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Mobile Wallet Feature And Work

Mobile wallet – Digital wallet is also known as an e-wallet. An electronic device, online service or software program that allows one party to transact electronically with another party converting digital currency units for goods and services. A mobile wallet is a type of payment service through which businesses and individuals can receive and send money through mobile devices. 

It is a form of e-commerce model designed to be used with mobile devices because of their convenience and easy accessibility. Mobilewallet is also called mobile money or mobile money transfer. Users can easily pay their electricity, gas and mobile phone bills using the digital wallet. Apart from this, these wallets can be used for booking flights, train tickets and other services. Users can also enable alerts and auto-payment options for timely payments.

Mobile wallet benefits

Keep money as per your need in mobilewallet.

You do not have to make your debit or credit card details public again and again.

So your money is safe.

Mobile wallet works effectively in most of the services.

So you do not have to carry a lot of cash with you.

Often there is a problem of open money in cash transactions.

Through digital payment, payment can be taken up to two places of decimal.

You can make the payment of Rs.96 without any hassle.

This service is more secure than debit or credit cards.

Because most of these services generate a new mobile password during each use.

Which is valid only for one transaction and for a very limited period.

How to use mobile wallet

To use any wallet, first you have to open your account in that wallet service, for which mobile number is required. After registering yourself with the service, you can transfer money to your wallet using your debit or credit card and when the time comes, you can make purchases or payments for services using your smart phone or mobile.

What is Mobile Wallet

Mobile wallet is like a bank account opened in mobile. Like other accounts created with the help of the Internet, this is also a virtual account. He does your money transactions on the basis of the details given at the time of taking your mobile number. The convenience in this is that mobile has now become a common device and its facility is available with both the payer and the payer.

Types of Mobilewallet

Semi closed wallet

According to the rules made by the Reserve Bank of India, you can pay for goods and services using this wallet. You can also transact for other financial services as well. But you can avail only those services. Which service provider is providing you. This type of wallet has only one drawback. that you cannot withdraw cash from it.

Open wallet

Such wallets allow for purchases and payments for financial services as well as cash withdrawals. In this, cash can be withdrawn through ATMs and any other prescribed means. At present in India such wallets are issued only by the bank. Vodafone’s m-peisa can be kept in the category of such wallet.

Closed wallet 

When you put some amount in the wallet of that particular company for the services of a particular service provider company. And that can be spent only on the services of the company. So such wallets are called closed wallets. By creating your account on the websites of companies like Flipkart, Snapdeal and Amazon, you can transfer money and make purchases on these sites only.

Conclusion

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