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Mobile Wallet from Tarang Software. Really?
Indianomics, September 21, 2009

Bangalore based Tarang software has launched mobile wallet. Before you make any assumptions about what a mobile wallet is, let me tell you that it is not the contact less payment offered by mChek.

Mobile Wallet as per Tarang is a account information aggregator on the mobile phone. User has to remember just one password to access all the financial information (bank+credit card+insurance+more) on the mobile phone. That looks like an elixir and too good to believe. The definition of mobile wallet is a bit debatable in this case.

There are at least 2 online applications which are trying to do this. OnYem is one such application. These applications fail at connecting to the banks and getting the information themselves. Instead they ask the users to enter the bank balance.

Most of the Indian banks do not open up their API to be accessed by any finance management software. When I said 'most' I am trying to hedge. I should have said this. I don't know of any bank which has opened up its API to 3rd party application.

With Mobile Wallet, customers can now access, view, print and get alerts on all their financial information, including online banking, bill pay, brokerage, loans, credit cards, insurance, fixed deposits and reward points information, not only from the ba nk offering such a solution, but also from other financial institutions, through a single user interface.

If it is what it says it is, then this application will find a mass adoption. There is one more thing of this application being available on only certain kind of phones to deal with. But, how did Tarang manage this?

Read News Byte Online:
http://www.indianomics.com/2009/09/21/mobile-wallet-from-tarang-software-really/