Saturday, 6 July 2019

What is Mobile Wallet? Advantages Of Mobile Wallet

Hello Friends, Today I am going to tell you about What is Mobile Wallet? And What are its Advantages.

What is a mobile wallet? Do you know what a mobile wallet is? Most smartphone users use mobile wallet. In this post we are going to give you complete information about the benefits of mobile wallet.

What is Mobile Wallet? 

Mobile wallet has also become an important part of people's life. Because it has eliminated many of our cash problems. We can pay by mobile wallet in many places.

Mobile wallet is also known as Mobile Money and Mobile Money Transfer.

Simply put, mobile wallet is similar to a bank account opened in mobile. In which money is stored as a digital money. It is a virtual account like ordinary bank account.

Only some bank makes the transactions based on our documents, in the same way, the mobile that list transmits the basis of the user's mobile number.

For example, if you go to a shop, buy clothes from the clothing store, if they buy any goods from the market, then you can pay them via mobile wallet

But it can be possible only if you have a mobile wallet service available at the store you have purchased, you can pay by app, website.

How does Mobile wallet work?

Mobile Wallet works on the simple principle of transferring money from one account to another. Both the users and users who have the same should have a mobile wallet account.

As we mentioned above, mobile wallet is a virtual account in which you have to put money through a bank account, debit card or credit card. Just, Add money to your Mobile Steps & Start Making Payments, All over the world!

After that, whenever you buy a product and the product company accepts the mobile wallet, you can pay with the money added to the mobile wallet.
After depositing money in mobile wallet, you can make payments using your mobile, tablet and smart watch rather than using a credit card.

Mobile Wallet is both prepaid and postpaid. The prepaid wallet needs to be recharged so that you can use that money to make an online payment.

While postpaid Wallet cuts money directly from your bank account. As soon as you spend with your wallet, the money will be deducted from your bank account.

What is the type of mobile wallet?

Mobile walts are more than one type. There are three types of mobile wallet available in India.

1. Open Wallet

In this type of wallet, there is also a facility for cash withdrawal as well as shopping. That is, through this type of mobile wallet, you can withdraw money through ATMs and other means.

2. Semi Closed Wallet

Under semi-closed mobile wallet, you can shop online and take any service. But you can not remove the cache from it.

3. Closed Wallet

In this wallet, if the order is canceled, the money is locked to the merchant or shopkeeper. That is, when the service provider puts some amount in the user's wallet for the services of his company, then that money can be used only by buying the company's product.
For example, flipkart and amazon

How to use mobile wallet?

You just have to do these 3 things.

First you register in that wallet.
After that, set the balance in your bank account through credit card.
After adding the balance, you can start making payments. u can use mobile wallet to make money transactions, shopping, shopping online or buying any stuff.
Many companies also offer cashback offers, you can also save money by buying them, Like Amazon Pay.

Advantages  of mobile wallet

Mobile Wallet has many advantages and there are some disadvantages too. Let me tell you about the benefits of mobile wallet and what is the harm.

Benefits of Mobile Wallet:

  • Purse i.e. lose wallet, or your pocket can be cut. But mobile wallet can neither be stolen nor can be lost.
  • Like a purse in mobile wallet, you can keep your money according to your needs. The advantage is that you do not have to make your bank account, debit card, and credit card information public.
  • In mobile wallet, just keep the money according to the need. That is, if someone accesses your mobile wallet, your bank account money will be safe.
  • There can be problems with open money while paying with manual purse. But with mobile wallet you can easily pay for any amount of money.
  • There is no need to take a lot of cash with mobile wallet. Also, the problem of carrying ATM cards with you every time comes to an end.
  • People who repeatedly forget to carry ATM cards with them. Mobile Wallet is a great way to pay for them.

So, I hope this article Helps you. Please Share your thoughts on comment box with me.
Thanks For Reading!