NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Tuesday, September 22, 2015

Payments service provider, Paytm, Mobikwik and Citrus haver tied up with e-Paisa, to enable easy payment option to customers to pay at retail outlets like grocery stores, restaurants and other small brick and mortar merchants through their mobile wallets.

Merchants who are listed with e-Paisa – which is a multi lingual mobile based application for card and cash payments -would now be able to accept wallet payments. 

Once the customer enters an e-Paisa enabled store immediately he receives an alert indicating the offers that are available on the user's wallets in that store. Once he makes the purchase, the shopkeeper uses his e-Paisa application in his mobile phone to initiate a transaction which causes the wallet user to receive either a one-time password or a QR code depending on the wallet he is using. After the consumer approves it, the transaction gets completed.

Data from the Reserve Bank of India shows that close to 4.73 crore transactions valuing Rs 1429 crore were done through mobile wallets as on July 2015.