Aiming towards a cashless society, mobile wallets are still a new but a rapidly growing concept. It will be a long time before traditional wallets reach the museums, since a major slice of our population still doesn't own credit cards, people who have turned to mobile wallets are increasingly happy with them. The reason for this is obvious: Mobile wallets have made payment process absolutely seamless.
If you are still new to the concept, here's what you need to know:
What is a mobile wallet?
To put it simply, a digital or a virtual wallet is to a traditional wallet what an email is to postcards. Most of these wallets work through apps that you can download on your smartphones, hence the term 'mobile wallet.'
Like Uber has made hailing a taxi just a few taps away, a mobile wallet makes payments as easy as few taps by the user on his smartphone. So even if you do not have cash and the thought of going to the ATM seems too time consuming, a mobile wallet will enable you to make transactions. Just make sure you have money in the wallet, which you can add through credit/debit card and netbanking.
Kinds of mobile wallets
There are four kinds of mobile wallets: Open, semi-open, semi-closed and closed.
With an open mobile wallet, you can pay for goods and services with your digital money, withdraw cash from ATMs and banks, and transfer money to other users of the wallet. These wallets also let you transfer money to mobile number bank accounts.
On the other hand, with a semi-open mobile wallet, you can pay for transactions with merchants who have a contract with the company. There is no option of withdrawing money.
If you are still new to the concept, here's what you need to know:
What is a mobile wallet?
To put it simply, a digital or a virtual wallet is to a traditional wallet what an email is to postcards. Most of these wallets work through apps that you can download on your smartphones, hence the term 'mobile wallet.'
Like Uber has made hailing a taxi just a few taps away, a mobile wallet makes payments as easy as few taps by the user on his smartphone. So even if you do not have cash and the thought of going to the ATM seems too time consuming, a mobile wallet will enable you to make transactions. Just make sure you have money in the wallet, which you can add through credit/debit card and netbanking.
Kinds of mobile wallets
There are four kinds of mobile wallets: Open, semi-open, semi-closed and closed.
With an open mobile wallet, you can pay for goods and services with your digital money, withdraw cash from ATMs and banks, and transfer money to other users of the wallet. These wallets also let you transfer money to mobile number bank accounts.
On the other hand, with a semi-open mobile wallet, you can pay for transactions with merchants who have a contract with the company. There is no option of withdrawing money.
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