11 Advantages of Using a Mobile Wallet

In 2020 there is a word of the year which many of us are aware of. Wait. We are not talking about the one declared by Merriam or Oxford.

The most commonly used word of 2020 is digital. Everywhere around us, things are moving fast from real to virtual, from on-premise to digital. Most of us are pretty acquainted with cashless with debit or credit cards and mobile wallets.

Advantages of Using a Mobile Wallet

Barring some cons, there are plenty of benefits of using an online wallet installed in your mobile device.  Curious? Quench your curiosity as you go through this article.

1. Ease Of Accessibility

Mobile wallets are digital wallets on your phone. They are helpful when you do not want to carry your purse for shopping and pay the purchase amount from your phone.

This is incredibly easy as your mobile wallet contains the details of your cards and banks. All you need to do is scan a QR code displayed at the payment desk and send the money.

With just two easy steps of scanning and making a payment, it makes transactions simple. Try using e-wallets for shopping online, through social media sites, and also at stores.

2. Connects To All Banks

A mobile wallet is a one-stop place where you have an integration with your bank. Previously, we could only access our virtual money from cards.

The more bank accounts we have, the more is the number of cards. Our purse becomes thicker and heavier, and that’s pretty annoying to carry everywhere we want to shop.

Mobile wallets store details of all our cards. When we open a mobile wallet, we can choose our preferred card to pay for a service or merchandise.

All of this selection, money transfer, and purchase can happen with a few clicks on a gadget which we use every second.

3. Added Security

Some people use “tap to pay” or “contactless” VISA cards that do not ask for PIN input. While that makes transactions faster, it is a less secure process.

Imagine what will happen if you lose your card or your mobile wallet altogether with debit cards in them? Daunted? Don’t worry.

Social media sites, newspapers, and everywhere else, people are cautioned to use mobile wallets. These e-wallets store the details you enter of your contactless card and secures it with a password.

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Try giving in a complex password that cannot be hacked, and you don’t have to worry about card theft or money loss anymore.

4. Wallet Money

Most of you must have seen in your preferred mobile wallet that there is an option to add money from the bank to your mobile wallet. Wallet money makes purchasing happen in a jiffy.

To add money to your wallet, simply head over to the app and check for an option that says – Add money to Wallet. Next, you have to select the bank and make a transaction. In a few seconds, the sum of money will reflect in your mobile wallet as Wallet Money.

5. Range Of Uses

If you have read on social media sites that you can use a mobile wallet for transactions almost everywhere, then believe it. It is not a rumor.

You can purchase something online from an e-commerce website, pay your household bills, pay fees, pay for services such as Uber, Zomato, Swiggy, etc. You can also transfer money to your acquaintances, pay at educational institutions, shops, hypermarkets, groceries, and whatnot.

6. Transfer Money To Bank

Are you tired of going to the bank and deposit money? Or do you have work commitments and do not have the scope to spend time at the bank?

Days have changed.Now money transfer between bank accounts needs just two clicks. Open a popular mobile wallet and choose your source bank and target bank.

Transfer the amount in a few seconds in a secured, authenticated process. Soon, you will get an SMS in your mobile stating the successful transfer.

7. Rewards

Attractive, right? Who does not like rewards.

Small surprise gift amounts of a few bucks are given to those people who are regular with online transactions. These gift vouchers can be in terms of money, discounts, cashback, coupon, etc.

Everybody enjoys a little something as a gift. Stories of such rewards are spread like wildfire in social media sites. People cannot stop gushing about the rewards they have won.

8. Easier Tracking

If you are fluent in the use of the mobile wallet, you must know that banking is at your fingertips. You do not have to travel to the bank to know about your savings.

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You don’t have to print your savings account passbook to track your expenditure. If all your expenses take place from the mobile wallet, the details about them are listed in the mobile wallet.

Tracking your finances is easier than ever with mobile wallets.

9. Availability

Most renowned mobile wallets are available all over the country. Conventional wallets like Google Pay, Samsung pay, Apple Pay, are available in many countries.

You can move from one state to another, make a transaction elsewhere, using a mobile wallet. It does not limit your possibilities to an area or region.

However, inter-country transactions are not possible on most mobile wallets. But within the country, there is no such issue.

10. Link To Other Apps

The wallet apps have become very popular in the recent past. Due to COVID-19, people are minimizing contact and opting for digital payments over cash payments.

Most of the popular applications have a direct link to the mobile wallet, and payment is processed in a single click.

11. No Additional Charges

Sometimes we witness debit and credit card companies levying high processing charges for a transaction. With mobile wallets, such problems are on standby. Users can make payments with no extra charge.

Conclusion

Finances have taken a huge leap and moved from cards to e-wallets. Social media sites have recorded plenty of posts that talk about mobile wallets and online wallet payments.

Don’t have a mobile wallet on your phone yet? Download now.

Team BR
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