In a tightly packed session at the India Retail Forum 2015 in Mumbai on September 16th, Future Group Founder and Group CEO Kishore Biyani has announced that the retail major is in the process of launching its mobile wallet.
In his usual witty style, Biyani said that while he didn’t see Indian consumers going cashless any time soon, his organisation was in the process to launch its own mobile wallet.
“There has to be value addition in whatever idea you do. In next few years we will have more than 40 wallet companies in the country, though the society is not going cashless anytime soon. But let me tell you that even we are in the process to launch our mobile wallet with a well thought through idea,” Biyani said.
He, however, declined to divulge any further details. Biyani’s application for the payment’s bank licence was earlier denied by the Reserve Bank in the first round.
Biyani’s announcement comes a day after Snapdeal said that it will launch a mobile wallet through its recharge and utility payments unit FreeCharge. FreeCharge, which does not own an open mobile wallet licence, has tied up with Yes Bank Ltd to launch its wallet. It said it had received in-principle approval from the Reserve Bank of India (RBI) for a semi-closed wallet and may launch its own wallet over time.
In May this year, Biyani also announced that Big Bazaar would live with an app, which appears to be designed to take on the rapid growth of ecommerce giants who have succeeded in luring large number of shoppers with attractive discounts and deals.
“We are launching a price-match offer where if you shop from us and anybody else is selling cheaper than us at that moment, we will automatically give credits in your account — anything online or offline,” Biyani had said then.
On day two of the India Retail Forum 2015, Biyani, Former TV18 managing director Raghav Bahl and retail guru B S Nagesh discussed about ‘India of Tomorrow’ and what opportunities it has for the entrepreneurs in a jam-packed conference session.