Mobile wallets keep your accounts and cards safe, while also providing the flexibility to shop, recharge your phone and handle your finances in a better way.
The Internet and its high proliferation in our daily lives has spawned a new generation of digital tech that makes life much easier. Take, for instance, digital payment systems. Though many people are still dispensing cash and writing out cheques to make payments, there is also widespread use of digital payment systems like cards, mobile wallets and UPI payment apps.
We recommend making mobile wallets an indelible part of your financial life.
What are e-wallets?
As the name suggests, mobile wallets are digital manifestations of your physical wallet that you carry in your pocket or bag. They store your money in electronic form, whereby all transactions made from the wallet are completely cashless in form. The payment system uses a peer-to-peer network between phones and other digital devices to transact the payment.
A usual mobile wallet holds digital information about your credit/debit cards and is linked to your bank account(s). Some wallets like the myAirtel app also store personal user information, and offer the Airtel Payments Bank utility as a personal savings bank account for users. As an Airtel customer, you can make payments for bills, phone and DTH recharges and do so much more using the myAirtel app.
The varied uses of mobile wallets
- They can be used to both send and receive payments.
- It functions as an app on your smartphone. Leading e-wallets can be downloaded for free from Google Play Store or iTunes.
- All the personal and payment information is stored on the wallet in a secure format. You can pull up the stored information, payment history, transaction records etc. just by opening the app and entering your login credentials. Some wallets have a PIN-based login, while others identify you by your fingerprint or mobile phone number/password. The information on the e-wallet is difficult to steal and replicate. In many cases, you can even leave your wallet and cash at home and head out with just your digital wallet on your smartphone to pay for whatever you need.
- Mobile wallets transfer data and payments using NFC (Near Field Communications) technology to transact with nearby wallets and payment terminals. This is advanced encryption software that provides ease of use and utmost security.
- Use of the app is free for all, with most online merchants not levying any transaction charges on payments and receivables. Therefore, mobile wallet can also be used to transfer money to friends and contacts, or to shop online.
- Well-designed digital wallets like myAirtel app also offer frequent cash back offers on recharges and bill payments, thus saving money for you. There are plenty of coupons, loyalty points and discounts galore when you use the app to effect payments. Besides, you also get rewards for settling your utility bills using the myAirtel app.
- The myAirtel app is also a great shopping companion: there are so many offers on online shopping and great discounts and cash back to be availed when you shop online using the app.
- You can register for Airtel Money instantly, with the KYC process being completed within mere seconds of entering the information. Also, the app is extremely simple to use.