Mobile wallets are rapidly emerging as a alternative mode of making payments and transferring money. The document is a very brief note on current information on this space. For a more detailed version, please contact IBR

1. www.indiabusinessreports.com
Mobile Wallets- Overview
Sector: Payments (BFSI)
Aug 2015

2. Transaction Data
www.indiabusinessreports.com Mobile Wallets – Info Overview

3. Wallets are the fastest growing form of payments
www.indiabusinessreports.com 3Mobile Wallets – Info Overview
System
2014-15 2014-15 2014-15 2013-14 2013-14 2013-14 2012-13 2012-13 2012-13
Volume
(Million)
Value (₹
Billion)
Rs Per
transaction
Volume
(Million)
Value (₹
Billion)
Rs Per
transaction
Volume
(Million)
Value (₹
Billion)
Rs Per
transaction
3 Paper Clearing 1,196.5 85,434 71,403 1,257.3 93,316 74,219 1,313.5 99,982 76,120
4 Retail Electronic Clearing 1,687.4 65,366 38,736 1,108.3 47,856 43,179 694.1 31,881 45,934
5 Cards 8,424.0 25,415 3,017 7,219.1 22,160 3,070 6,398.4 18,637 2,913
5.1 Credit Cards 619.4 1,923 3,104 512.0 1,557 3,040 399.1 1,244 3,117
5.2 Debit Cards 7,804.6 23,493 3,010 6,707.1 20,603 3,072 5,999.2 17,393 2,899
6 Prepaid Payment Instruments (PPIs) 314.5 213 679 133.6 81 607 66.9 79 1,183
6.1 m-Wallet 255.0 82 321 107.5 29 270 32.7 10 306
7 Mobile Banking 171.9 1,035 6,022 94.7 224 2,367 53.3 60 1,124
11 Grand Total (1.1+1.2+2+3+4+5+6) 12,049.3 1,77,545.5 14,735 9,920.6 1,63,666.2 16,498 8,558.8 1,50,649.9 17,602
Y-o-Y Change
3 Paper Clearing -4.8% -8.4% -3.8% -4.3% -6.7% -2.5%
4 Retail Electronic Clearing 52.3% 36.6% -10.3% 59.7% 50.1% -6.0%
5 Cards 16.7% 14.7% -1.7% 12.8% 18.9% 5.4%
5.1 Credit Cards 21.0% 23.5% 2.1% 28.3% 25.1% -2.4%
5.2 Debit Cards 16.4% 14.0% -2.0% 11.8% 18.5% 6.0%
6 Prepaid Payment Instruments (PPIs) 135.3% 163.3% 11.9% 99.6% 2.3% -48.7%
6.1 m-Wallet 137.2% 181.7% 18.8% 228.8% 190.2% -11.7%
7 Mobile Banking 81.5% 361.8% 154.4% 77.7% 274.3% 110.6%
11 Grand Total (1.1+1.2+2+3+4+5+6) 21.5% 8.5% -10.7% 15.9% 8.6% -6.3%

4. Customers rapidly going electronic
www.indiabusinessreports.com 4Mobile Wallets – Info Overview
(Largely retail payments)
2014-15 2014-15 2013-14 2013-14 2012-13 2012-13
(Institutional like RTGS not counted here)
Volume
(Million)
Value (₹
Billion)
Volume
(Million)
Value (₹
Billion)
Volume
(Million)
Value (₹
Billion)
3 Paper Clearing 9.93% 48.12% 12.67% 57.02% 15.35% 66.37%
4 Retail Electronic Clearing 14.00% 36.82% 11.17% 29.24% 8.11% 21.16%
5 Cards 69.91% 14.31% 72.77% 13.54% 74.76% 12.37%
5.1 Credit Cards 5.14% 1.08% 5.16% 0.95% 4.66% 0.83%
5.2 Debit Cards 64.77% 13.23% 67.61% 12.59% 70.09% 11.55%
6 Prepaid Payment Instruments (PPIs) 2.61% 0.12% 1.35% 0.05% 0.78% 0.05%
6.1 m-Wallet 2.12% 0.05% 1.08% 0.02% 0.38% 0.01%
7 Mobile Banking 1.43% 0.58% 0.95% 0.14% 0.62% 0.04%
11 Grand Total (1.1+1.2+2+3+4+5+6) 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
 Share of paper or cheque based clearing is falling rapidly, down from 66% of total in FY13 to 48% in FY15, or a 18% reduction
in share of total in just 2 years
 Electronic clearing the biggest gainer, share has gone to almost 37%, up by 16% as a share of total. ECS has captured most of
the shift from cheque based.
 Cards have captured most of the rest, gaining just under 2% of share of total in the 2 year period.

5. Regulation
www.indiabusinessreports.com Mobile Wallets – Info Overview

6. 4 types of wallets allowed by RBI
www.indiabusinessreports.com 6Mobile Wallets – Info Overview
Source: RBI
Closed
Generally issued by
business establishments for
use at their respective
establishment only
Cash Withdrawal – NO
Redemption – NO
Semi Closed
Redeemable at a group of
clearly identified merchant
locations
Cash Withdrawal – NO
Redemption – NO
Semi Open
Can be used for purchase of
goods and services at any
card accepting merchant
locations
Cash Withdrawal – NO
Redemption – NO
Open
Can be used for purchase of
goods and services at any
card accepting merchant
locations
Cash Withdrawal – YES
Redemption – YES

7. Who can issue?
www.indiabusinessreports.com 7Mobile Wallets – Info Overview
Who can issue
 Only banks which have been permitted to provide Mobile Banking
Transactions by the Reserve Bank of India shall be permitted to
launch mobile based prepaid payment instruments (mobile
wallets & mobile accounts).
 Other entities would be permitted to issue only closed system
prepaid payment instruments and semi-closed system prepaid
payment instruments
Eligibility
 Only banks and Non-Bank Finance Companies complying with the
Capital Adequacy requirement prescribed by Reserve Bank of
India from time-to-time shall be permitted to issue prepaid
payment instruments.
 All other entities shall have minimum net owned funds of Rs 10
lakhs
Exemption
Entities issuing closed system Prepaid payment instruments
are exempted from the purview of the guidelines and need
not seek authorization from Reserve Bank of India, for
issuance of such payment instruments subject to the
following:
i. A closed system payment instrument shall have a maximum value of
Rs 5000/- only.
ii. These instruments cannot be used for purchase of another prepaid
payment instrument.
iii. Amounts collected under the scheme shall be exempt from the
provisions of paragraph 7 below, provided the value of outstanding
instruments does not exceed Rs 50 lakhs or 10% of the issuers' 'net
owned funds', whichever is lower.
iv. Entities issuing such instruments shall inform Reserve Bank of India
when they start operating such schemes.
v. half yearly audited statement shall be submitted to the Reserve Bank
by such entities indicating the total value of instruments issued
during the period and the value outstanding as at the end of the
period. It shall be accompanied by a certificate from the Statutory
Auditors stating that the company complies with the provisions of
paragraph (iii) above.

8. Companies
www.indiabusinessreports.com Mobile Wallets – Info Overview

9. Close to 40 companies have registered with RBI to issue mobile wallets
www.indiabusinessreports.com 9Mobile Wallets – Info Overview
Company Instrument
1 Aircel Smart Money Limited Prepaid Payment Instruments
2 Airtel M Commerce Services Ltd. Pre-paid payment instruments known as Stored Value Card Wallet (SCW) ‘Airtel Money’
3 Atom Technologies Limited Pre-paid payment instruments known as ‘Atom Wallet’ and ‘Aquapay’
4 Card Pro Solutions Pvt. Ltd. Prepaid Payment Instruments
5 Citrus Payment Solutions Pvt. Ltd. Pre-paid payment instruments known as ‘Citrus Cash’
6 DigitSecure India Private Limited Pre-paid payment instruments e-wallet known as ‘HotRemit'
7 Eko India Financial Services Private Limited Pre-paid payment instruments
8 Fino Paytech Ltd Pre-paid payment instruments
9 FX Mart Pvt. Ltd. Pre-paid payment instruments known as
10 GI Technology Private Limited Pre-paid payment instruments Card known as 'I Cash'
11 Idea Mobile Commerce Services Ltd. Pre-paid payment instruments known as ‘Idea Money’
12 India Transact Services Limited, Pre-paid payment instruments known as ‘Ongo’
13 Itz Cash Card Ltd. Pre-paid payment instruments known as ‘Pay on web’, ‘Mobile Wallet’ and ‘Itz Cash
BSNL trust Card’
14 Kedia Infotech Ltd. Pre-paid payment instruments known as ‘Etran Wallet’
15 MMP Mobi Wallet Payment Systems Limited Pre-paid payment instruments known as ‘mRupee’
16 Mpurse Services Pvt. Ltd. Pre-paid payment instruments known as ‘mpurse wallet’
17 Muthoot Vehicle & Asset Finance Ltd. Pre-paid payment instruments e-wallet known as ‘Muthoot Money’ and m-wallet known
as ‘Muthoot wallet’
18 My Mobile Payments Limited Pre-paid payment instruments known as ‘MOM’
19 One Mobikwik Systems Private Limited Prepaid Payment Instruments known as ‘Mobikwik Wallet’

10. ..Close to 40 companies have registered with RBI to issue mobile wallets
www.indiabusinessreports.com 10Mobile Wallets – Info Overview
Company Instrument
20 One97 Communications Ltd. Mobile based Pre-paid payment instruments m- Wallet known as ‘Paytm wallet’
21 Oxigen Services (India) Pvt. Ltd. Pre-paid payment instruments known as ‘Oxigen Wallets’
22 Paul Fincap Pvt. Ltd. Prepaid Payment Instruments
23 Pay Point India Network Private Limited Pre-paid payment instruments known as 'Pay Pointz'
24 PayMate India Pvt. Limited Pre-paid payment instruments known as ‘Paymate Wallet’
25 Premium eBusiness Ventures Private Limited Pre-paid payment instruments
26 Pyro Telecommunications Ltd. Pre-paid payment instruments m-wallet known as ‘SpeedPay’
27 QwikCilver Solutions Pvt. Ltd. Pre-paid payment instruments, Co-branded gift card known as ‘Issued by QwikCilver’
28 Reliance Payment Solution Limited Pre-paid payment instruments known as ‘Jio Money’
29 Smart Payment Solutions Pvt. Ltd. Pre-paid payment instruments known as ‘PayCash’
30 Spice Digital Ltd Pre-paid payment instruments
31 Tech Mahindra Limited Pre-paid payment instruments (m-wallet) known as ‘MoboMoney’
32 Transaction Analysts (India) Private Ltd. Pre-paid payment instruments known as ‘Transaction Assured’
33 UAE Exchange & Financial Services Ltd. Pre-paid payment instruments m-wallet known as ‘X-Pay
34 UTI Infrastructure Technology and Services
Ltd.
Pre-paid payment instruments known as National Common Mobility Card (NCMC)
35 Vodafone m-pesa Limited Pre-paid payment instruments known as ‘Vodafone M-pesa’
36 Y-Cash Software Solutions Private Limited Pre-paid payment instruments m-wallet known as ‘Y-Pay Cash’
37 ZipCash Card Services Pvt. Ltd. Pre-paid payment instruments known as 'ZipCash Coupons'

11. Top Mobile Wallets in India
www.indiabusinessreports.com 11Mobile Wallets – Info Overview
PayTM
Launched in 2014
Owned by One97 Communications
Claims to have crossed 100mn users
in Aug’15, a year ahead of target
Claims wallet accepted by 80,000
merchants
Well funded, has raised $600mn
plus. Expects to break even in 2018
MobiKwik
Launched in 2009
Claimed 17mn users as on May’15
Wallet accepted in 50,000 outlets
Has raised $30m so far, looking to
raise another $200m to counter
PayTM’s horde
Oxigen
A mobile recharge company which
branched into wallets
Claims 6 millions users
Can be used as a mode of payment
on more than 2000 websites

12. Top Mobile Wallets in India
www.indiabusinessreports.com 12Mobile Wallets – Info Overview
Citrus Pay
Claims 15 million registered users, of which about 3
million are active users
Over 5000 retailers, wants to take this to 25,000 in 2
years
Claims a GMV run rate of $2bn, targeting $bn by FY16
end. Though this is mostly non-wallet business figures
Has raised about $7.5mn so far. Invested in by
investors such as Sequoia Capital, Beenos, and E-
Context Asia
PayU Money
Owned by Naspers Group, a South African entity
Claims 5.5 million customers
Claims acceptance at over 80,000 websites and
merchants

13. Disclaimer
www.indiabusinessreports.com 13
Copyright© 2015 India Business Reports
• All rights reserved. No part of this publication may be reproduced or utilized, stored in a retrieval system, or transmitted in any form or by any
means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of India Business Reports (“IBR”)
Legal Notices and Disclaimer
• None of IBR, its partners, employees, affiliates, representatives or advisors make any representation or warranty, expressed or implied, as to the
accuracy or completeness of any of the information contained herein, including any opinion or any other written or oral communication
transmitted or made available. Each recipient of such information expressly disclaims any and all liability relating to or resulting from the use of
such information and communications by a recipient or any of its affiliates, advisors or representatives. In particular, no representation or
warranty is given as to the achievement or reasonableness of any future projections, estimates or statements about the future prospects of any of
the companies.
• This document is for the use of the persons who receive it directly from IBR. Recipients agree that all of the information contained in it is of a
confidential nature, and that they will not, directly or indirectly, disclose any such information without the prior written consent of IBR.
Confidentiality
• In consideration of you receiving a copy of this document, you agree to keep confidential the contents of this document and shall not, without the
prior written approval India Business Reports (“IBR”) disclose to any person the whole or any part of the information contained in, or associated
with this document.
Mobile Wallets – Info Overview

14. Thank You
reports@indiabusinessreports.com
www.indiabusinessreports.com Mobile Wallets – Info Overview