Benefits of Mobile Wallets Over Mobile Banking? 

Carrying cash with you is a little old school. However, we cannot deny the fact that eliminating cash from my life can be difficult. However, we have always searched for ways and sauces that will help us to reduce the cash flow. Everything has turned online especially of the Covid 19 maintaining the social distancing norms. Cash was reduced in transactions and the online procedures were started. Mobile wallets like Google pay, Paytm and PhonePe took over a large part of the market. Many mobile applications also provided credit to pay for groceries or your food orders. All of these facilities promote online transactions in the online world. 

There are major benefits when it comes up to mobile wallets. However, many of us might be using mobile banking applications far more than any mobile wallet. But today as we see that the easiest way to perform a transaction is through a mobile wallet. 

Simple benefits of mobile wallets 

If your phone doesn’t support any of you can always take the help of Quick mobile dot in to switch to a device with updated features. With quick mobile sell options, you can sell your mobile phone and experience the benefits of a new one. 

1. No need to add beneficiary 

In the mobile banking application, you will need to add the name of the beneficiary with the account number. This will take a few hours to register them into account only. Until then you cannot transfer them any kind of funds. The bank‘s approval is needed several hours. This is one of the major drawbacks of using mobile banking applications. However, mobile wallets will never demand you to add up the beneficiary. You can simply pay them by entering the phone number or entering the UPI ID. They do not have to wait for several hours to register it to your account. You can make an instant payment just within a few seconds. 

2. Offers and rewards 

You will always receive some offers or rewards when you make any transaction through mobile wallets. You get it in the form of a cash bank or any other deals and offers for other websites. These scratch Cards are virtual and can be used for a limited period which will be mentioned in it. You will never receive any kind of offer when you make a payment using any other mode of payment. 

3. Safe and secure 

It is one of the safest ways to make any transaction today. Any data that you store on the mobile wallet is always corrupted and will never be transmitted while making any payment. There is a unique code for each transaction design which will never be used again. Mobile wallets can also be used with your biometrics that is your Face ID or fingerprint sensor. You do not have to display a full card or account number anywhere in the wallet. This will help you to save it from anyone if there is someone around you. There is total security and privacy in your transactions each time. 

4. Accepted by all 

Everyone accepts mobile wallets. Whether it is a cab driver or the brand store at a mall, everyone has a mobile wallet of their own. Many businesses are also registered with mobile wallets to make easier payment options for customers. Even in online shopping for groceries or other products you can make payments via mobile wallets. They also provide you with different types of offers if it applies to the mobile wallet you are using. It doesn’t matter if the amount is a small one or more than the daily transactions, everyone accepts it. 

5. Time savior 

You cannot even wonder how much time you will save if you are using a mobile wallet. They will have to scan the barcode of anyone you want to make the payment to. You can also enter the number or copy-paste the UPI ID into your application. It is as easy as one click away from anything. All you need is a stable internet connection to make the transaction. 

Many mobile wallets like Paytm also allow you to keep a certain amount in the wallet itself. Otherwise, you can link any of the bank accounts for each transaction. Whenever you perform any transaction the amount will deduct directly from your account for each one.

If at all any problem comes up with any of these applications reach their helpline number. Do not take it to any random mobile repair shop before verifying. As all of these are confidential details. 

Conclusion 

Today all android and iOS devices support mobile wallets. If your phone is outdated then you are unable to use your mobile wallet. Take a software update of a phone and updated it to the newest version available. You can sell your old phone online and buy one which supports mobile wallet applications. 

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