idea-kumbh-mela

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

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. At that time, the company had reported an active base of 1.7 million users in India in Q4-FY14. The total number of transactions made in the country was at 38 million, while the total amount transacted was at Rs 1,364.2 crore for the quarter. In August 2015, Online cab aggregator Uber and telecom operator Bharti Airtel entered into a strategic partnership to allow Mumbai’s Uber riders to pay with Airtel Money.

Payment Bank licence

Idea was also one of the 11 applicants to get a payments bank licence from the Reserve Bank of India. Idea Cellular, had applied for a Payments Banks license in a 49:51 joint venture with Aditya Birla Nuvo Limited.  The company is likely to commercially launch its services by end of FY 2016-17.

It’s also worth noting that Idea had an earlier partnership with Axis Bank and had launched Idea MyCash, its financial inclusion platform offering banking facilities including money transfer on mobile.