What Types of Loan Bajaj Finserv Are Offering to Doctors?

Between managing your medical practice, providing for your family and fulfilling personal goals, there’s a lot that you have to take care of. Your savings may not always be enough to meet your needs, so there are several reliable forms of financing that you can turn to. One such option is Bajaj Finserv’s Loan for Doctors. Created specially for professionals like you, this is a quartet of four loans that can be used for personal and professional purposes. The composite loan comprises the following:

 

1. Personal Loan for Doctors:

Whether it is buying a car for your son, a home theatre system for yourself, or to fund a wedding in the family—there are several ways in which a personal loan for doctors comes handy. With this loan, you can get access to up to Rs.30 lakh for a period of 12–60 months.

2. Business Loan for Doctors:

A business loan for doctors is very similar to a personal loan for doctors. The difference is that this loan can be used for furthering your practice. A business loan for doctors is ideal or purposes such as hiring staff, maintaining stock of medication and equipment or creating a waiting room. It gives you funds up to Rs.30 lakh for a period of 12–60 months.

3. Home Loan for Doctors:

Owning a house is incredibly expensive, and if you’re financially prudent, you may not want to park your entire savings in buying a home. However, you can still fulflill this wish by getting a home loan for doctors. It gives you access to Rs.2 crore with a flexible tenor of 240 months. This way, you can easily finance the second home you’ve been wanting.

4. Loan Against Property for Doctors:

The last loan in this suite is the loan against property for doctors. It allows you to pledge property you already own to get access to funds. These funds can be used by you for personal or professisonal purposes. This loan gives you financial aid of up to Rs.2 crore with a flexible tenor of up to 180 months. Loans against property for doctors can be availed in the following cases:

  • A loan against comercial property
  • A loan against residential property
  • Loan for purchase of commercial property
  • Line of Credit loan

Apart from these loans, there is a fifth option that is offered only to doctors. It is known as Bajaj Finserv Indemnity Insurance for Doctors. If you or your practice gets sued, you should be able to defend it, and an indemnity insurance for doctors helps you do just that. It covers you from Rs.5 lakh to Rs.2 crore. At an attractive premium, this insurance will cover defence costs as well as breach of confidentiality, libel and slander, and employee fraud and dishonesty.

To get a deeper understanding of Bajaj Finserv’s Loans for Doctors, take a look at the several advantages they offer:

1.   High Amount Loans:

These loans give you access to a large sum of money. When it comes to personal loans and business loans, you can claim up to Rs.30 lakh. For home loans and loan against property, the upper limit is Rs.2 crore.

2.   Instant Approval:

If you’re in an urgent need of money, Bajaj Finserv’s Loan for Doctors can come to your rescue. All four loans within this suite are granted approval within 24 hours.

3.   Minimal Documentation:

Unlike regular term loans, these loans require minimal documents. Moreover, these documents are easy to furbish, and are probably already within easy access.

4.   Easy Online Application And Fund Management:

Bajaj Finserv makes it extremely easy for doctors like you to apply for loans. Not only can you apply online, but you can also manage your loan and track all your payments on-the-go through a secure customer portal.

5.   Pre-approved Offers:

If you are an existing customer with the lender, you get access to pre-approved loans. This means that you don’t have to go through the entire application process a second time.

 

6.   Flexible Line Of Credit (LOC):

This is a feature unique of Bajaj Finserv’s Loan for Doctors. It allows you to withdraw money in installments, as and when you need it. Interest is calculated only on the amount used by you, and not on the entire line of credit. Moreover, interest is the only payable component in your EMI. The principal sum is payable at the end of the tenor.

7.   No Part Prepayment Charges:

Another outstanding feature of Bajaj Finserv’s Loan for Doctors is the option to make part prepayments towards the principal amount without any extra charge. This means that if you have a surplus of funds, you can use it to pay off a chunk of your principal amount. This reduces your financial burden in two ways. Not only does it reduce your overall outstanding payment, but it also makes your future EMIs cheaper (as they will be calculated on a lower principal amount).

Now that you know the several ways in which a loan for doctors will benefit you, apply for one through Bajaj Finserv. Their Loan for Doctors gets approved within 48-72 hours, and is an ideal way to finance any need of doctors.

Apply for Doctor Loan Online Know More About Doctor Loan

5 standout features of Google_s new Pixel 2 smartphone

5 Standout Features of Google’s New Pixel 2 Smartphone

The Google Pixel 2 was one of 2017’s most awaited smartphone releases. An improvement of the first installment of the Google Pixel, this one knocks it out of the park with its looks, performance, and camera quality. Take a look at 5 features that make the Google smartphone stand out.

Here are some standout features of this phone:

  1. It’s waterproof:

The new Google Pixel 2 is bigger, better, and waterproof too! It has a water protection rating of IP67, and will protect your phone and its hardware from damage caused by water and moisture. While the accessories aren’t waterproof, the phone itself is resistant to water. It means that you no longer have to worry about purchasing covers and cases for your phone.

2. It has a stellar camera:

Take photography to the next level with the Google Pixel 2. With the 12MP primary and 8MP secondary camera, you can shoot stunning pictures and equally high-quality videos. Incorporating the new MPI technology, the phone’s camera lets you capture bright and high-resolution pictures that appear realistic and life-like. This camera is set to have additional features like auto focus, built-in flash, and HD recording capabilities. All these features help you make the most of your photography experience, while bidding goodbye to pixilation and blurs. Its HDR+ mode improves quality of low light photography and its image stabilisation feature keeps shaky videos at bay. This phone also offers unlimited cloud storage for your images. This means that you can now can go trigger-happy, without worrying about using up all the space on your phone!

3. It features an advanced processor:

The phone is embedded with a powerful Qualcomm MSM8916 Snapdragon 410 processor, which provides the phone with advanced performance and improved multitasking capabilities. The phone features 4GB RAM. This combined with the processor offers speedy performance, you’re sure to love.

4. It uses AI or Artificial Intelligence:

Google has deployed a smart AI that helps you get more out of your phone. Use Google Lens to look up books, movies, and even monuments in front of you. You can also squeeze the phone to launch Google Assistance for real-time help or just say ‘Hello Google’. You can send a text or ask your Google Pixel 2 to take a selfie—all through voice commands.

5. It has a high-quality display:

The display for this phone ranges from 5 inches to 6 inches, depending on whether you pick the Google Pixel 2 or the Pixel 2 XL. It has a resolution of 1080p for enhanced visuals and sharp picture quality. The AMOLED technology provides just the right amount of brightness. The screen colour support function adjusts colours according to the content being played for better comfort to your eyes.

These are some unique features that are designed to set the Pixel 2 apart from other smartphones. Apart from this, the phone offers a built-in security module and 7 hours of battery life from a quick 15-minute charge! This makes the phone an all-rounder, ideal for those who want a smartphone that will help them work faster, as well as those who want a phone that delivers entertainment at the touch of a button. Whether you’re a gamer, photographer, or a jet-setting businessman, there’s nothing that the Google Pixel 2 leaves to desire.

Priced at Rs. 61,000, this phone is available at discounts and at the Bajaj Finserv EMI Store. You can buy all your favourite products on No Cost EMI, zero documentation and get it delivered to you within 24 hours.

Buy the Google Pixel 2 on Bajaj Finserv EMI Store

7 best Android phones to buy this year

7 Best Android Phones to Buy This Year

An Android phone is known for its superior performance, great flexibility, and high-quality entertainment. But, not all Android phones are built equally. Our guide will help you choose a smartphone that is just right for you, based on your budget and specs requirement. Read our list of the year’s best Android phones, and buy the phone of your choice on EMI from Bajaj Finserv’s EMI Store. It offers the best Android mobile phones with big discounts and easy EMI, so you can buy the latest smartphone without feeling the pinch!

1. Honor 8 Pro, Rs. 29,950:

Be it using apps, watching movies, or just sending emails – the Kirin 960 processor of this smartphone lets you do it all with equal ease. It is equipped with a 5.7-inch Quad HD display that breathes life into gaming and movie visuals. Its 12MP front and 8MP rear cameras ensure that you get good picture quality.

Buy Honor 8 Pro here

 

2. OnePlus 5, Rs. 37,999:

Thanks to the advanced processing power offered by the Qualcomm Snapdragon 835, this smartphone is bigger and better than OnePlus’ previous offerings. It has a massive 5.5-inch display that allows you to view clips and movies without strain. Meanwhile, the 1080p display resolution helps bring your entertainment to life. The smartphone features two primary cameras, 20MP and 16MP respectively. Additionally, it has a 16MP front camera, so even your selfies are of the best quality.

Get OnePlus on EMI

 

3. LG G6, Rs. 41,990:

The Qualcomm Snapdragon 821 processor in the LG G6 offers impressive performance, especially when it comes to multitasking. It has a 5.7-inch display with a resolution of 1440 x 2880. This display provides you a brilliant viewing experience with startling detail and clarity. The LG G6 also features two 13MP primary cameras that let you record and capture important moments. The wide and super-wide lenses come together to give you an enhanced photography experience.

Buy LG G6 Here

 

4. Sony Xperia XZ1, Rs. 46,990:

The Qualcomm Snapdragon 835 processor built into this phone ensures that you can do a lot more with it than just talk and text. You can partake in gaming, watching movies and more, without worrying about glitches or lags. It features a 5.2-inch full HD display, and also has a high-quality 19MP rear camera that helps you capture photographs with clarity and brightness. The phone’s 13MP front camera is ideal for capturing close-ups and video calling.

Click Here to Get Sony Xperia XZ1

 

5. HTC U11, Rs.53,990:

The HTC U11 stands out for its powerful performance with an advanced Qualcomm Snapdragon 835 processor. It features a 5.5-inch display for wider viewing angles that provide you with an engaging experience. The phone has a 12MP primary and 16MP secondary camera that lets you capture images with spectacular clarity and high picture quality.

Buy HTC U11 Here

 

6. Sony Xperia XZ Premium, Rs.61990

This smartphone features an Octa-core 64-bit processor to handle various tasks and provide you with speedy performance. The 5.5-inch display offers complete immersive experience when watching movies or playing games. Moreover, with a 19MP primary and 13MP secondary camera, the smartphone delivers great photographs, making it an excellent all-rounder.

Get Sony Xperia XZ Premium on EMI

 

7. Google Pixel 2, Rs.70,000 (for 128 GB):

The power-packed Qualcomm MSM8998 Snapdragon 835 processor delivers advanced performance and is able to smoothly run games, videos, and other applications on the Pixel 2. A superb 5-inch 2K display lends the phone incredible sharpness and clarity. The smartphone also boasts of a 12.2MP primary and 8MP secondary camera that lets you capture high-res images. An improvement on the previous model, this time the cameras offers exquisite detailing, optical stabilisation, and technology that allows more light to reach the sensor for better photos on every click.

Buy Google Pixel 2 on EMI

Once you select a phone that caters to your needs, make the purchase from the Bajaj Finserv EMI Store. This online store offers you variety with Samsung, OPPO, and Vivo smartphones, and more. You can buy any model you like using the No Cost EMI option to make your purchase extremely affordable and take advantage of the discounts offered. Also, you stand to benefit from same-day delivery and a choice of over 43,000 vendors!

Get the Best Android Smartphones Here

How To Qualify For A Chartered Accountant Loan

A loan for chartered accountants is an easy way to raise finance for various personal and professional needs. These can range from working capital needs to purchasing a vehicle for the business. A loan for chartered accountants fulfils complex needs with its gamut of four loans. These loans include a personal loan, business loan, home loan and a loan against property. But, before applying for this loan, it is important to match the eligibility criteria.

Here are the eligibility criteria that you must fulfil before applying for a loan for chartered accountants:

1. You Need To Be A Qualified Chartered Accountant:

  • To apply for this loan, you need to have appropriate educational qualifications and experience.
  • You must also be working as a CA when applying for this loan.
  • To prove this, you may be asked to submit your qualification certificates.

2. You Need To Be A Resident Of India:

  • The applicant of the loan must be of Indian nationality and must be residing in India. NRIs and foreigners are not eligible to apply for this loan.
  • As part of this criterion you have to submit proof of residence in the form of electricity bills and phone bills.

3. You Need To Be A Tax Payer:

  • As an applicant of this loan you need to be a tax payer registered with the government.
  • Submit a copy of your PAN card to satisfy this eligibility requirement.

4. You Need To Have Identity Proof:

  • You need to have your identity registered with the government of India.
  • This can be proved by submitting a copy of your Aadhar card, driver’s license or voter’s ID.
  • If these documents are missing, it can hinder your chances getting a loan.

5. You Need To Have A Source Of Income:

  • The applicant of this loan needs to have a source of income and must have proof to back it up. You can be employed with a company or be self-employed.
  • This is most commonly verified by submitting bank account statements along with a letter of employment.
  • This criterion helps the lender estimate your ability to repay the loan.

It is important to ensure that you meet these requirements before applying for a loan for chartered accountants. Adhering to these criteria will boost your chances of getting the loan and will also speed up the application process.

Once you are sure that you qualify for a loan, you can apply for one with Bajaj Finserv. Bajaj Finserv’s Loan for Chartered Accountants offers benefits like nominal interest rates, simple application procedure, line of credit and loan approval in 24 hours.

Apply for CA Loan Check your CA Loan Eligibility

7 Best 4GB Smartphones Below Rs. 20,000 You Can Buy on EMI

7 Best 4GB Smartphones Below Rs. 20,000 You Can Buy on EMI

A good 4GB smartphone offers you quick performance along with other benefits like increased storage and improved battery life. Find the 4GB phone you’re looking for at the Bajaj Finserv EMI Store, which offers massive discounts along with No Cost EMI that make buying the latest smartphone easy on your pocket. Before you head off to shop online, here’s a list of the best smartphones below Rs. 20,000 that feature 4GB RAM:

1. Redmi Note 4, Rs. 11,999

  • This phone features a great 5.5-inch screen that provides excellent clarity and a high-quality viewing experience.
  • The 13MP rear and 5MP front camera performs well, whether you take countless selfies or capture the world around you.
  • Qualcomm’s Snapdragon 625 64-bit Octa-core processor powers the Redmi Note 4. This provides advanced performance to this affordable smartphone.

Get Redmi Note on EMI

2. Moto G5 Plus, Rs. 13,999

  • Featuring a wide 5.2-inch full HD display, this smartphone is great if you watch videos or movies on the go.
  • It is embedded with a 12MP rear and 5MP front camera that you can use for capturing images with excellent sharpness and brightness.
  • Integrated with a Qualcomm Snapdragon 625 Octa-core processor, the Moto G5 Plus runs applications smoothly without any lag.

Click Here to Buy The Moto G5 Plus

3. Asus Zenfone Zoom, Rs.14,999

  • This model is excellent for those who want their smartphone to go above and beyond. Its full HD 5.5-inch display highlights every detail and makes visuals lifelike.
  • The 13MP camera gives you stable, sharp images. The 5MP front camera is perfect for taking close-ups.
  • Equipped with an Intel Atom Z3590 Quad Core processor, the phone promises smooth and glitch-free performance.

Buy Asus Zenfone Zoom on the EMI store

4. Samsung J7 Max, Rs. 16,900

  • If a hazy display is your worst smartphone nightmare, the Samsung J7 Max’s 5.7-inch, full HD display is a feature you’ll really appreciate.
  • You can use the 13MP camera to capture superior quality images with zero pixilation. Additionally, the 5MP front camera is the perfect tool for when you are video conferencing and capturing selfies.
  • The Mediatek Octa-core processor delivers a seamless clock speed of 2.7GHz, which is ideal for running various applications like games, streaming movies, and switching between apps.

Buy Samsung J7 Max, Rs. 16,900 on EMI

5. Asus Zenfone 3, Rs. 18,999

  • This smartphone features a 5.5-inch full HD display that makes it perfect for gamers.
  • Moreover, the 2.0GHz Qualcomm Snapdragon 625 64-bit processor offers impeccable performs and excellent speed.
  • The cameras on the Asus Zenfone 3 are excellent too. The 16MP camera is a treat for the avid photographer. Alongside this is the 8MP front camera that adds to the phone abilities. It makes photography and videography fast and flawless, without compromising on the quality of the output.

Get Your Asus Zenfone 3 Here

6. HTC Desire 10 Pro, Rs. 19,299

  • This phone has a magnificent 5.5-inch HD display that makes every frame shine. The HD resolution gives graphics a sharp and true-to-life appearance.
  • HTC Desire 10 Pro’s 20MP camera lets you take photos that are of excellent quality and high resolution. It also features a 13MP front camera.
  • The Octa-core processor is clocked at 1.8GHz and provides advanced performance, speed, and processing for when you want to multi-task.

Buy HTC Desire 10 Pro Here

7. OPPO F5, Rs. 19,990

  • A full HD plus resolution combined with a 6-inch screen gives you a display that’s truly a class apart.
  • Its 16MP rear camera is perfect for amateur photographers. On the other hand, its 20MP front camera provides excellent clarity, whether it is for video conferencing or capturing photos, so you don’t have to worry about blur and distortion.
  • The MediaTek MT6763T Octa-core 2.5 GHz Processor provides high-speed performance and runs applications without errors and lags.

Get your OPPO F5 on EMI

Whether you choose a Samsung smartphone or an OPPO, a Redmi or a Moto, you can make your purchase from the Bajaj Finserv EMI Store and buy products on No Cost EMI. Enjoy delivery within 24 hours, pre-approved limit, and zero documentation.

 

Get the Latest Smartphones on EMI

Everything you need to know about the Bajaj Finserv Wallet app

The Bajaj Finserv Wallet can be used to make various kinds of transactions. You can pay monthly utility bills, book tickets, and more. The wallet uses a MobiKwik payment gateway, so paying your gas, electricity, and phone bills and shopping for the latest products becomes a breeze. It also has a money transfer feature that allows you to instantly transfer money to other users, using their email ID and phone number.

Offers access to 2 million vendors:

This wallet can be used for both online and offline across transactions. You can use it with popular vendors such as BookMyShow, MakeMyTrip, Big Bazaar, PVR and many more. The wallet also has tie-ups with hospitals, diagnostic centres and restaurants. Take your pick from Bajaj Finserv’s partner stores and MobiKwik’s vast merchant network for a shopping experience like no other.

Links to your EMI Card:

Add your EMI Card to the wallet simplifies the process of making purchases on EMI from Bajaj Finserv’s 43000 partner stores. You can get instant EMI approval for products and services with minimal documentation. Moreover, when your EMI Card goes digital, you don’t have to worry about carrying it with you to a shop or keeping it safe.

Offers better security:

Once you link your EMI Card to the wallet, you can gain from enhanced security features. Not only is your transaction secure and better protected, you also have the provision of immediately blocking your EMI Card in case it is lost or stolen. Its online security promises protection from hackers and malware as well.

Gives you the benefit of various offers:

Apart from bringing India’s top brands to your smartphone, the Bajaj Finserv Wallet offers deals, discounts, reward points, and cashbacks too. So whether it is eating out, booking a hotel, or buying appliances, you can make your purchase easily and affordably.

Offers a user-friendly interface:

The Bajaj Finserv Wallet has a single-window view that lets you see details of your transactions and other EMI Card information at a glance. The app has a smooth interface and adding money to the account, and transacting, is a fast process.

No matter how advanced your online needs are, the Bajaj Finserv Wallet will help make the journey smoother. From something as simple as recharging your phone, to a task as important as getting the best deal on a new air conditioner, rest assured that the Bajaj Finserv Wallet is cut out for the job. Click here for more information.

All you need to know about the Unified Payment Interface (UPI)

According to BCG Google Digital Payment report (2017), the number of non-cash transactions will exceed cash payments in India by 2023. Unified Payment Interface, developed by the Government of India is sure to have a huge part to play in this. Take a look at how it is integral to helping India go cashless.

Unified Payment Interface has been developed by National Payments Corporation of India (NPCI) to facilitate inter-bank mobile transactions. It allows bank account holders of all banks registered as Payment Service Providers to transfer funds between banks using this platform. Through this platform, users can send and receive cash by making use of single identifier. Instead of having to enter sensitive information, the bank will use the identifier attached to your account details to complete the transaction. UPI was launched in January 2016 and made available to banks starting 11 April 2016. Many banks have already started using UPI and many more are on their way to implementing it.

A great way to perform cashless transactions, here’s everything you need to know about UPI.

How does UPI benefit you?

  • It helps you by shortening payment processes and allowing you to use a single interface for transacting with multiple banks. You just have to share the Virtual Payment Address to complete the payment.
  • UPI also makes net banking simpler. Usually, if you want to do a bank transaction, you have to enter several details. These include your account name, bank account type, bank name, and IFSC code. Then you have to wait till the bank adds the payee which could be anywhere from 30 minutes to several hours. UPI can help you transfer money instantly, cutting the long-winded process short.
  • UPI is very secure as the transaction takes place in a highly encrypted format. It also has a 2-step authentication process as per RBI guidelines. Here, the OTP component will be replaced by an MPIN.
  • You will be able to transfer money, pay bills, and make payments for taxi services, food orders, and any other online payment. Many merchants have already tweaked their payment systems in accordance with UPI.
  • Adopting UPI is an affordable move. NPCI has stated that it will charge Rs.0.50 per transaction and will be reflected as IMPS transaction on your bank statement. On the other hand, when you transfer money via NEFT, you will spend between Rs.2.50–Rs.25, depending on the amount. For RTGS, the cost ranges from Rs.30 to Rs.55.
  • There are several players who have adopted UPI. Popular ones include Hike, Truecaller, and payment apps such Paytm, MobiKwik, and PhonePe. In fact, Hike was the first messenger app to introduce peer-to-peer payments using UPI and WhatsApp is on its way to do the same.

The only advantage that other payment gateways have over UPI is that they resolve any kind of payment disputes between the customer and the merchant, which UPI doesn’t account for. That being said, it is an issue that is expected to be addressed as the framework develops over time.

While India is one of the most cash-dependent countries, UPI is certainly changing the landscape. It definitely lays the foundation for a nation that is poised to go cashless, especially in the post-demonetisation economy. With over 200 million smartphone users, it is a move in the right direction. On the whole, UPI simplifies online transacting and encourages people to go cashless in a cost-effective manner.

Developments in mobile wallet industry over the years

Developments in mobile wallet industry over the years

From making payments through SMS to banking and shopping on your smartphone, the mobile wallet industry has grown significantly. But, it couldn’t have happened without rapid advancements in technology. Take a look at how the digital wallet has evolved over the years.

According to Google-Boston Consulting Group’s 2016 report, 81% of existing digital payment users prefer mobile wallets as their mode of payment. The number of Indian consumers opting for digital payments for online and offline transactions is estimated to grow to a staggering 90% by 2020. The ease of use of these mobile wallets and a large number of incentives are the drivers of popularity of digital wallets in India.

The technology powering mobile wallets has been rapidly evolving to create more efficient and convenient versions. So, take a look at how the mobile wallet industry has leveraged technology to mature over the past 11 years.

Infographic

The very beginning

It all started over a decade ago, with Wallet365. A Times Group and Yes Bank collaboration, Wallet365 was a nascent beginning. Powered only by 128-bit encryption and VeriSign certification, it allowed you to make transactions and payments to a mere 100 merchants. With the aim of shifting the consumer from credit cards to secure online transactions, Wallet365 only required you to have an email ID. The goal was to overcome credit card fraud, and this wallet prided itself on its secure payment gateway and ease of use.

A year later, Vodafone launched M-Pesa in Africa, which eventually made its way to India in 2013. Essentially a mobile phone-based transfer and financing system, M-Pesa can be considered as a basic version of the digital wallets of today. This system allowed its users to transfer small amounts of money to another person’s mobile, pay bills, or initiate withdrawal of money. While it did cover the basic gamut of services, it most certainly left a lot to be desired, especially in terms of ease of use, scope of use, and safety.

Between 2006 and 2010, the mobile wallet industry established its foothold in India. The RBI approved the usage of closed wallets (that can be used to buy products and services from only one company), and e-wallets such as MobiKwik, Oxigen, and FreeCharge were introduced.

Mobile wallets gain momentum

In 2011, PayTM made an entry. The idea was to overcome the hassle of an internet connection that failed right when you’re paying for a ticket or a bill online. The goal was simple: to do away with the step where a customer is redirected to a bank’s payment page and quicken the process.

In 2012, banks began to launch e-wallets that linked their own debit and/or credit cards to their customer’s mobile phone. An example of this would be the collaboration between HDFC and Movida. The e-wallet allowed you to pay bills, buy flight tickets, and recharge your mobile phone. Driving this e-wallet was a technology known as USSD. Essentially, it is a service used to facilitate mobile-money services along with location-driven content and menu-based content services. Unlike an SMS, the USSD messaging creates a channel that allows simultaneous exchange of data. It was a venture driven by the idea of allowing HDFC customers to carry out basic transactions without needing a high-end handset.

In the same year, Airtel Money, a semi-open digital wallet, was introduced in 300 cities in India. A huge step up from Wallet365’s network of 100 merchants, Airtel Money allowed you to load cash on to your mobile and use it to pay bills, perform recharges, shop at over 7,000 merchant outlets. This platform was powered by Infosys’ WalletEdgeTM and was capable of performing millions of transactions and was very safe.

Quick on Airtel Money’s heels was MobiKwik. It allowed customer-to-store transactions through a semi-closed wallet. The mobile wallet also launched MobiKwik Lite towards the end of 2016, with the aim of extending the benefits of a digital wallet to rural areas. This version runs on 2G data and is less than 1MB in size, thereby countering problems such as poor connectivity and limited phone storage capacity. Moreover, with RBI’s approval, MobiKwik has been able to offer its users the option to store up to Rs. 50,000 on the wallet for various transactions.

The current scenario

In 2014, the RBI allowed the creation of Payment Banks by telecom operators, supermarkets, and electronic wallets. They were given the freedom to accept deposits, basic savings, and provide remittance services. The first such bank was ICICI Bank’s Pockets in 2015, followed by Flipkart Money (now called PhonePe) in 2016 and Airtel Payments Bank in 2017.

However, between 2015 and 2017, there was also a lot of support extended by the government that helped bolster the mobile wallet industry. According to the RBI Data Warehouse, by January 2016, 48 million mobile wallet transactions had taken place. To boost the number of transactions and improve security, National Payments Corporation of India (NPCI) rolled out UPI or Unified Payments Interface in April 2016. The USP of the system was that it featured a single interface to send and receive money through a ‘single identifier’ such as a phone number or email address. This tokenisation eliminated the need to enter important information such as your bank details each time you want to perform a transaction.

Driven by demonetisation

In November 2016, Prime Minister Narendra Modi’s bold demonetisation move further shifted the focus to mobile wallets. The NCPI launched the BHIM app that used UPI to make payments ‘simple, secure, and super-fast’. It is a government-backed application that allows you to send and receive money and make bill payments, regardless of whether you have a smartphone. Driven by the cash crunch, the BHIM app was downloaded 17 million times by January 2017, and the number of mobile wallet transactions increased to a never-seen-before 213 million, according to RBI’s Data Warehouse.

What followed was a flurry of activity that strengthened the mobile wallet industry in India. In January 2017, Airtel launched the Airtel Payment Bank, powered by technology that facilitates digital and paperless banking without any processing fee for online transactions. By mid-2017, Hike introduced a payment wallet, within its messenger app, backed by the Indian government’s UPI. Soon after, Telangana became the first state to launch its own official e-wallet, called T-wallet and Axis Bank launched LIME. LIME allows you to shop, perform banking, and make payments through a mobile wallet—making it an app that is the first of its kind in the country.

As of October 2017, digital transactions backed by UPI multiplied 77-fold and hit the Rs.70.57 billion mark. Government directives such as the one asking banks to reduce fees on online transactions further strengthen the scope of the industry and ease of operation and security for users. This, combined with features such as a multilingual interface has led to digital wallet transactions growing from $1 billion to $9 billion in just one year, from 2016 to 2017.

Looking forward

While Near Field Communication is already a popular payment option in USA, going forward, it is likely to be a sought-after option in Indian markets too. By allowing your phone and a payment terminal to connect wirelessly, often with just a tap, it allows contact-less payment. Samsung Pay is one such NFC player. Since the connection is highly encrypted, it is a secure payment option for consumers looking to go digital.

This year, India became the second-largest smartphone market, with 220 million users. So it comes as no surprise that India’s mobile wallet industry will grow to $4.4 billion by 2022 (according to Capgemini’s World Payment Report 2017). Furthermore, according to BCG Google Digital Payment 2017 report, the number of non-cash transactions will exceed cash transactions in the country by 2023, as internet-enabled smartphone users cross the 650 million mark. With milestones being crossed rapidly, it’s evident that there’s simply no stopping the mobile wallet industry.

So, it’s time that you got on the digital wallet bandwagon with the latest Bajaj Finserv Wallet powered by MobiKwik. It not only allows you to pay merchants and friends, but also buy a host of products on EMI. See more here.

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