Mobile Wallet: All you need to know

We live in a smart world where everything has gone smarter- take your phone for instance. Earlier, we just use to use phones to make calls, then we came on to texting, then we came on to browsing the internet, and eventually, it became smarter.

Today our phone is our one little device- full of our entire life- from our documents to archived pictures, banking, gaming, binge watch and everything at a click of a button. There are several new terminologies that have been used over time when we talk of smart life.

Today, we are here to discuss Mobile Wallet technology and how does it work.

What is Mobile Wallet?

A mobile wallet is a way to go cashless. It is a virtual wallet that stores the details of a user’s card on a smartphone. Mobile wallets, in today’s time, is a necessity, and is considered a convenient way to make online payments and could be used as merchants listed with the mobile wallet service provider.

It is a technology that enables the user to pay digitally and instantly. Indeed, going cashless is possible when we have som many bank wallets by which we can make the transaction. 

Mobile Wallet acts as a virtual wallet, and users can pre-load the wallet and store a particular sum of money (just like we use to do in our wallets). This is a way of utilising money from your bank account/credit/debit cards to another platform to use it. This easies the way of doing transactions saves users from the hassle of card and spending online with just a mobile phone. 

A user’s smart device is certainly everything when it comes to making an e-payment and with the help of e-Wallet apps, the user can just carry a smartphone or tablet or iPad and do the transaction, not worrying about carrying cash. 

Some Most Used Mobile Wallets like Google Pay, PayTM, Phone Pay, Samsung Pay, Mobikwik and a few more have already been providing the wallet service to the users. People have accepted that a mobile wallet is a new and advanced way to carry money anywhere and everywhere even when one forgets to carry hard cash or a card. 

We will soon be coming up with a feature talking about the best servicing mobile wallets in India and how are they impacting the market.