Mobile devices are being increasingly used by consumers to carry out financial transactions globally and in India it is witnessing accelerated growth given the size of Indian mobile market. It is expected that m-commerce transactions will triple in next 3 years and reach USD 74 billion by 2015 as per recent Juniper Research report. To cash in on this growth there are more than 6 Indian companies (Telecom Operators as well as others) who have launched mobile wallet or similar services in past few months.
We now have yet another player who has joined the horde. Consumer technology services provider eMudhra is set to launch its mobile wallet service in next couple of weeks under the brand name – YPayCash. It is an end-to-end payment solution platform that will aid issuance to authentication and settlement. YPayCash Mobile Wallet recently received its license to operate from Reserve Bank of India (RBI).
As per YPayCash website, they issue two types of Prepaid Mobile Wallets of Rs. 5000 & Rs. 1000 value. Being Operator independent, any mobile consumer can go ahead and get the YPayCash mobile wallet as far as they fulfill the KYC norms which are mandatory.
YPayCash Mobile wallet can be installed on nearly all the feature or Smart phones – There are different ways to download & install the mobile wallet on to the mobile phone. They are:
- SMS <Xygle> to <Mobile number>
- Android users can directly download Xygle application from Android Market
- Black Berry users can download Xygle application from Black Berry App World
Even though it is mobile wallet, as per RBI guidelines, users will have to submit the application forms as well as Identification proof (by snail mail). Submission of application form can be a parallel activity with the application download. Once the application is received by Y-Cash, they will validate credentials provided and YPayCash Mobile wallet will then get activated.
The key to YPayCash’s success is obviously going to be the number of merchants who will be accepting YPayCash on their platform.
So, what do you think, does India have space for yet another mobile wallet service provider?