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Idea Money users grew to 2M in Q4 FY16 from 0.59M in the previous quarter

Idea Cellular's mobile wallet service, Idea Money, now has more that two million customers, the company said in its quarterly report (pdf). Idea had launched the service in August 2014, after eight months of receiving a wallet service from the Reserve Bank of India (RBI). The number of wallet users increased exponentially by 248% from 590K in the preceding quarter. The number of transactions also increased 208% to 3.5 million and the total value of these transactions stood at Rs 77.3 crore. The average size of these transactions stand at Rs 221. Idea Money is currently available in 17 circles where the telecom operator is in.  The company adds that it is aggressively acquiring merchants and users for its service. Idea  looking to signing up with e-commerce companies servicing in the field of Food, Travel, Taxi, Railways etc. Some of its online and merchants include BookMyshow, KFC, Dominos, Yep Me, MakeMyTrip and IRCTC. Competition  - Paytm is the biggest player in the wallet space and says that it has more than 125 million wallet users. When Paytm crossed 100 million users in August 2015, it had claimed to carry out over 75 million transactions every month. - MobiKwik says that it has over 30 million users and connects to 50,000 retail stores. - FreeCharge claims that it has 30 million users too and over 100,000 merchants. - Vodafone M-Pesa active user base stood at 962,000. While the number of M-Pesa agents stood at 102,000. - In India, Airtel Money hasn’t disclosed operational data for India for since March 2014.…

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