The concept of cash cards is not new to the card industry. But its presence in India is yet to gather steam. While targetting the segment of customers who are completely averse to using a credit card and also not satisfied using debit cards for cashless transactions, the cash card companies are also looking to upgrade their product with mobile wallets.

A mobile wallet enables one's mobile phone to act as the card itself. The card is replaced by a PIN number along with a consumer number. So whenever the customer needs to make online payments and transactions, instead of the card number he has to place his consumer number as well as the PIN.

The service will allow customers to make payments worth upto Rs 5000. Any licensed wallet provider will help the customer load his mobile phone with money and thus carry on with services offered.

"Volumes from transactions through these cards is very low because consumers don't understand it. Our staff in retail outlets or franchisees use these cards for paying on customers' behalf," says Meher Sarid, ED (brand, marketing & value-added services), Oxigen Services. The sales are still not growing as high as compared to the efforts put by providers to lure customers.