Common E-Wallet
This days, many companies are providing e- wallets, (E.g. paytm, mobikwik, freecharge, oxigen etc...). So, person's money resides in different wallets. If somehow, person wants to utilize his/her all money for something then it can't be done.
So, can we have a common wallet where his money can be stored. Instead scattered money can we have money in one common wallet.
Like
(paytm + mobikwik + freecharge) = common wallet
Kunal Chaudhari
Co-Founder & Engineer, eChai Ventures. Father. Novice Farmer. Proud Indian.
From user's perspective it will great. But from providers perspective it is challenging. It's like having one common bank if we think in terms of banks. And wallet functionality is similar to bank account in some sense.
Nirav Shah
VP - Technology Delivery, @sooryentech #Entrepreneur, Cricket Crazy, Football Fanatic.
This idea seems great. However I would look it in a some what different way.
What I think can work is.. Consider this product as your bank a/c which is used to pay bills for telephone, electricity, gas etc. Now as a user If I go to an X site, which only accepts PayTm, I would make calls to by product and get funds from common pool. Will have to see if RBI norms allows this and wallets have API's exposed or are they willing to work this way.
Divyang Patel
CS Graduate | Entrepreneur | Programmer :)
Brilliant idea @dhaval, It seems like we would worked on API First (For Ex. as OYO Provided ), which can be restored and processing different wallet amount to be collect as one place. I am grateful if you would considered me in your ideas which can be implemented as we wanted.
Thanks :)
Hitesh Dholaria
Software Engineer
Sounds great! Just to extend your idea, think of an aggregated smart wallet combining all the payment instruments that your family owns, which could be used while shopping online, with smart OTP authentication, can also be used for pulling in/paying monthly bills at one place.
Shyam
Well, I m not sure if Common wallet would work
First challenge is why would the Wallet service providers agree on such a common wallet? For a user opening a common wallet account is same as having a wallet with paytm or mobikwik etc , its just that you pool money from different wallets, the wallet providers may see this as a competition.
Secondly by pooling money into common wallet, paytm or mobikwik etc would loose interest on money stored in their wallets.
Also these wallet providers need to expose their API's , and since this include money transfer and payment, i think require license from RBI.
What may work is providing a InterWallet service if wallet providers expose API's
Please let me know if i can be of any use if you consider taking the idea forward.
Regards
Bharat Agrawal
rather than common wallet, what i have thought is to interchangable wallet..Suppose you have money in one wallet and there is a great offer in other wallet, my idea was to create a exchange where people can sell and buy currency of these wallets. Just like normal exchanges the existing exchange rates would be published...People who wants to buy/sell can enter their rates and based on matching exchange rate, the exchange would take place. The exchange can charge a commission of min 2% for the expenses incurred..