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.
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.
Types of mobile wallets
Allow users to purchase goods and services, withdraw cash, and transfer funds. Services are extended only in collaboration with banks. Example: SBI Buddy
Allow users to transact with merchants listed with the mobile service provider. However, users cannot withdraw or redeem cash. Example: M-pesa
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?
What are its multiple use cases?
Apart from conventional payment services, mobile wallets can be used for diverse services and functions, such as:
What are its benefits?
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!