Mobile wallets News

The global digital payments market is expected to touch $10.07 trillion by 2026

PPIs are substitute of paper currency or cash that prepaid payments industry issues in the form of paper coupons, mobile wallets or electronic formats.

The report said the rise in MFIs' cashless payment models are largely attributed to benefits of risk mitigation and increased operational efficiency that includes improved cash management practises, increased safety and staff productivity.

With India embracing applications of technologies at an accelerated pace, digital transactions will be done through mobile wallets and biometric modes and credit and debit cards as also ATMs were set to disappear, Niti Aayog CEO Amitabh Kant has said.

Post demonetization, India is expected to be a key target for cyber criminals using malware to attack point-of-sales (POS) devices and mobile wallets this year, security software firm F-Secure said today.

After Prime Minister Narendra Modi-led government's demonetisation drive to wash out black money from the country kicked off from November 8, 2016, the emphasis has been on digital payments. With our country marching ahead to become a complete cashless economy, Mobile Wallets, Digital Wallets or e-Wallet apps have hit a major high.

After demonetisation, the mode of online payment has been increased and people are looking out for more secure and safe way of it.

Nowadays most people have smartphones and these can be conveniently converted into wallets.

Independent mobile wallet MobiKwik on Tuesday said it has registered a 7,000 percent increase in bank transfers since it allowed users to transfer money instantly to any bank account at zero percent fee.

Checkout top 5 Mobile wallet companies in India

Bharti Airtel Monday said it will integrate all mobile wallets and other digital modes on its online recharge platform to facilitate payments by its customers.