Mobile Wallet in English
Gone are the days when people carried cash to make purchases. Now Mobile Wallet (m-wallet) or Virtual Wallet has become quite popular. With these mobile wallets, you can pay using just your smartphone. After demonetisation, more people have started using m-wallet. Digital wallet is one of the best innovations in technology. Millions of people are paying with these e-wallets, which are easy to use.
What is Mobile Wallet
What is Mobile Wallet
A mobile wallet or digital wallet, in simple words, is a virtual mobile-based wallet where one can deposit cash to make payments on mobile, online or offline.
A mobile Wallet or e-Wallet is a digital version of a physical wallet where one can add money to buy various goods and services.
The popularity of mobile wallets is increasing in India. Mobile Wallet is a mobile application where one can deposit money virtually to make online and offline payments. Mobile wallets are classified into several types such as open, semi-open, semi-closed and closed. This classification is based on the type of use permitted by the Wallet. You should always prefer an open system wallet. An open wallet can be used to purchase goods and services, withdraw cash or transfer payments.
What do Mobile Wallets do?
The following is a list of the major functions commonly found in mobile wallets. While major brands like PhonePe and Google Pay have almost all the functions, others focus on less.
Stores credit and debit card information: All mobile wallets can store credit and debit card information. There are some, such as Phone Pay, Google Pay and Paytm, that will allow direct card payments.
Pay at Store: Multiple mobile wallets can be used to pay for every purchase you make at places like ration and medical.
Peer-to-Peer (P2P) payments: Using most mobile wallets you can transfer funds to your friend, relative.
Online Payment: Mobile Wallet can be used to pay for online or in-app purchases. At the time of checkout, you can easily make payments using these mobile wallets.
Hold Funds: A mobile wallet can store cash in the same way that a gift card can hold cash. The funds are kept in a cash account, and you can link a bank account or credit card to this cash account to make up for the shortfall.
Coupons and Loyalty Cards: Many digital wallets may contain coupons or loyalty cards, so you will need the appropriate credit or discount to use a particular card or make purchases at a specific store can be given.
Security: All digital wallets have hardware and software security features that keep stored information secure.
How does Mobile Wallet work?
Get started by downloading the mobile app of your choice on your smartphone. Then, load the card information you want to store, from debit and credit cards to loyalty cards and even coupons.
When you want to make purchases with your mobile wallet, you can either:
When you’re shopping online with your smartphone, select your app and select a card at the checkout screen.
Tap your phone at participating merchants’ digital payment-enabled terminals when you check out. Mobile wallets use a Near-Field Communication (NFC) chip that lets you use contactless payments with a physical card.
Benefits of Mobile Wallet
Advantages of Mobile Wallet in Hindi
Cashless Transactions at the Tap of a Button: Mobile wallets help customers go cashless and cardless. There is no need to carry money and look for a discount.
Safe: It is not always wise to carry a lot of money as it can be stolen or lost. Adopting a mobile wallet means that one does not have a credit/debit card or money. Money can be stolen, cards can be stolen or misused but this is not the case with mobile wallets. Digital wallets are secure as they only use encrypted data.
Convenient: Mobile wallet is fast becoming the most convenient form of payment mechanism. It is very easy to use, does not require carrying anything except your smartphone and all payment information is already on the phone.
Fast and Streamlined Payments: All mobile wallet based transactions are always very fast, be it online payment or offline payment. All you have to do is ‘Tap & Pay. Not only this, the same mobile wallet app can be used for all purchases.
Multiple Accounts: The main advantage of a mobile wallet is that multiple card and account information can be stored in a single app and can be configured with any payment mechanism you choose to use can choose.
Top 7 Mobile Wallet in India:
Here are some of the top 10 mobile wallets and top online payment apps in India and what they offer to their customers.
Paytm was founded by Vijay Shekhar Sharma and is the current leading online payment portal in India. Moreover, Paytm has gained immense popularity since its inception, and its digital wallet technology is truly exceptional. It all started with a basic wallet service and became a full-fledged e-commerce store where you can shop for clothes, electronics, furniture, home appliances, grocery, etc.
Apart from this, you can do mobile recharge, DTH recharge, pay electricity bills, buy Google Play gift cards, then book movies, bus and flight tickets and settle credit card bills. Recently, Paytm introduced the buying and selling of virtual gold on the mobile platform. Major e-commerce portals such as Uber, MakeMyTrip, Foodpanda, BookMyShow and others have partnered with Paytm to allow customers to use the Paytm Wallet system during the transaction process.
One can enjoy incredible Paytm cashback offers of up to 10% – 70%, which is very beneficial for those who want to buy expensive and branded products online.
There is also a Paytm upgraded wallet system in which users can do monthly transactions up to one lakh rupees which were ten thousand rupees earlier. Paytm also accepts coupon codes from leading coupon stores available online and helps users to earn new discounts across all their services.
Also, you can link your bank account with Paytm to enjoy UPI services. In addition, you can enrol in Paytm’s KYC to open your virtual bank account with Paytm Payments Bank, which can be used for UPI, bank to bank transfers within the app and wallet to bank transfers. p>
2) Google Pay
It was formerly known as Tez and despite being a late entrant into the mobile wallet industry, for obvious reasons, it quickly gained its user base. This is the best online payment app or best money transfer app with cashback.
It works with your existing bank account which already means your money is safe with the bank and there is no problem of recharging your wallet every month. You can send or receive money from your friend directly to your bank account. There is no such issue with respect to making KYC more popular.
With Google Pay, you can send money to friends, pay bills and shop online, recharge your phone – all via UPI and directly from your bank account. Since Google Pay works with your existing bank account which means your money is safe with your bank.
There is no need to worry about reloading the wallet and you do not need to do additional KYC – which is required for all other apps. You can also earn scratch cards and other rewards by transferring the cashback directly to your bank account. Now you can recharge your mobile or monthly bills also. Since the introduction of UPI, wallets have become popular with users preferring account-to-account transfers via UPI.
PhonePe is yet another popular mobile wallet that initially emerged as the basic wallet used for mobile recharge and bill payments. Later, it was acquired by e-commerce giant Flipkart, which integrated PhonePe as its own wallet which offers a regular cashback option. This is really useful if you shop through Flipkart often.
This wallet includes many other features like sending and receiving money through UPI / Bank Transfer / Direct Wallet to Wallet Transfer. You also get the option to split the bill among friends which is not available in Paytm or most other wallets.
Apart from this, you can recharge mobile/DTH, pay electricity, landline, gas, water, data card and broadband bills. You can also make insurance policies, pay municipal taxes and buy gold. It is way ahead of Paytm in terms of the number of options you get to deal with household chores.
App A high-quality This app is one of the most trusted and offers the most reliable online payment activities ever in India.
It comes with a very excellent user interface and is one of the most reliable and fastest mobile wallet and digital payment apps in India.
The only drawback about PhonePe is that you cannot transfer the cashback rewards to a bank account, you can only spend it on Flipkart orders or other services offered by the wallet.
4) Amazon Pay
You might be unaware, but the world’s largest online store, Amazon, also offers a digital payment wallet for users in India.
I rate this as an excellent mobile wallet for two reasons: It’s possible to use the cash back you get from Amazon India to shop at participating merchant outlets. Secondly, you can get amazing discounts and cashback from Amazon itself for using your Amazon Pay balance.
There’s no need to download the Amazon Pay app separately: it’s a part of the Amazon app. It has all the features of a mobile wallet except bank transfer. To avail of the full services, you will need full KYC, which can be done online. And an Amazon representative calls at your doorstep to physically verify your KYC documents at the time and place of your choice.
There are countless things you can do with the Amazon app such as mobile and DTH recharge, online shopping, pay restaurant bills and even book air tickets with Amazon Travels.
FreeCharge ranks after Paytm in terms of popularity and recognition.
As the name suggests, Freecharge started out as a top-notch mobile wallet that offers free top-up of calling and data recharge for cell phones. The year 2016 also saw Freecharge graduate as a popular app for making small payments to fruit and vegetable vendors and shops. True to its identity, FreeCharge continues to offer amazing discounts on cell phone calls and data recharge. This is the perfect app that allows you to save money through its various promos and special offers.
Freecharge has seen a dramatic increase in the number of online traffic over the past three years, and its digital wallet system has been a major competitor to its Paytm counterpart. Users are getting the most benefit from the free charge recharge offer.
By using the Freecharge recharge offer, users get a significant amount of cashback. Mobile Wallets with FreeCharge can be used to recharge mobiles, pay gas and electricity bills, and more importantly, MetroCards, which is indeed a big relief for busy professionals who are in the morning rushing to metro stations. and often get annoyed by long queues. .
You can further get easy credit through Freecharge EMI, send money through UPI or bank transfer and also invest in mutual funds.
Furthermore, the FreeCharge mobile wallet can be used to initiate the online transaction process in leading online shopping e-commerce portals like Snapdeal. In case you are not aware, it was recently bought by Snapdeal.
For some reason, MobiKwik has not been able to attract the Indian market, despite its excellent features. In fact, MobiKwik was one of the first digital payment wallets to appear in India and was primarily useful for discounts on mobile phone account recharges.
In addition, MobiKwik has partnered with twelve electricity boards across eight states in India to help the common man avoid waiting in front of the electricity board bill counter and pay bills more comfortably through its digital wallet system. is. Plus, MobiKwik’s digital wallet system is highly encrypted, and the chances of getting hacked are very low.
MobiKwik digital wallet also helps in availing huge amount of cashback benefits which usually ranges from around 30% to 50%. Additionally, when the festive months approach, sometimes the cashback offers to go even higher. All of this is really surprising to many people.
7) Airtel Money
Airtel Money Wallet comes from India’s multinational mobile service provider, Bharti-Airtel. This app allows you to access your airtel mobile account, airtel payments bank account and also acts as a mobile wallet.
Actually, Airtel Money Wallet is part of Airtel Payments Bank. The money you deposit in your wallet goes to the Airtel Payments Bank account and earns nominal interest. And when you make the payment, it gets debited from the Airtel Payments Bank account.
It is also worth noting that you can buy the insurance and pay for other home utilities just like PhonePe Wallet. However, you need to be a user of an Airtel SIM card to avail Airtel Money services.
Additionally, the app lets you experience coupons, UPI-based payments and watching movies and TV programs as part of your Airtel prepaid or postpaid plan.
Airtel Money is a semi-closed top mobile wallet in India for online payments that do not allow cash withdrawal or retrieval by the buyer. This can be done to recharge, transfer money for connections, make bill payments and make online purchases.
Frequently Asked Questions on Mobile Wallet
Where can I use Mobile Wallet?
Anyone can use the Mobile Wallet to make in-store payments, online purchases, pay for digital content and receive offers, cashback and rewards. This type of payment mechanism allows consumers to make ‘tap-and-pay purchases and use the same wallet for all purchases, including online and offline purchases. Is the mobile wallet secure?
Completely. In fact, mobile wallets are often more secure than carrying all your debit and credit cards at once.
The magnetic stripe found on the back of most cards means they can be easily read by any magnetic scanner. This leaves your personal information at risk of being cloned, should your physical card ever leave your sight.
Not only are digital wallets well protected from fraud, but their security technology is constantly being updated to provide additional security round the clock. This includes better user experience and better protection of sensitive data.
And like Google Pay’s secure app and website, most mobile devices first require a passcode, fingerprint or face recognition ID to access the e-wallet. If you don’t use one of these phone security measures, it’s time to set it up.
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