Cellum Partnered with M-snap Team to Focus on Indian Mobile Commerce

India: Cellum, international provider of mobile transaction solution, has partnered with Indian Mobile commerce firm M-Snap to introduce mobile payment services in India.

The product named ‘PAYSNAP’ will allow merchants and end-users to have flawless transaction across payment channels on both open and interoperable platforms. The product app can be installed on android and ioS devices making end-users to recharge phone balances, pay utility bills and send money and gift cards to other users.    

The payment credentials will be secured by unique combination of tokenization and data fragmentation which provides distinguished zero percent fraud rate. M-Snap will cater to software development kit and support enabling merchants to instantly use the service and start accepting digital payment from users

PAYSNAP targets to cover at least 5 million smartphone users in India in the next five years. Along with payment services, Cellum also planning to introduce new services based on MasterCard’s solution.           

TechSci Research depicts that with growing awareness of mobile wallet and majority of the transactions still done in cash is paving way to high usage of mobile services. The companies offering mobile wallet services are entering partnership with merchants and other telecom companies to power e-cash payments. Mobile wallet market in India is surging on account of growing online transactions, rising trend towards mobile banking, and ease of usage of mobile wallet applications.

According to report published by TechSci Research, “India Mobile Wallet Market Forecast and Opportunities, 2020”, the mobile wallet market in India is forecast to reach US$ 6.6 billion by 2020. Growing awareness regarding the benefits of mobile wallets, rising smartphone and mobile internet penetration rates, and increasing security measures are expected to drive growth in India mobile wallet market. In 2014, Tier-I cities such as Delhi, Mumbai, Kolkata, Bangalore, Pune, etc., registered the highest number of mobile wallet users in the country, while Tier II cities such as Jaipur, Lucknow, Chandigarh, Indore, Patna, etc. are emerging cities in terms of mobile wallet usage. Banking accounted for the largest end user sector in the country’s mobile wallet market in 2014, followed by retail, telecom and transportation sectors. Few of the leading companies operating in India mobile wallet market include One97 Communication Pvt. Ltd., MobiKwik and ItzCash.