"But with the launch of YAY Micro loans, the service can now penetrate markets with our digital businesses," said Gupta of the Clone Algo.

All these service providers are competing for market share especially the billions of mobile phone users around the globe and especially the ever increasing numbers of mobile-savvy consumers in India and China.

Over 50 per cent of the active smart phones are on these user-friendly apps, which has already replaced the traditional short messages or SMSes.

"The market has become very attractive," said Gupta, pointing out that some companies have built a base of over 10 million per app. YAY, LINE, KakaoTalk and WeChat have emerged as some of the most popular in Asia with their offers of mixes of chat, downloadable icons and loans.

Though not ignorant of the challenges, the big players are not in a position to challenges the newcomers who are usually dominant in their domestic markets - YAY in India and Middle East, LINE in Japan, KakaoTalk in South Korea and WeChat in China.

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