Maharashtra to be the first Indian state to roll out its own m-wallet

Post demonetization, mobile wallets are the new means of transaction across all channels. Following in the footsteps of different startups, Indian state of Maharashtra is also all geared to launch its own mobile wallet, “Mahawallet” that will also allow users to transfer funds to or from other mobile wallets.

Mahawallet, that is expected to be launched in the next 15 days will make Maharashtra first state in the country to have its own mobile wallet, reports Economic Times.

According to VK Gautam, the state's principal secretary for IT, though there are multiple mobile wallets available but there is no arrangement for transfer of funds. To fix this their team is working on a switch like the one developed by National Payments Corporation of India (NPCI) where funds are transferred between different banks, he told ET.

The interoperability to transfer funds from one wallet to another through Mahawallet would be its key feature, said Gautam. “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."

Mahawallet could also be used to pay electricity and water bills. The state government is in talks with various banks and the NPCI to work out the modalities of the wallet.