The mobile wallet industry has been growing rapidly. The Indian e-wallet industry is expected to grow at an exponential pace from an estimated Rs.154 crore in 2015-2016 to Rs.30,000 crore by the end of 2021-2022.
The unprecedented demonetization drive in November last year, when two high-value currency notes were taken out of the system, pushed Indians towards e-payments for routine transactions. Since then, the mobile wallet industry has been growing rapidly. The Indian e-wallet industry is expected to grow at an exponential pace from an estimated Rs.154 crore in 2015-2016 to Rs.30,000 crore by the end of 2021-2022. Now, everyone including banks, financial tech companies, ecommerce retail giants and telecom service providers want to be a part of this success story.
The Indian telecom industry was shaken to its core, with the entry of Reliance Jio, and has been witnessing a price war among its key players for some time. Major telecom providers are trying to outdo each other, by teaming up with mobile wallet brands, offering consumers cashbacks and other attractive features. Let’s look at some of these.
Reliance Jio had recently introduced its triple-cashback offer where subscribers purchasing a recharge of Rs.399 or more could earn a cashback of up to Rs.2,599. The offer which was initially valid till November 25 has now been extended to December 15, 2017.
Subscribers who purchase a recharge of Rs.399 and above from the My Jio app or from the Jio.com site will receive Rs.400 cashback in the form of eight vouchers, each worth Rs.50, which will be credited in their Jio-Prime wallets.
For those recharging through digital wallets like Paytm, PhonePe, and Amazon Pay, an additional Rs.300 cashback will be credited from the wallets. Online Shopping vouchers worth up to Rs.1899, would also be provided immediately on recharge, and can be viewed in the My Jio app under the ‘MyCoupons’ section.
dittoTV subscription pack is currently priced at Rs.20 per month. Now, on purchasing this subscription through Paytm, customers will get a cashback of Rs.5 for every recharge. With a Rs.20 per month recharge for dittoTV, subscribers can watch more than 80 live channels, with a seven-day catch-up facility. These channels include some popular networks such as Zee Café, Zee TV, Zee Studio and many more. Essentially, viewers would be getting a 25% discount on every subscription pack. Paytm, which is India’s largest e-wallet company, launched its full-fledged chat platform Paytm Inbox, on November 3. It has also recently launched its payment bank, and aims to create world’s largest digital bank, targeting 500 million customers.
Cashback Offers on PhonePe Paytm faces stiff competition in the market, after Flipkart announced its plans to invest $500 million on PhonePe. This payment arm of the ecommerce giant has partnered with various brands to offer cashbacks to its registered consumers.
After November 22, 2017, consumers can get cashback up to Rs.50 on Airtel recharges of less than Rs.349 and flat cashback of Rs.75 on a recharge above Rs.349. This offer is applicable only on the first Airtel prepaid recharge done via PhonePe.
Up to 25% cashback can be received at Apollo Pharmacies when paying through PhonePe. This is valid only for the first three transactions. The first transaction gives up to Rs.150 cashback, while Rs.75 cashback is being offered on the next two transactions. This offer is valid till December 31, and applicable only at retail outlets of Apollo Pharmacy.