Mobile Wallet You have been excited to hear their advertisements on TV and your FM radio and want to know more and more about how they can use, how they work and the benefits of using them. Suppose this article is of your use. The immediate benefit of using a mobile wallet is that it will be a matter of past days and the candies that used to be old on the dining table of your house will now be a thing of the past.
What is a mobile wallet and how it works
Mobile Wallet feature and work in India
Simply put, a mobile wallet is like a bank account open in mobile. Like other accounts created with the help of the Internet, it is also a virtual account that takes your mobile number based on the details given and transacts your money. The convenience is that mobile has now become a common device and its facility is available to both the borrower and the payer.
How does Mobile Wallet work? (How Mobile Wallet work)
The mobile wallet works on the simple principle of transferring money from one account to another, the first and last requirement that both the taker and the payer have an account or wallet of that mobile provider.
Let’s try to understand by example, and if you have gone shopping in a mall and you have bought a nice shirt.
You want to pay that shirt with your mobile wallet. Then it is essential that the owner of that shop also has.
There should be a wallet facility of that mobile company, only then you will be able to pay your bills virtually.
It is the way to pay the bill.
Now, let’s talk about the second feature that remains the subject of much discussion.
Cash transfer facility This facility is also availed in the same way, the only difference is that you have to go to the nearest wallet agent to withdraw cash from the mobile wallet, just like you have to go to the bank.
The mobile wallet deducts an amount equal to your requested amount and deposits it in your wallet and provides you with cash.
With the help of mobile wallets, you will be able to make transactions in your daily life along with your bill payments.
How many types of mobile wallets?
In India, under the rules of the Reserve Bank, e-wallets can be divided into four parts. Currently, 3 types of mobile wallets are available in India. They are all placed in the open, semi-closed and closed category.
What is closed wallets? (Closed wallet) –
When you put some amount in the wallet of that particular company for the services of a particular service provider company, and it can be spent only on the services of the company.
Such wallet is known as a closed wallet. By creating your account on the website of companies like Flipkart, Snap Deal and Amazon, you can transfer money to them and buy only on these sites.
Since its use is very limited, it is known as closed wallets. You can neither withdraw cash from them nor pay the services of others.
What are semi-closed wallets? (Semi-closed wallet) –
According to the rules made by the Reserve Bank of India, you can only pay for goods and services using this wallet.
Also, you can transact for other financial services, but you can avail only those services which the service provider is providing to you.
The only drawback of such a wallet is that you cannot withdraw cash from it.
At present, most e-wallets in India belong to this category. Paytm, Google Pay and PhonePe in this category.
What are the open wallets? (Open wallet) –
Such wallets also have the facility to withdraw cash along with shopping and payment of financial services. In this, money can withdraw through ATMs and any other prescribed means. Currently in India, such wallets is an issue by the bank only. Vodafone’s, Airtel Money m-money can place in the category of such wallets.
How to use the wallet? –
However, To use any wallet, first, you have to open your account in wallet service, for which a mobile number is the first requirement.
Also, After you have registered yourself in the service, you transfer money to the wallet with the help of your debit or credit card,
And when the time comes, you can pay for purchases or services with the help of your smartphone or mobile.
Benefits of using a mobile wallet
- Mobile wallets keep the money as per your need, and you do not have to make your debit or credit card details public frequently, so your money is safe.
- The mobile wallet works effectively in most services, so you do not have to carry a lot of cash with you.
- Often cash transactions have to face the hassle of open money, through digital payment, payments is take up to two decimal places; for example, you can make payment of Rs 96 without any hassle.
- This service is more secure than a debit or credit card as most of these services generate a new mobile password during each use which is valid for only one transaction and a very limited period.
Digital payment Fakts in India (Digital payment facts in India) –
- India ranks second in the Asia Pacific region in terms of digital payment adaptation.
- More than 40 per cent of mobile users in India are using digital payments in one form or the other.
- Transactions through e-wallet in India can be mainly divide into the following parts:
- 60 per cent of people using e-wallet use it for mobile recharge.
- 52 per cent of people using e-wallet use it for travel tickets and hotel bookings.
- 58 per cent of people using e-wallet use it to make utility payments.
- 58 per cent of people using e-wallet use it for online shopping.
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