The Mobile Wallet: Experience Freedom of Spending Money Smartly

Vinay Kalantri,Founder
Vinay Kalantri,Founder

The finance ecosystem is jam-packed. Every second day there is one or another fin-tech company mushrooming in the ecosystem either providing wallet services or payment gateway solutions. Reality is such that, the customers are baffled by multiple platforms like TMW (The Mobile Wallet), Paytm, Freecharge, Chillr, MobiKwik, PhonePe, GooglePay amongst others,who have been instrumental in changing the mindset of consumers by introducing the concept of wallet BHIM and other UPI payment gateways. Today, it is no more sacrosanct.

The challenge relies on how well these companies educate its customers about the flexibility and loyalty of using such applications,thereby paving a path towards the hassle-free cashless economy. The competition is tight. At the same time,this industry is galvanized by investors and VCs who see massive potential in digital services and solutions.

Vinay Kalantri, Founder, The Mobile Wallet, states, "It is all about the convenience,on how the
user is using the application. We have to lure the customers with cash backs, rewards, easy payments and investment options among other offers because they do not see the real merit unless we provide them with some kind of incentives. Once this is being used by people on an everyday basis as per their needs and requirements,I am sure that the industry will see genuine growth and revenue coming out of it."

"Boosting the success story of tmw's SmartSpend application to a whole new level, recently, tmw has tied a strategic partnership with the Federal bank to release companion Prepaid Card powered by MasterCard"

Services of a Bank and Convenience of a Wallet
Founded in 2015, Mumbai-based tmw is upping the ante by understanding the consumer transactional journey very closely. Today, the company has created a smart spend platform for its customers. Mr. Arun Batra,COO at tmw says "For example,if a person keeps money in the bank. He is typically keeping it for savings. We, on the other hand, are everything to do apart from savings. We have built a platform that makes wallet payments to be used in daily spends, be it for shopping, selling, investments, mutual funds, lending and more."

Boosting the success story of tmw's SmartSpend application to a whole new level,recently, tmw has tied a strategic partnership with the Federal bank to release
companion Prepaid Card powered by MasterCard."It is one of the first NBFC enabled prepaid card in the country. We are entering the hybrid banking space, where we are trying to give services of a bank and convenience of a wallet to customers all under one roof. Our smart spending platform ensures effortless, safer and best value for money, be it b2c or b2b."

The Convenience and Innovation Ahead of tmw
Headquartered in Mumbai, tmw currently, having offices in Delhi, Bangalore , Kolkata, Hyderabad and other metro cities with presence in 190+ cities across India. Recently, tmw has partnered with Mumbai Metro. Through this partnership, the company missions to make mobile payments extremely simple for its customers. At the same time, it is hopeful that it will transform the whole travel experience along with giving the commuters a convenience of their kind. In the coming days, the company has plans of expanding into the international markets. Soon, it will be introducing other services like mutual funds,and other investment products on the platform. Mr. Vinay Kalantri concluding on a positive note, says "We want to give the same facility to the rural areas so that people can get access to small time loans through our platform. Most importantly, we are making sure that our product will be the first choice for everyone when it comes to limited liability prepaid card and not just corporate or education class."