Mobile Wallet | E-Wallet | Digital Wallet | What is Mobile Wallet and How it works?

Firstly the difference between Mobile Wallet, E-Wallet, and Digital Wallet. In simple language, there is no big difference.
Nowadays, most people are using smartphones and e-wallet has also become a part of the smartphone user’s life. Most people use an e-wallet for some reason. For someone to recharge the mobile wallet phone then there is a way to pay a taxi for someone. At the same time, some people are using a mobile wallet for payment at cafes coffee day or any medical shop.

What is the mobile wallet?

It is a virtual wallet in your smartphone that stores money as digital money. That is, it is a digital purse, from which you can make money transactions and payments by withdrawing money. For example, you go to a coffee shop. If this coffee shop is connected to a mobile wallet service provider, you can pay the coffee money on your mobile. You can also pay by app, text message, social media or website.
There are almost all types of branded wallets in the market today, ranging from global to Indian, tech companies to telecom operators and banks.

Time to pay cashless depends entirely on us. Today, WhatsApp is occupying Instant Messaging, then Paytm is the largest e-wallet in the country with the largest userbase. According to Paytm’s claim, its user base is more than 100 million.

Simply put, this is the era of a mobile wallet that is building a cashless society with a change in the economy. Almost all major tech companies have their wallet. Applepay, Google Wallet and Samsung Pay are the key names. But apart from all this, all the wallet are different, for example, if you use wet stores for ola cab or grocery, you will need a wet money wallet and you can not even recharge it from the Paytm Balance. You can add money to the e-wallet.

Types of Mobile Wallet

At this time 4 types of the mobile wallet are active.
There are currently 4 types of E-wallet active in India. Open, semi-open, semi-closed and closed in.

1. Open: It allows you to pay for any goods or any service. Under this, you can transfer money including banking. For example, Vodafone’s M-Money is the only mobile wallet.

2. Semi-Open: Under this, you can do transactions with the merchant or shopkeeper whose contract is with the Wallet Service Provider. You can not cash out or withdraw money in it. In this wallet, you can load the money, the more you can spend. Airtel Money is an example of this.

3. Closed: This is a very popular service. In this wallet, the order is canceled or the dealer is passe locked near the merchant or shopkeeper.

4. Semi-closed: Paytm its example. Under this wallet you can shop online and take any service, however, you can not cash in it.

Benefits of E-Wallet

Your manual wallet i.e. lose purse, can be stolen, even your pocket can be cut, but your mobile wallet cannot be stolen or lost. If you pay with a manual purse, you may have problems with open money like if you have a bill of 735.50, then you may get a problem for open money or you may have to pay in the round figure.

Mobile Wallet Damage

First of all, it is the work of those people who are techno-friendly and also requires a good speed internet connection. A small number of merchants and shopkeepers are listed from the E-Wallet Service Provider. Mobile Wallet has a limit to the amount of money to be spent and spent on daily payments.

How to Work Mobile Wallet

Mobile Wallet works on the simple principle of transferring money from one account to another, with the first and last requirement that both the recipient and the recipient have an account or a wallet of that mobile provider. Try to understand by example, if you have gone shopping in a mall and you have bought a fine shirt and you want to pay that shirt with your e-wallet, it is necessary that the owner of that shop also That mobile company should have the wallet facility, only then will you be able to pay your bill virtually. This is the way to pay the bill.

Now talk about the second feature which has become the subject of much discussion. Cash transfer facility. The benefits of this facility are also raised in the same way, the only difference is that to withdraw cash, just like you have to go to the bank, in the same way, you have to go to the nearest wallet angle to get money from your e-wallet, Taking the amount of money you want from mobile wallet deposits in your wallet and gives you cash.

Digital payment facts in India

  • In the case of digital payment ads, India’s second rank in the Asia Pacific region.
  • More than 40 percent of mobile users in the country are using digital payments in some form.
  • 60 percent of people using e-wallet use it for mobile recharge.
  • 52 percent of people using e-wallet use it for travel tickets and hotel bookings.
  • 58 percent of people using e-wallet use it for utility payments.
  • 58 percent of people using e-wallet do it for online shopping.

Read Also,
Unified Payments Interface | UPI | UPI Means | The Future of Payments

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