With the growth is digitalisation, there has been an advent in mobile apps for easy and quick payments. The growth in mobile apps has introduced digital wallet.
What exactly is a digital or mobile wallet?
Mobile payments are quick and allow for completely digital financial transactions. Customers will undoubtedly choose mobile Bill payments due to all of these advantages. As a result of this circumstance, retailers and enterprises must begin taking digital payments.
Digital wallets reduce the need to carry a physical wallet by securely and compactly storing all of a consumer’s bill payment information. In addition, organisations that collect consumer data may benefit from digital wallets. The more information a company has about its clients’ buying habits, the more efficiently it can promote to them. Payment Apps, often known as mobile wallets, are payment services that are governed by financial regulations and done on a mobile device. The idea of paying with cash, check, debit, or credit card has just become obsolete. The innovative payment method of using a mobile wallet or mobile money transfer to pay for a transaction is gaining traction.
The world is gradually moving toward a cashless society. This huge transition has lowered the weight of cumbersome wallets, from invoices to cards, and now to mobile wallets. We can buy anything, transfer money, pay bills, and do practically anything with money from the comfort of our own homes. A mobile wallet is a digital wallet that allows users to make payments quickly and securely using their bank account or credit/debit card. They’re made to make safe transactions as simple as possible while reducing fraud. When compared to alternative physical wallets, this type of online bill payment has proven to be more cost-effective.
These wallets can also be downloaded via the Google Play Store or the Apple App Store. Begin by downloading your preferred mobile app to your smartphone. Then, from debit and credit cards to loyalty cards and even coupons, load the card information you wish to save.
Benefits of a digital or mobile wallet:
- Saves time: You can pay quickly using a mobile wallet by holding your phone over the payment terminal and validating the purchase. The majority of transactions can be performed in a matter of seconds.
- Speedy payments: You can use your mobile wallet to pay for some items instead than typing in card numbers when shopping online from your phone. When you shop online, using a mobile wallet instead of a card on file reduces the number of sites where your card numbers are stored while maintaining a quick checkout.
- No more carrying hefty wallets, easy cashless payments: If you’re like most people, you always have your phone with you. You may pay at accepting stores without having to carry your real wallet if you save your payment cards in a digital wallet, which is one less item to carry.
- Safe and secure transactions: Unlike a traditional wallet, your phone features controls that, if activated, will allow only you to have access. Your cards are all in your wallet if someone finds it. However, if someone finds your phone, they won’t be able to get into it and take a credit card.
- Plus, instead of your card number, a unique transaction identifier or token is exchanged when you pay in-store or online, so the stores where you purchase with a digital wallet don’t have to maintain your account information, which can assist improve the security of your data.
How to use a digital wallet:
Some of the popular digital mobile wallet apps include Bajaj Finserv wallet, Paytm have their own mobile wallets. The process to set up your wallet is easy. You just need to go the wallet icon on the mobile app and enter your 10-digit mobile number. An online KYC will need to be initiated for successful onboarding. Once you create your wallet, you have to add money to your wallet using your credit or debit card or net banking. Once you load the wallet, you can use your wallet balance to pay for your bills, mobile recharge, EMI dues loan repayments and more.