{"id":7752,"date":"2018-08-13T20:33:22","date_gmt":"2018-08-13T15:03:22","guid":{"rendered":"https:\/\/www.instamojo.com\/blog\/?p=7752"},"modified":"2021-06-20T02:54:14","modified_gmt":"2021-06-19T21:24:14","slug":"mobile-wallets-payment-banks-what-should-businesses-choose","status":"publish","type":"post","link":"https:\/\/www.instamojo.com\/blog\/mobile-wallets-payment-banks-what-should-businesses-choose\/","title":{"rendered":"Mobile Wallets vs Payment Banks: What&#8217;s the Difference?"},"content":{"rendered":"<p>Mobile wallets vs payment banks &#8211; this is the big debate today! What is the best way to approach digital payments in India for small business owners? While mobile wallets and payment banks have a few things in common, they are very different from one another. Let&#8217;s find out.<\/p>\n<h2>Mobile Wallets vs Payment Banks<\/h2>\n<p>To give you some context about Mobile wallets and it&#8217;s usage in India, here&#8217;s a graph from analytics giant <a href=\"https:\/\/www.globaldata.com\/mobile-wallet-gradually-displacing-cash-india-says-globaldata\/\" target=\"_blank\" rel=\"noopener\"><span style=\"color: #0000ff;\">GlobalData<\/span><\/a>.<\/p>\n<p><img loading=\"lazy\" class=\"wp-image-7760 size-full aligncenter\" src=\"https:\/\/www.instamojo.com\/blog\/wp-content\/uploads\/2018\/08\/Screen-Shot-2018-08-13-at-7.26.18-PM.png\" alt=\"wallets in india\" width=\"848\" height=\"707\" srcset=\"https:\/\/www.instamojo.com\/blog\/wp-content\/uploads\/2018\/08\/Screen-Shot-2018-08-13-at-7.26.18-PM.png 848w, https:\/\/www.instamojo.com\/blog\/wp-content\/uploads\/2018\/08\/Screen-Shot-2018-08-13-at-7.26.18-PM-300x250.png 300w, https:\/\/www.instamojo.com\/blog\/wp-content\/uploads\/2018\/08\/Screen-Shot-2018-08-13-at-7.26.18-PM-768x640.png 768w\" sizes=\"(max-width: 848px) 100vw, 848px\" \/><\/p>\n<h3>Payment Banks &#8211; New in town<\/h3>\n<p>Wallets are quickly replacing cash. However, Payment banks are relatively new and have come into the ecosystem only recently. According to experts, <strong>the impact could be huge in the rural area.<\/strong><\/p>\n<p>Payment banks were called the next big thing in the fintech industry largely because of the simplicity in the model and it&#8217;s potential geographical inclusivity.<\/p>\n<p><em><strong>India has the most mobile users, yet 40% of India still does not have a bank account.<\/strong> <\/em><\/p>\n<p>Payment banks were introduced last year to get more rural areas into the banking sector. More recently, <span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.instamojo.com\/blog\/10-ways-india-post-payments-bank-ippb-is-empowering-rural-msmes\/\" target=\"_blank\" rel=\"noopener\">the government also announced the launch of India Post Payments Banks<\/a><\/span> that will become operational by August 21, 2018.<\/p>\n<h2>What are Digital Wallets?<\/h2>\n<p><a href=\"https:\/\/www.instamojo.com\/blog\/accept-payments-via-digital-wallets-india\/\" target=\"_blank\" rel=\"noopener\"><span style=\"color: #0000ff;\">Digital wallets<\/span><\/a> store your cash digitally and enable mobile transactions. You can add money to your wallets through cards, net banking, and <span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.instamojo.com\/blog\/mobile-wallet-upi-digital-payments\/\" target=\"_blank\" rel=\"noopener\">UPI<\/a><\/span>. Earlier, you could only transfer money to and fro the same wallet. Now, <span style=\"color: #333333;\">with UPI and RBI&#8217;s interoperability<\/span> rules, you can send money directly to anyone&#8217;s wallet or bank account.<\/p>\n<h3>Some of the advantages of wallets<\/h3>\n<ul>\n<li>Allows you to store money digitally, without the need for carrying physical cash.<\/li>\n<li>Most digital wallets also have inbuilt platforms to enable recharges and bill payments.<\/li>\n<li>Allow for multiple cashback offers and discounts while processing transactions.<\/li>\n<li>Wallets are an ideal option for individuals who want to process payments without always putting in their bank details.<\/li>\n<\/ul>\n<h3>Some of the disadvantages of wallets:<\/h3>\n<ul>\n<li>Wallets do not offer any ATM or card facility.<\/li>\n<li>Wallets do not offer any interest dates on unused money in the wallet.<\/li>\n<li>Do not offer any cards or cheque books.<\/li>\n<li>Have limited features as compared to a payment bank.<\/li>\n<\/ul>\n<h2>What are Payment Banks?<\/h2>\n<p><a href=\"https:\/\/www.instamojo.com\/blog\/sme-news-bite-payment-banks-decoded\/\" target=\"_blank\" rel=\"noopener\"><span style=\"color: #0000ff;\">Payment Banks<\/span><\/a>\u00a0is a new model introduced by the RBI. They work as the middlemen between the digital wallet and the traditional bank.<\/p>\n<h3>Advantages of payment banks<\/h3>\n<ul>\n<li>They offer interest on unused money.<\/li>\n<li>Offer various features such as fund transfers and withdrawal\u00a0via ATMs, unlike wallets.<\/li>\n<li>Users can store up to\u00a0Rs. 1 Lakh and may be increased in the days to come.<\/li>\n<li>Users can use net banking, UPI, and internet banking as modes of transactions.<\/li>\n<\/ul>\n<h3>Disadvantages of payment banks<\/h3>\n<ul>\n<li>Offer debit cards and cheque books but no credit cards.<\/li>\n<li>These cards can be used in any ATM for transactions.<\/li>\n<li>Do not offer any credit or loan facility to their customers (but they can offer these via third-party tie-ups).<\/li>\n<\/ul>\n<h2>Mobile Wallets or Payment Banks?<\/h2>\n<p>Your business requires a reliable mode of payment. The best way to choose the right payment mode for your business is to understand which payment mode will suit your <strong>business model<\/strong>. You may like <a href=\"https:\/\/www.instamojo.com\/blog\/tips-choose-online-payment-provider-business\/\" target=\"_blank\" rel=\"noopener\"><span style=\"color: #0000ff;\">these 7 simple tips to choose the right payment mode<\/span><\/a>.<\/p>\n<p>Why worry about choosing one mode when you can offer your customers all modes of payment? Instamojo allows you to let your customers pay with Debit, Credit Cards, Netbanking, Wallets, UPI and even NEFT &#8211; all in just one payment link. Centralise your payments in one link!<\/p>\n<hr \/>\n<p style=\"text-align: center;\"><a class=\"mb-button mb-style-flat mb-size-default mb-corners-default mb-text-style-default \" style=\"background-color: #4e4e91;\" href=\"https:\/\/www.instamojo.com\/payment-gateway\/?utm_source=imblog&amp;utm_medium=interlink&amp;utm_campaign=payment_gateway\" target=\"_blank\" rel=\"noopener\">START WITH INSTAMOJO<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Mobile wallets vs payment banks &#8211; this is the big debate today! What is the best way to&hellip;\n","protected":false},"author":6,"featured_media":12912,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[398,1],"tags":[1989,157,148,2881,2884,2880,2882,939,2883,103,804,19,16,154,618,181,241,187,271,155],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Mobile Wallets vs Payment Banks: The Big Debate<\/title>\n<meta name=\"description\" content=\"Mobile wallets vs payment banks - this is the big debate today! 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