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Comparative Analysis of Existing Mobile Wallets

Mobile wallets are gaining popularity as companies build their own to provide convenient shopping and payment options. This chapter analyzes five mobile wallets - Airtel Money, OXI Cash, Google Wallet, Square, and ISIS - based on the services offered, technology interface, payment network processor, payment sources, and security measures. Airtel Money is a virtual wallet available across India that allows users to pay bills, buy tickets, and transfer funds after registering and loading their wallet with funds using a credit/debit card or at Airtel outlets secured by a 4-digit PIN.

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120 views2 pages

Comparative Analysis of Existing Mobile Wallets

Mobile wallets are gaining popularity as companies build their own to provide convenient shopping and payment options. This chapter analyzes five mobile wallets - Airtel Money, OXI Cash, Google Wallet, Square, and ISIS - based on the services offered, technology interface, payment network processor, payment sources, and security measures. Airtel Money is a virtual wallet available across India that allows users to pay bills, buy tickets, and transfer funds after registering and loading their wallet with funds using a credit/debit card or at Airtel outlets secured by a 4-digit PIN.

Uploaded by

har.san
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Chapter 3 Comparative Analysis of existing Mobile Wallets

Mobile wallets are gaining momentum in the marketplace, and many industry players started to build their own mobile wallets to provide ease in market with variety of offers to shop and pay. Mobile wallet is designed in order to perform payments with lot of other factors involved. There are many factors that influence to prioritize the mobile wallet. Each wallet varies in service provision, security provision and what kind of payment channels does that support. They are at the very heart of Universal Commerce, and merchants and financial Institutions alike need to consider how to utilize mobile wallet systems to engage new and existing customers in a variety of ways. Many mobile wallets entered the market and started to act accordingly. Some wallets we consider to analyze: Airtel Money OXI Cash Google Wallet Square ISIS This chapter tries to analyze these wallets with respect to following factors: Services offered Technology Interface Payment network processor Payment Source (Debit account, Credit account) Security How it works Analysis: 1. Airtel Money: Airtel Money is a virtual wallet to load and use cash, available across more than three hundred cities in India. They launched the Airtel Money services in 2010 starting with Delhi NCR and expanded it to Chennai in May 2011. The user need not have any Mobile Application in his/her mobile phone. Services Offered: There are various services that Airtel money offers. Pay utility bills Book Movie tickets Shopping Send and receive money from any Airtel money customer Send money to any bank account via NEFT Send money by SMS code to any mobile number Earn interest on balance amount at the rate of 4% per annum

Technology Interface: The Technology interfaces are USSD and SMS. How it works: One need to get registered prior to use these services. Once we register for Airtel Money, we get a 4-digit MPIN from provider. Airtel mobile number itself is the account number for the user. The MPIN is linked with the account. Airtel Money is type of prepaid card in a wallet. We need to load the wallet with certain amount of money using either Credit or Debit card or at authorized Airtel money outlets. We need to use this MPIN always to perform any kind of payment. Once we opt for payment, the money in wallet gets deducted. Payment Network Processor: This uses closed loop payment network processing. Airtel is the Payment Network Processor. Payment Source: It works on stored value funding service. User needs to load the wallet initially to perform any kind of payments. Security: Security is provided through 4 digit MPIN. No data is stored on phone. To perform any payment, user must provide the 4 digit MPIN.

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