Aanchal Praveen: Imagine running miles with nothing but your phone. I should rather call a smart phone. Wanna have a cup of coffee pay with your phone. Doctor’s prescription appears on your phone for the pharmacist to scan at a medical store. Grocery shopping, book store, pizza corner, cosmetic store and lot more.
Mobile wallets let consumers store everything from their credit and loyalty cards to their personal information in one organized, accessible place – their smart phone. Consumers are highly aware of mobile applications like PayPal Mobile, PayTm, Airtel Money, Google Wallet, Starbucks, and Square, and find the convenience and money-saving incentives appealing. While consumers love the idea of using mobile wallets for low-risk, easily replaceable items like loyalty and membership cards, coupons, and paperless tickets, they are less comfortable with storing cash on their mobile phones, or using them for highly personal items like social security cards or electronic keys to their car or home.
Before we discuss about the best mobile wallet companies (and apps) in India, let’s try and understand the steps to use mobile wallet to make online payments for a variety of things. You can register for free with your favorite mobile wallet app using an email id and password. Once you are logged into your account, you can simply select a suitable payment method among various popular alternatives like net banking transfer, debit card, credit card, ATM transfer, etc. Then, you can add money to your mobile wallet for making online prepaid mobile payment (and postpaid), DTH recharge, datacard bill payment, electricity bill payment, gas bill payment, landline phone bill payment, etc.
Many e-commerce sites and ticket booking sites like Bookmyshow, Groupon, Redbus, MakeMyTrip, Snapdeal, Flipkart, Amazon, etc. allow online consumers to make use of mobile wallets to complete payment during checkout. The mobile wallets are now also helping to make payments for top cab rental services from Ola, Uber, etc. Thus, you can enjoy secure online transactions using any of your preferred mobile wallet service. On top of it, most mobile wallets offer some cashback for making online payments once in a while and you can make the most of these cashback offers by searching for relevant promo codes or coupon codes before making any mobile wallet payment.
Let me inform you about the transactions you can do with the help of mobile wallets. It’s from anything to everything. Right from utility payments to offline payments. Here are four types of mobile wallets in India – open, semi-open, semi-closed and closed. Open wallets are the ones that allow you to buy good and services, withdraw cash at ATMs or banks and transfer funds. These services can only be jointly launched with a bank. M-Pesa by Vodafone and ICICI is one such example. Apart from the usual merchant payments, it also allows you to send money to any mobile number bank account. Airtel Money is a semi-open wallet, which allows you to transact with merchants that have a contract with Airtel. You can’t withdraw cash or get it back. You’ll have to spend what you load. Then, there are closed accounts, which are quite popular with e-commerce companies, where a certain amount of money is locked with the merchant in case of a cancellation or return of the order, or gift cards. Lastly, there are semi-closed wallets like PayTM, which do not permit cash withdrawal or redemption, but allow you to buy goods and services at listed merchants and perform financial services at listed locations.
Your wallet can be snatched, misplaced or pick pocketed, your mobile wallet cannot be. But remember, your mobile can still be stolen. Secondly, if the bill is of Rs 459.45 or Rs 123.89, you will not have to run around asking for change, and no one will ever give you a candy instead of a rupee. Also, mobile wallets allow you to pay in one-tap unlike net banking that calls for opening several browsers and are time consuming. The biggest advantage of mobile wallets is the massive rewards in the form of discounts and cash backs.
So now take a survey and enjoy the services of mobile wallet.
Survey form short URL is: https://goo.gl/fHdAgj