Benefits of Mobile Wallets

Mobile Wallet

“The Day my mobile wallet starts giving me interest on the balance, I am going to shut down  my savings bank account”, hurled a shopkeeper when asked about his experience on accepting payments via mobile wallet.

Pace with which finance has revolutionised itself for the common customer is breath taking. Starting from credit and debit card to internet banking and Paypal based transactions, we have witnessed some concrete long lasting payment interfaces.

The latest to add on the list, is Mobile Wallets. Milestone for digital banking, mobile wallets are a secure interface cum money bank, via which one can shop comfortably online as well as offline.

They are probably the only payment interface through which most common payments such as transport, grocery and fee payment can be done in quick time.

Let’s explore a few reasons that make mobile wallets a hot cake among masses.

1.  Anytime Money: Carry your phone while going out is sufficient for as long as you check out places where mobile wallet based payment is welcomed.  When you only depend on the ATM, you might face hindrances like limitations over transactions or, paying extra charge when you withdraw multiple times.  With the mobile wallet, you can directly pay to the vendor via your phone for as many times you get billed and there are no restrictions on usages.

2. Less Cash in Hand: While travelling, you need good amount of cash in hand for transportation and staying purposes. With mobile wallets, you can ease on the cash in hand and prefer this safe and secure mode for larger payments.

3. Cash Back offers: Not limiting them just to the introductory phase, cash back is now a regular feature. From buying movie tickets to paying your internet bills, you can avail easy cash backs, thus spending less and saving more over the transactions. Moreover, the additional retail offers are always there which are further complemented by these offers.

Cash Back | Mobile Wallet

4. No change needed: Travelling in a cab and thinking how are you going to pay the bill of Rs. 193 when you have no change? How about sending money directly via mobile wallet? No change game, no exchanging candies as a token of change, no rounding off to the nearest amount and tipping. You can be inch by inch specific about every penny you spend and work it easy on expenses via mobile wallets.

5. Instant Transactions: Sending money via mobile wallets is a piece of cake. You can not only send money to the bank account via conventional electronic payments, but can also send money to mobile numbers over which the wallets are registered. The transactions happen instantly over a highly secure and free of cost channel.

Above and over all these transactions, encrypted data, secure logins and added fingerprint based passwords form essential topping over the pros mentioned above. Easy compliance standard in KYC norms makes it quite easy for the customer to access his account and unlike bank accounts, he can do it right from the instant his account is opened. Further, the strong grip of the regulatory bodies makes sure that the mobile wallet companies do not run with all your money.

Increasing research and features is a prominent reason that we have many new and experienced technology companies having ventured into the world of Mobile Wallets. Have you made your mobile wallet and benefitted? If not, do it right away!!

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