Mobile Wallet It lets you go cashless
Imagine a scenario where you have no access to banks and all financial transactions happen only with cash. You pay in cash and get paid in cash. And if you have to pay or collect a payment from someone far away, you have no option but to travel. With such encumbrances, you will also be inventing safe ways to store your money. That invisible pocket in the trousers, a tiffin box buried deep inside the rice-storage drum, or a jar on the topmost shelf in the kitchen… Imagine. It is challenging, and risky too. In such a scenario, the introduction and adoption of this thing called mobile wallet can make all the difference, since it makes it convenient for a person to make cashless transactions. Of course, one does not need extreme situations like the one just mentioned to find utility in the mobile wallet – the sheer convenience of it will let it sell itself. Read on to understand the concept and its utility better. This article also attempts to clarify any haziness around mobile wallets and associated apprehensions.
The mobile wallet is an online platform that allows a user to keep money in it, just like a bank account. One may see it as the digital equivalent to the physical wallet in which we carry money. You can use your credit or debit card or Net banking to let the wallet hold your money in escrow, from where you can make payments to different services. Those who don’t have a credit card or a debit card can go to their nearest wallet recharge kiosk and get their wallets loaded against cash.