The mobile wallet is an application for smart devices, in which credit and debit cards are digitized, and that allows you to save money and make transactions (payments and collections).
Its operation is similar to debit or credit cards, but the main difference is that the information, in this case, information will be stored in the smartphone or in the cloud instead of in the plastic chip. And the communication between the devices is wireless.
Unlike “mobile payment” apps, these types of applications should not necessarily be linked to a bank.
Advantages of Mobile Wallet
- Reduction of costs and transaction times.
- Savings for financial institutions.
- It has several security devices, such as biometric authentication of the face (Selfie), fingerprint or single-use keys (soft-token), and/or QR code.
- Greater comfort for the customer.
- Increased security both physical (theft or loss of plastics), and transactional (avoid cloning cards and electronic fraud).
- It offers immediate availability of money.
- It is not necessary to load receipts or vouchers since all payment information is recorded on the device.
Therefore, we bring you a summary of what is beginning to take shape in the world of mobile payments, with a brief description of 5 Mobile Wallet Trends:-
Bhim
Bhim is a Mobile Wallet; it’s like carrying money, but on your cell phone. With Bim you don’t need to load cash, you can carry your money safely without having coins or bills. It is safe, economical and it will save you time. Opening your Bhim is free. And it is that the means of payment that we have at hand.
Paytm
It is one of most use mobile wallet these days. Most people like to do the transaction with the help of paytm. It is easy to use platform. You can excess this wallet from your smartphone. Also from paytm site, you can buy different items at reasonable rates. Also, here customer can get discount coupons.
Features of Paytm
- PayTM is one of the best digital portfolios to make payments.
- It allows you to add your credit/debit cards and associate your bank account.
- Use the QR code to send and receive payments easily.
- The PayTM mobile wallet allows you to buy movie tickets, recharge your mobile online, pay your electricity bills and more from your mobile.
- It can be used on Android and Windows Mobile Phone.
Google Pay Mobile Wallet
Google Pay is an electronic wallet, started in January 2018 with two services: Android Pay, a mobile payment solution by NFC.
How to use Google Pay
To use the Google Pay app, you must have an Android phone with NFC (contactless) technology. Then you have to download the application and register your bank details. Warning: Not all banks are compatible with Google Pay. One can register for Google pay without paying anything.
Mobikwik
Mobikwik is another versatile and secure application that allows you to pay or transfer money using the mobile phone number. It allows you to charge you’re mobile and pay your bills in seconds. Use the Mobikwik mobile wallet and buy anything online with good discounts. It is accessible for Android and Windows Phones.
What can do with Mobikwik
- Making bill payments and can do mobile refills with Mobikwik
- Shopping and more has become easy with the Mobikwik mobile wallet.
PhonePe
PhonePe from Flipkart Group is a Unified Payment Interface. It allows you to make all your payments safely. You can transfer money from bank to bank using Virtual Payment Address. As this is a UPI application, it is not necessary to add details about the payee’s account. The PhonePe Mobile Wallet offers you discounts and coupons when you shop online. You can recharge your mobile wallet by linking it to your bank account and allow you to make transactions of up to 1 lakh rupee. Make sure you install this electronic wallet on your mobile phone and make online payments. It is available for Android.
Conclusions
In the end, we found out the conclusion that mobile wallet is very beneficial for their user in different ways.
- The Mobile Wallet platform, an electronic payment system through an application, allows users to store money from debit, credit, loyalty, gift cards, among others, by accessing through a mobile phone.
- It is easy to pay bills of electricity, water, and telephony with mobile wallets.
- Fuel for motor vehicles.
- Collection of your merchandise and products, without the need for a point of sale, only with a device that has the application installed.
- Offer their services to more than 16 million people
Here are some of the best mobile wallets to make payments online. I hope you find this message useful and start using it now. Do you want options? Take a look at these PayPal alternatives.
