Maharashtra to launch ‘Mahawallet’ to facilitiate money transfers

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mahawalletSoon people in Maharashtra will be able to use ‘Mahawallet’ — a mobile wallet supported by the state government — to transfer funds to and from other mobile wallets such as Paytm or Mobiwik.

The government is planning to launch this m-wallet in the next 15 days. The Mahawallet will also allow users to pay electricity and water bills.

The state government is in talks with various banks and the National Payments Corporation of India to work out the modalities of the project.

“There are multiplicity of mobile mobile wallets with no arrangement for transfer of funds. We are working on a switch like the one developed by National Payments Corporation of India (NPCI) where funds are transferred between different banks,” said V K Gautam, the state’s Principal Secretary for IT.

“Here, the wallet would also work as a switch where even though the person may not have the same wallet, he can transfer or receive funds through Mahawallet,” he added.

Mahawallet is expected to give a tough competition to Paytm and Mobiwik. The interoperability to transfer funds from one wallet to another through Mahawallet would be its key feature.

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