The Complete Guide to Mobile Wallets

The Complete Guide to Mobile Wallets
11 Mar 2017

India is fast transitioning into a cashless society, with mobile wallets driving this transformation. In fact, Assocham-RNCOS states that the Indian mobile market is expected to reach the INR 30,000 crore mark by 2022. Clearly, mobile wallets are becoming a go-to payment alternative for everything from buying groceries to booking hotel reservations.

Under these circumstances, ensuring easy and seamless transactions is key — a specialty of Wibmo. However, before we start using mobile wallets, let’s understand how it works. Read on.

Cashless

What is a mobile wallet?

A mobile wallet is the digital equivalent of a physical wallet that stores cash to enable faster payments and hassle-free transactions. Users can spend at online and offline stores listed with the mobile wallet service provider. Wibmo’s ‘PayZapp’ mobile wallet is one such example.

Network
10xGrowth of merchant network by 2020 (Source: BCG Report).
Non-cash
22%Non-cash payments today — which will eventually overtake cash transactions by 2023 (Source: BCG Report).
Internet users
3billionNumber of mobile internet users by 2020 (Source: BCG Report).

Types of mobile wallets

Open wallets:

Allow users to purchase goods and services, withdraw cash, and transfer funds. Services are extended only in collaboration with banks. Example: SBI Buddy

Semi-open wallets:

Allow users to transact with merchants listed with the mobile service provider. However, users cannot withdraw or redeem cash. Example: M-pesa

Semi-closed wallets:

Do not permit cash withdrawal or redemption, but allow users to perform financial services only with listed merchants. Example: PayTM

How to use a mobile wallet?

How to use mobile wallet

What are its multiple use cases?

Apart from conventional payment services, mobile wallets can be used for diverse services and functions, such as:

Secure
Securing receipts, ID cards, loyalty coupons, tickets etc.
Paying Bills
Paying utility bills such as electricity, gas, water, etc.
Recharging Mobile
Recharging mobile phones and DTH connection
Transferring Money
Transferring money to other accounts
Shopping
Shopping for movie, airline, hotel tickets, among others

What are its benefits?

Innovative Technology
Innovative technology, instant transactions: Some mobile wallets don’t require users to remember passwords and wait for an OTP — much like, Wibmo’s mobile wallet that offers ‘one-step payment’ technology, thereby ensuring faster checkouts
Holistic Payment Solutions
Holistic payment solutions: Mobile wallets offer comprehensive payment solutions that allow users to perform multiple functions with just one app — from mobile recharges to bill payments with major service providers
Innovative add-ons
Innovative add-ons: Some mobile wallets come with robust features such as pre-funded accounts where users can preload the money and enjoy seamless digital payments. For instance, Wibmo’s ‘Visa Mobile Money Account’
Safe Transactions
Safe transactions: Mobile wallets use encryption technology that protects user data while making payments and restricts exposure of confidential data. Take for instance, Wibmo’s state-of- the-art 2FA authentication which ensures simple and secure transactions
Discounts and Rewards
Discounts and rewards: Mobile wallets offer multiple rewards and cashbacks from time-to- time, an option not available with cash transactions

A smart mobile wallet securely caters to payment and transaction needs of today while remaining relevant in the future. So, what are you waiting for? Log onto www.web.wibmo.com and make the most of this emerging technology right away!

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