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These are mobile-based virtual wallets wherein you can store your money after registering with a service provider, to make online and offline payments to merchants associated with the said service provider. Mobile Wallets are also called mWallet, eWallet or digital wallet.
Several online wallet services have emerged in the young emerging mobile wallet market of India. The more famous ones are Paytm, MobiKwik, Freecharge, PayU and Oxigen.
Currently, Paytm has a chunk of market share in the number of registered users and volume of transactions via the service provider.