How to Choose a Mobile Wallet
- 27 August 2016 | 334 Views | By Mint2Save
Mobile wallets are the present and, arguably, the future of digital payment system. Having evolved from internet based to store based shopping and services, mobile wallets are here to stay.
Well aware about this idea, a handful of smart entrepreneurs have ventured into devising some of the smartest mobile wallets in the industry.
However, just like bank accounts, mobile wallets are also sufficient when we just have one. As usual, we have abundance of these smart purses and quite a number of new startups and banks have their projects pipelined to create a lot of options for us, the users. Then among all the varieties, how to create distinction among them and choose one? Well, follow this small checklist while browsing through mobile wallet applications on the application store.
- Bill Split: A vital need for the youth, bill splitting is an essential feature that wallets should have. All one should do is enter the amount spent by him in the bill split option, which automatically informs others on how much they have to pay.
- Expense Tracker: A smart mobile wallet is the one which tracks all your expenses that you have made through it. Based on the type, it can even suggest you better deals and expense plans to stick to. Expense tracker, thus turns out to be a smart companion anytime, anywhere.
- Payment Facilities: While most mobile wallets do market themselves as payment interfaces to purchase a purchase, it would be more beneficial if you can address utility bill payments. Online payment Electricity, telephone, water and gas bill is basic necessity and should be addressed by the mobile wallet.
- Limit: As of now there are certain limitations on mobile wallets due to risk of money laundering issues. However, there are a few companies that offer a higher transaction when you get your KYC verified by them. Since, a lot of transactions have been facilitated by mobile wallets, it is recommended to choose those which have a higher transaction limit.
- Security: A well defined security feature is a prime requirement for a mobile wallet to sustain itself. While users were very cautious regarding security, the regulators themselves have framed guidelines to encrypt user data.
- User Interface: One important factor is user interface or UI. Mobile wallets, should excel in providing a smooth user interface in mobile phone apps as well as on web browsers. Further, since phones are more touch screens oriented these days, the icons should be large enough and tap-to-access feature should be extensively adopted.
- Schedule Payment: Another smart and futuristic feature should be option to schedule a payment. The wallet should allow to schedule future payments, for bill payments, and for fund transfer.
- Bill Reminder: Tracking on the regular payments that you make, mobile wallet should have an option of bill reminder. In the daily schedule of busy lives, we often forget to pay bills and have to service the huge late fee penalty.
- Reviews: Last, but no the least, user reviews is the best source to judge whether the wallet does stand up to your expectation or not. Thanks to the Google Play Store, there are several unbiased reviews of all mobile wallets. Users can complement, criticize, suggest changes, and even interact with the application publisher.