2. What is a mobile wallet?
It's a mobile-based virtual wallet, where you preload a certain amount
in your account created with the mobile wallet service provider, and
spend it at online and offline merchants listed with the mobile wallet
service provider. For example, if you go to a coffee shop A, which is
listed with XYZ mobile wallet, you can pay for your coffee through the
phone. Depending on the service provider, you can also pay through
app, text message,
social media account or website.
4. What happens to the money
you preload?
When you register with us, we create an
escrow account in which your preloaded
amount is deposited. Only when you make a
payment, the respective amount is credited to
PayTM account. We don't have any control
over your money, so there is no question of
the service provider running away with the
customer's money."
However, not all the wallet types are required
to open an escrow account so it's best that
you check it with the vendor before
registering with one.
12. Terms & Conditions
Irrevocably authorizes the Bank to debit the State Bank Buddy Wallet for all
transactions/services undertaken by using MPIN.
agrees to keep the MPIN confidential and will not disclose these to any other
person
Authorises the Bank to map the Wallet number (Mobile Phone Number) and
Wallet ID for the smooth operation of State Bank Buddy offered by Bank and to
preserve the mapping record in its own server or server of any other third party
and to use such data at its discretion for providing/enhancing further banking/
technology products that it may offer.
Agrees that the transactions originated using the mobile phones are non
retractable as these are instantaneous/real time.
Understands and explicitly agrees that Bank has the absolute and unfettered
right to revise the prescribed ceilings and charges from time to time which will
be binding upon him/her.
Agrees under Information Technology Act, 2000
Complied under End User License Agreement (EULA).
13. The Wallet holder shall be required to acquaint himself/herself with the
process for using the Product and that he/she shall be responsible for any
error made while using the Product.
The Bank reserves the right to decide what services may be offered.
Additions/ deletions to the services offered under the product are at its sole
discretion.
The Wallet holder hereby authorizes the Bank or its agents to send
promotional messages including the products of the Bank, greetings or any
other messages the Bank may consider from time to time.
The Bank shall make all reasonable efforts to ensure that the Wallet holder
information is kept confidential but shall not be responsible for any
inadvertent divulgence or leakage of confidential Wallet holder information for
reasons beyond its control or by action of any third party
The Telecom Service provider of the Wallet holder may levy charges for each
SMS/ dial/GPRS/USSD and the Bank is not liable for any dispute that may
arise between such telecom service provider and the Wallet holder.
18. Terms and Conditions
You shall be solely responsible for the confidentiality, safety and security of
the Password. You shall be the sole owner of the Password and shall be
responsible for the consequences arising out of disclosure of the Password
and/or the unauthorized use of Paytm Wallet.
You acknowledge and understand that Paytm Wallet are linked to your
mobile phone number and you shall be solely responsible for any liability
arising out of the loss/ theft / misuse of the mobile phone number or
deactivation of mobile connection by the concerned telecom service
provider, in respect of the Services.
Information submitted by you for availing Paytm Wallet and/or information
submitted while using Paytm Wallet may be shared with third parties by
Paytm, inter alia, to facilitate the provision of Paytm Wallet.
Any amount transferred erroneously by the Customer to any Merchant
Establishment shall not be refunded to the Customer by Paytm in any
circumstances.
You agree to receive all commercial message including transactional
messages from Paytm.
20. News
SBIs mobile banking customers are 1.2 crore.
SBI launched SBI Buddy to grab benefits of financial inclusion
program and to target rural areas by launching it in 13
different language.
Paytm has raised over $700 million from Alibaba and
reportedly raising another $400 million to build payments
bank business.
Paytm received payment bank license from RBI and
expected to launch its 1st banking unit later this year.
Paytm is going to spend 600cr on marketing till FY 2017 out
of which 50cr spent on commercials and its main focus is on
NPS to analyze growth of the company.
21. Survey
Survey Size :132
Target group :18 years to 65 years
Method of Survey : Online Survey
32. Findings
Awareness
Difference in Bank Wallet and E Commerce wallet
Confusion with banks App
More presence Of Commercial Wallet in Markets
Commercial Wallets provides more services than
bank wallet
33. Room for Improvement
Cash Back & Discount
Credit to Account
Security
Tie ups with outlets
Flexibility
Hurdle Free