million users mark by 2016..
Website - www.paytm.com
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2. FreeCharge

Founded in 2010, FreeCharge claims to be strong in the mobile space with 20 million registered users. It is not a mobile wallet but a mobile recharge platform. The company recently was acquired by Snapdeal for $400. Freecharge is not a wallet service but is a mobile recharge tool. It has raised $113 million so far from investors like San Francisco-based Valiant Capital Management and Hong Kong-based Tybourne Capital Management. Its investors have decided not to exit following the transaction by Snapdeal.
Website - www.freecharge.com
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3. MobiKwik

MobiKwik claims to have 12 Million users. The MobiKwik Wallet claims to enable users to pay in a flash for their recurring mobile recharge, bill payments and online purchases on popular e-commerce websites (and apps) including eBay, Snapdeal, ShopClues, MakeMyTrip, redBus, BookMyShow, Domino’s Pizza, Fashionandyou, American Swan, Abhibus, Purplle, HomeShop18, Naaptol, Pepperfry, Yepme and Infibeam.
Website - www.mobikwik.com
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4. PhonePe

PhonePe is a mobile payment platform using which you can transfer money using UPI, recharge phone numbers, pay utility bills, etc. PhonePe works on the Unified Payment Interface (UPI) system and all you need is to feed in your bank account details and create a UPI ID. There is no need to recharge the wallet, because the money will be directly debited from your bank account at the click of a button in a safe and secure manner. The best thing about UPI is that it is a 24/7 service and can be used even on bank holidays and weekends. The app can be downloaded on both Android and Apple phones. All that is required is a Virtual Payment Address (VPA), using which money can be sent at anytime and from anywhere.
Website - www.phonepe.com
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5. Oxigen m-Wallet

Oxigen is one of the oldest players in the payment market while the company jumped into the mobile wallet space just last year. With its service, people can share money with their friends and family over their preferred social networks and messaging platforms like Facebook, WhatsApp, Google+, and Twitter. It allows users to use their wallet to recharge their mobile phones, pay bills and shop across a large number of online merchants.
Website - www.oxigenwallet.com
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