Quarth, which runs the mobile payments app X-Pay has been acquired by taxi hailing app Ola on Monday. X-Pay, a mobile payments app which is run by Quarth, is second investment for Ola after the company had picked up a minority stake in ZipCash Card Services Pvt. Ltd, a company which obtained a wallet licence from the RBI last year. Ever since X-Pay went live in December 2014, it has had between 10,000 and 50,000 installs, relatively lower compared to wallet biggies.
This allows the entire base of FreeCharge users to immediately start using their wallets to make payments at thousands of Ezetap service points consisting of small and mid-sized retailers across India. Ezetap’s Universal Mobile Wallet Acceptance is India’s first universal solution that allows merchants to accept customer payments from any mobile wallet through their existing Ezetap mobile point of sale application. This will enable the wallet consumers to use FreeCharge both not just online but at over 40000 offline points too.
Mobile payment marketplace Paytm will try to emulate Alibaba’s financial services model to disburse small loans to about 500 million Indians by 2020. The mobile wallet firm is borrowing Rs 150 crore from financial institutions for the initiative aimed at widening its presence beyond online retailing. The firm, which started out by offering mobile recharges is expanding its presence in e-commerce and now venturing into financial services to take advantage of data it has of consumers and sellers on its platform.
Paytm, India’s largest mobile wallet, has asked RBI to hike the limit on money that can be kept in a mobile wallet to Rs 25,000 from Rs 10,000. Half a million customers spend more than Rs 10,000 (through Paytm) and a limit of Rs 10,000 is restricting. Credit and debit cards issued by all banks saw 150 million transactions in March 2015 (the latest month for which these figures are available). The comparable figures for the same month for Paytm were 75 million.
Aircel subsidiary Aircel Smart Money Limited has secured a five-year prepaid mobile wallet license from the Reserve Bank of India (RBI) enabling them to provide mobile wallet services to its subscribers. Aircel is the 6th telco to receive wallet license after Airtel, Vodafone India, Reliance Jio, Idea Cellular and Tata DOCOMO. Alibaba-backed Paytm is the largest mobile wallet service in the country with 90M wallets and 100+ crore in balance.