January 10, 2018  





List of Mobile Wallet Startups in India


Mobile Wallet refers to a digital wallet that can be used to store your money and debit/credit card information into a secure platform. It is an app you need to install on your phone. After installation, you need to create an account and add your debit/credit card details. Once you have added your card details you can use the app to make bill payments, recharge phones/DTH, shop online, transfer money to and from any bank accounts. India is going digital and mobile wallets are a great way to go cashless.

 1. Paytm

Paytm is India’s largest mobile payments platform. They have over 220 million registered users. It is the consumer brand of One97 Communications. Paytm was launched as a prepaid mobile recharge website back in 2010. The mobile wallet was launched in 2013 and has flourished due to the increasing digitization happening in India as well the recent demonetization that took place in November 2016.
It is headquartered in New Delhi, India. Some of the major investors include Ant Financial (Alipay), Mediatek, Sapphire Venture, SAIF Partners, Silicon Valley Bank. In 2017, Paytm received funding of $1.4 billion from Softbank.

2. MobiKwik

Mobikwik is one of India’s largest mobile payments network. It is available at more than 50,000 offline and online avenues. It is very secure and is available on Andriod, iOS, and Windows. The Reserve Bank of India (RBI) granted a license for the prepaid payment instrument to Mobikwik in July 2013.
Mobikwik has received a total funding of about $127 million in 6 rounds from 9 investors. Some of the major investors are Tree Line Asia, Sequoia Capital, GMO Ventures, Net1.

3. FreeCharge

FreeCharge is a leading payments app in India. The app can be used to postpaid, prepaid, metro recharge, DTH, and utility bill payments for multiple service providers.
FreeCharge has received a total funding of $177.65 million in 6 rounds from 6 investors. The major investors are Snapdeal, Valiant Capital Partners, Tybourne, etc.

4. Citrus Pay

Founders: Jitendra Gupta
It is mobile payment network which offers a Citrus wallet that can be used to manage your money. You can store upto Rs. 20,000 in your wallet and use it to make payments at select merchants online.
Citrus Pay has received funding of $32.5 million in 3 rounds from 3 investors. The major investors are Sequoia Capital and Ascent Capital.

5. Momoe

It is a mobile wallet startup based in Bangalore. You can pay bills at over 3000 outlets in Bangalore and Pune. MomoeXpress claims to be the fastest checkout system with which you can pay in 0.3 seconds.
Momoe has received funding of $1.2 million in 2 rounds from 3 investors. Major investors are Jungle Ventures, IDG Ventures India.

6. PayU India

Founders: Shailaz Nag, Nitin Gupta
PayU India is a flagship company of Naspers group, which is a $25 billion Internet and media conglomerate in London and Johannesburg. It provides a highly secure and state of the art payment gateway solutions to businesses and common people.

7. Ezetap

Ezetap aims at becoming the single solution which is used by all businesses in India to carry out financial transactions with their customers. It is a mobile wallet that accepts all types of cards and has a secure system.
Ezetap has received funding of $35 million in 4 rounds from 6 investors. Major investors are Social Capital and Hellon Venture Partners.

8. Juspay

Founders: Vimal Kumar
Juspay aims at revolutionalizing the digital payments industry in India by providing a reliable, secure, efficient, and cost-effective solution.
Juspay has received funding of 45.82 million in 1 round from 4 investors. One of the major investors is Accel Partners.

9. MoneyonMobile

Founders: Shashank Joshi
MoneyonMobile is one of India’s largest mobile payments platform that wants to revolutionalize the mobile payment industry. It is safe, secure, and very easy to use. Their core belief is to provide mobile payment services to each individual who may not have access to bank accounts.
MoneyonMobile has received funding of $1o million in 1 round from Caplain and Yes Bank.

10. Oxigen

Founder: Pramod Saxena
Oxigen Wallet lets you make instant bill payments, recharges, and money transfer at over 500,000 outlets. It has a user base of 20 million and a network of 15,000 offline and online merchants, 15,000 trade partners, and 170+ banks, Oxigen Wallet is one of the most widely accepted mobile wallets in India.

11. PayMate

PayMate is a leading provider of electronic B2B payment solutions. The company helps large and small enterprises to use the more efficient digital payments method instead of the traditional cash and check payments. You can use cards, net banking, NEFT, ACH, IMPS, and RTGS to make payments.
PayMate has received funding of $14 million in 2 rounds from 3 investors. The major investors are Sherpalo Ventures, Kleiner Perkins Caufield & Byers, and Mayfield Fund.

12. ItzCash

Founder: Naveen Surya
ItzCash is a payment solution company that aims to make the world cashless and promotes the use of digital payments. It is very simple to use and offers a secure platform to make digital payments. You can make bill payments recharge mobile and DTH services, transfer and request money.
ItzCash has received funding of $35.3 million in 3 rounds from 2 investors. One of the major investors is Matrix Partners.

13. mRupee

MMP Mobi Wallet Payment Systems Limited (MMPL) launched a mobile wallet called mRupee. MMPL is a fully owned subsidiary of Tata Teleservices Limited. The mRupee wallet is a secure way of making digital payments.

14. Pockets by ICICI Bank

Pockets is a VISA approved e-wallet developed by ICICI Bank that can be used by customers of any bank. All you need to do is install the app, create your account, verify your mobile number and start reaping the benefits. You can shop anywhere, pay anyone, transfer funds to and from any bank, get awesome deals while shopping.

15. Buddy by State Bank of India

Buddy is a mobile wallet launched by SBI. It can be used to transfer money to and from any bank account anytime, anywhere. You can shop online, make bill payments, book movie tickets, recharge mobiles, and DTH etc. After downloading the app you need to create an account, add your debit or credit cards and start using all the features of the app.

16. LIME Wallet by Axis Bank

LIME Wallet is a mobile wallet launched by Axis Bank. You can add money to the wallet from any bank account, debit or credit cards and start using it for making payments, shopping, recharges, etc.

17. HDFC Bank PayZapp

PayZapp is a complete payments solution that lets you pay with just one click. All you need to do to use this amazing app is to download it, create your account, add your debit or credit cards and start making payments and shopping online.

18. Chillr by HDFC Bank

Chillr is the first multi-bank mobile payment app in India. The app can be connected directly to your bank account. It allows you transfer money from your HDFC Bank account to anyone in your phone book or to a beneficiary using their account number and IFSC code or UPI ID. The app can also be used to request money on Chillr, pay and split bills.

19. City MasterPass

City MasterPass is a mobile wallet launched by Citibank that can be used to make payments, shop online by storing all your payment and shipping information in one secure location.

20. Airtel Money

Airtel Money is a mobile wallet launched by Airtel. There are exclusive offers that can be availed by the customers if they use airtel money. You can get discounts coupons, cashback etc when you use this mobile wallet. It is safe and secure and you have to create a 4 digit pin for accessing your account.

21. Jio Money

Jio Money is a secure platform for making digital payments. You can use it for making bill payments, mobile/DTH recharge, shop online, and transfer money to other bank accounts. All you need to do is add your debit and credit cards to Jio Money after creating an account on the app.

22. Vodafone M-Pesa

Vodafone M-Pesa Ltd is a wholly owned subsidiary of Vodafone. M-Pesa is a secure and efficient way of carrying out transactions through mobile phones. You can send money to any bank account, recharge your phone and DTH, withdraw money, etc.