‘Idea Money’ digital wallet growth to be supplemented by Retailer Assisted Model


With a focus on encouraging its mobile customers to conduct digital transactions conveniently, and to support the government’s vision of a cashless economy, Idea Money, has launched its ‘Retailer Assisted Model’ to drive usage of several value added products with retail outlets for its wallet customers, both digital and non-digital, bringing them into the fold of digital payments.

The new Retailer Assisted Model is designed to bring less tech savvy customers and retailers closer, by providing a convenient and secure digital payment platform. The company has partnered with online and offline retailers and merchants across geographies, allowing Idea’s 185 million customer base to use its digital wallet services effortlessly.

The Retailer Assisted Model enables retailers to conduct transactions with the customers’ Idea Money Wallet, without the need of customers to use an app. These transactions also include value added services for customers such as airline/bus ticket and hotel booking, in addition to the regular DMR (Domestic Money Remittance) and other recharges and utility bill payments.

Commenting on the new initiative, Mr. Sudhakar Ramasubramanian, CEO (Designate), Aditya Birla Idea Payments Bank Ltd, said, “With less than 15% of internet users in India who actually buy digitally, we feel that the Retailer Assisted Module, will also help new-to-digital customers get online and experience the convenience and benefits of e-commerce. This platform will also help our Retailer network reap the benefits of going digital by reaching out to the customers with a plethora of products and services, and earn additional income. We are committed to continuously innovating and building new product propositions that work for our partner’s and customer’s benefit.”

Idea Money has witnessed a huge upsurge both in volumes and usage values, post demonetisation. There has also been an increase in load money on the wallet through Debit card, Credit card and Internet Banking.