Mobile phones and smartphones are being more frequently used by customers to make money transactions than ever before in the country. According to a recent study by Gartner, the mobile payments transactions value is estimated to reach $235.4 billion globally, a 44% rise from the previous year.
In India one of the key players in the mobile transactions space are mobile wallet services. Mobile Wallet is a virtual account that can be operated by the registered users through a mobile phone. YPayCash, a mobile wallet by Y-Cash Software Solutions, once installed on your mobile phone, turns into a mobile money wallet in a few steps. Y-Cash is owned by eMudhra Consumer Services, a five year old company which is into e-enabled services like Taxsmile, an online tax filing service.
With the service installed and activated, you will be able to use your mobile as a wallet for merchant payments, recharge payments and fund transfers, with merchants the service has tied up with.
The mobile app is available for various mobile platforms including Android, iOS, BlackBerry, Windows and Java. Once installed you can activate the service by following the on-screen steps that includes choosing a PIN and registering your mobile number amongst others. After the mobile installation, new users will also have to create an account on the YPayCash website.
Once the service is activated on the phone and website, you can transfer, charge or recharge the required amount from their bank accounts, debit or credit cards to their mobile wallet account by logging onto the YPayCash. Once the wallet is filled up, you can start making payments using the mobile phone. You can also fill up the wallet by making cash payments at select merchants.
Another interesting feature provided by the app is the payment option using QR-codes. Once you enter the amount and PIN in the mobile app, you can generate a QR-code for the transaction. Then the merchant can scan the displayed QR-code and receive his payment.
The company has tied up with Karur Vysya Bank to provide its customers with the prepaid mobile wallet and payment service.
As of now The service is available in Chennai and Coimbatore and you can make payments between Rs. 10 and Rs. 50,000 through the service. In spite of the app having between 10,000 – 50,000 installs , it seems to have garnered some low scored reviews on the Google Play store.
The mobile payment systems in India has been garnering some traction lately. In August this year mobile payment startup LIVQUIK raised angel funding from Snow Leopard Technology Ventures. The following month saw online payments company MobiKwik launch its prepaid mobile wallet.
One97’s consumer brand PayTM recently received RBI approval to operate a mobile wallet. Online retailer Flipkart has applied for the central banks approval to operate a mobile wallet. Medianama reports that Reliance Industries has received RBI approval to run a prepaid payment instrument called ‘Jio Money.’
The last one year also saw the value of IMPS transactions in the country nearly jump 22X, signalling a sharp rise in mobile fund transfers in the country.
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