The internet is positively and increasingly influencing every vital aspect of human life to ease and simplify our lives. No, this is not a hyperbolic expression because it indeed has helped us in innumerable ways from accessing information at lightning speed to connecting with anyone anywhere and transferring money to anyone worldwide.
If you are a newbie in this digital payment domain and yet to figure out how mobile wallets can be beneficial to you, you have clearly clicked on the right post.
People everywhere are widely using mobile wallet technology. Many of us are already quite familiar with this digital money transfer option we have.
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Mobile Wallet- a Brief Introduction
Mobile Wallet enables us to transfer money electronically, to anyone anywhere, using our mobile phone via a digital value account.
It is an e-wallet or a virtual wallet that keeps payment card information saved on a mobile phone. They ease instant in-store payment for merchants enlisted by the mobile wallet service provider.
What its stores?
One needs installing this app on their smartphone if it doesn’t come as an in-built feature of the device. The user has to input certain details, like credit card, debit card, reward card information.
The e-wallet stores the details by linking a QR code or number (sometimes even your image can be used as your personal identification format) to every card you provided information on.
How does it work?
Mobile Wallet app uses NFC or Near Field Communication technology via radio frequency for initiating the online money transfer between the mobile devices. You just need to hold your mobile device over the merchant’s NFC reader. This advanced technology uses the QR code or number or the user’s image (whatever the personal identification format is) to the POS terminal of the retail store/merchant.
Are all mobile phones NFC-enabled?
No, not all mobile devices and smartphones are NFC-enabled. iPhone users also will not find this feature on their phones. There are different types of mobile wallets popularly used, including Apple Pay, PayPal, LevelUp, etc.
A considerable percentage of total mobile wallet users like using the PayPal e-wallet. Users only need to link their phone numbers to their PayPal account and they can easily make payments or receive/send funds digitally anytime.
Is the digital wallet and mobile wallet the same?
No, they are not exactly the same and also not completely different. Confused?
Mobile Wallet helps us make payments digitally at brick-and-mortar retail outlets or stores. While digital wallets are primarily used for clearing online payments.
Both the wallet types store payment information electronically but are implemented for different types of payment.
Top 11 Advantages of using the mobile wallet for in-store payment
Are you one of those who still hesitate to use it to their advantage? You are now aware of what mobile wallet is and how it functions.
Let us help you understand what you are missing by ignoring this easy payment option and how you can benefit from it once you start using it.
1. It is a safer option
This smartphone app storing your credit/debit details digitally can help to minimize the fraudulent activities significantly. The data (debit/credit card acc number)stored is encrypted so there is no scope of the data breach. Also, nobody gets to see your card account number (full).
The transaction using this mobile payment method is highly safe and secure. How? It uses payment codes randomly that can be used only once. Users require using tight security features, such as biometrics, to initiate an authorized transaction.
2. Fastest payment option for you
Are you tired of dealing with the long queue of annoyed customers waiting at your POS terminal in your shop? If you answered “yes”, you need to switch to this mobile payment option.
Small business owners will benefit from this fact that it clears the payment fast. Mobile Wallet payment is faster than Chip Card or EMV payment and magnetic strip card ones.
It will shorten the customer’s wait time drastically as it takes just a few seconds to complete a transaction.
3. Easily accessible
It is highly accessible and easy to use. You don’t need to be a tech-savvy person for mastering its usage. Even our aged parents can use it without feeling uncomfortable and confused.
Use just your mobile for paying at the store. Download your preferred mobile wallet app and create login details (user id and password).
4. Goodbye to forgetting our wallet tension!
Now, no tension of dropping your wallet accidentally on the street or leaving it at someplace. The mobile payment option we have helps to keep our wallet at home only.
It will take care of your other wallet content as well besides the cards and bucks! Yes, some mobile wallet apps allow users to store the necessary details of gift cards and loyalty cards. Isn’t it great?
5. Online shopping possible
Though digital wallets are used to do online shopping mostly, mobile wallet apps also support a few online purchases.
6. Mobile Wallet payment allows enjoying rewards given on cards
If you are under the impression that not swapping your cards at POS will make you miss your offers/rewards given on cards, you are yet to explore its benefits fully. Collecting the rewards on your e-cards in a mobile wallet will be easier and faster.
7. Make future payments timely automatically
The ‘auto-pay’ facility available in your mobile wallet will allow you to make future bill payments automatically within the stipulated deadline. The payment is done from your wallet balance. A date is set and accordingly, the payment is done on the assigned date.
8. Virtual wallets offer lots of incentives
Yet another reason to use mobile wallet apps is to avail of discounts, cashback offers, gift cards, etc. Make good use of their promo codes and other incentives.
9. Send money anywhere without transaction charges
One of the most popular advantages of using mobile wallets is that you can transfer money to anyone, anywhere at any time without transaction charges. Yes, no transaction charges are levied for money transfer ever.
10. Refilling your e-wallet is always easy
As your wallet empties when you spend so does your e-wallet. Fret not, it is very easy to add money to your mobile wallet. The e-wallet already has information on your debit/credit cards so fill it up using them. Net banking is another option you have to refill your virtual wallet.
11. A diverse range of usage options
You can pay for a wide range of products and services you can think of. Pay for bus/train/flight tickets, pay your bills, data cards, grocery shopping (at almost all retail outlets accepting such mobile payments), etc. Pay for your utilities as well using this method.
Mobile wallet is definitely one of the greatest gifts advanced communication technology has given us. This is a safe and streamlined payment option that can help us realize our digitization dream better and with utmost security.
With just a tap on your phone, you can safely pay for goods/services and transfer money to anyone.
Does it still feel dangerous and confusing to you to use a mobile wallet? Let us know as you start enjoying the advantages personally.
Jainish Vora is Author at Phoneier. Having experience with 5 years of writing about phones and other gadgets. He loves to explore and write different gadgets from android phones to wearable gadgets.