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First Global Partnered with Vijaya Bank to Provide Mobile Payment Services in India

Vijay Bank account holder will be able to use mobile wallet services through VPayQwik app

India: First Global Data Limited (“First Global”) announced to launch its mobile payment services in partnership with Vijaya Bank. The product will be promoted under the brand ‘VPayQwik’. The app can be installed from Google Playstore and will soon available for download in Apple store.    

Vijay bank is one of the largest government owned bank and has more than 14 million account holders. The bank is focussed toward bringing in innovative and advanced technology solutions to its client. With the launch of VPayQwik, bank aims to enable client use multiple service on a click of a button.

The product is designed to provide customers with major banking facilities which aims to penetrate, Vijaya bank, customer base with the passage of time and in turn converting them to regular active users. The bank services will also get benefitted as they would embrace industry leading technology with high compliance and security.

TechSci Research depicts that India is one of the largest smartphone market with internet penetrating rapidly in urban, semi-urban & rural areas and the surge of mobile payment services growing at high pace will double the market in future.    

According to the recent 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.

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