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Your Guide To Online And Mobile Wallets

by BankingTricks Desk
Published: Last Updated on
Your Guide To Online And Mobile Wallets

With money exchanges hitting a halt due to the government’s demonetization drive, the change to advanced payment designs, for example, cards, online transfers and mobile wallets, is inevitable. E-Wallet eliminates the need of re-entering your account data over and over. Once you’ve created your e-wallet account, you can make payments faster and absent a lot of hassle. With such a large number of mobile wallets available in India, it is presently all the more essential to know the benefits and rewards associated with each.

Types of e-wallets

  • Closed Wallets–These are payment instruments issued by a business entity to use it for their respective entities as it were. These wallets are used to facilitate the purchase of products and ventures. These types of wallet don’t permit redemption or withdrawal of money.

For example: E-commerce website like Jabong.com, flipkart.com and makemytrip.com offers e-wallets to make the payments of the services and the items purchased from them. Taxi services and mobile companies likewise offer closed wallets. These wallets provide cashback for the payment made through their channels to pick up the trust and dedication of their customers.

  • Semi Closed Wallets–These wallets are somewhat different from the closed wallets. These wallets are used to facilitate the purchase of products and enterprises made through merchants who have a specific agreement with the issuer to accept the payment instruments. You can execute online and offline which include purchasing products and ventures, budgetary services, payment of fees, premiums, etc. These wallets are issued by non-banking establishments. They are required to deposit the money in an escrow account under a partner bank.

For example: Paytm is the largest and fastest developing e-wallet which can be used to directly send the money to the bank account. Freecharge is likewise a semi closed wallet simply like Paytm.

  • Open Wallets–These wallets are different from closed wallets and semi closed wallets. These wallets can be used to facilitate the purchase of merchandise and enterprises just as money related services like reserve transfer with cards accepting the merchant areas and retail location. These types of wallets additionally permit withdrawal of money. However, money withdrawal is permitted distinctly up to confine of 1,000 per day.

For example: M-pesa by Vodafone India Ltd in partnership with ICICI Bank Ltd is an open wallet.

Top 5 e-wallets in India

  1. Paytm– It is the fastest developing e-commerce organization that has carved its name in a limited capacity to focus time. It bolsters both online and offline payments. Money can be transferred from the wallet to the bank account.
  2. Freecharge– Owned by Axis Bank, freecharge is additionally one of the largest computerized payment stages. Users can receive and send money in a flash utilizing freecharge.
  3. Mobikwik– Mobikwik made the online payment of bill and recharge easy and brief. It is additionally among the top e-wallets in India. It has heaps of distinctive features and provides different offers.
  4. Airtel Money–With Airtel Money you can enjoy benefits like shopping, recharges and ticketing. You can likewise easily send money to any bank account through NEFT.
  5. Oxigen–It is likewise India’s leading computerized payment provider, partnered with VISA and issued a virtual Prepaid VISA feature which lets users to pay online with Oxigen wallet.

After the enormous step taken by Prime Minister Narendra Modi of demonetizing 500 and 1000 rupee notes, India’s move towards a cashless economy has received a major push. With this step, we can expect more people to receive e-wallets and other computerized payment gateways. Be that as it may, this may lead to introductory teething problems for those who don’t prefer utilizing virtual wallets and mobile banking.

Well, we are here to help. Here’s the way you can use e-wallets and mobile applications safely:

E-wallets

E-wallet is an online virtual wallet where you can store your money and use it when you need without swiping your plastic cards. From flight tickets to grocery items, you can purchase anything by utilizing your e-wallets. There is no base deposit sum needed and you can even send money or pay bills with one tick.

Examples of e-wallets: Paytm, MobiQuick, Airtel, Freecharge, Oxygen, PayU Money, Wallet, Chillr.

While e-wallets offer an innovative payment mechanism, one must use this emerging technology with care.

Here are some significant focuses to keep at the top of the priority list while utilizing an e-wallet:

  1. Try not to recharge your e-wallet with high sums
  2. Read and understand the exchange charges applicable to your e-wallet
  3. Understand the restrictions on payment limits, number of exchanges, etc. before utilizing e-wallets.
  4. Try not to share confidential data, for example, e-Wallet passwords with anyone.
  5. Continuously download e-Wallet applications from authorized applications stores to ensure safety of your confidential information, for example, credit card/debit card numbers, etc.

Mobile Banking

In this day and age, you can do nearly everything utilizing your smartphones, from paying electricity bills to killing the lights. Through Mobile and net banking facilities, banks permit customers to make exchanges through the mobile devices by utilizing mobile applications or internet finance transfer services, for example, NEFT (National Electronic Funds Transfer), Immediate Payment Services (IMPS), Real-time Gross settlement (RTGS).

In spite of the fact that mobile banking is very convenient and hassle-free, it is likewise susceptible to cheats. There are chances of your confidential data being compromised in case of mobile theft. You ought to be proactive to ensure the safety of your device. As your money is involved, it is your responsibility also to protect it.

Here’s the means by which you can ensure safety without settling on convenience:

  1. Mobile perusing or text messages give cyber hoodlums an open door for malware assaults. This makes the need of mobile enemy of infection protection as significant as a computer antivirus protection. Ensure that you introduce hostile to infection software immediately.
  2. Make sure to use the bank’s own mobile application by downloading it from the bank’s website or from an authorized application store. Likewise, check whether the application has been validated for security and stay away from all outsider application stores that may feature fake applications to access your data.
  3. Set a solid secret phrase for your advanced cell just as for accessing your account. It ought to include special characters, and a blend of little and uppercase letters and numbers. Try not to write and save them in your mobile.
  4. Try not to follow any connections that take you to your bank’s website. Continuously type the URL or the web address and don’t tap on the connection which comes in your email. The beginning of the bank’s internet access will change from “http” to “https” in case of a secure connection.
  5. When you browse the internet, the browser saves pages that you have viewed with the goal that they can be immediately accessed on the off chance that you need to access them once more. These pages are stored as “cache”. Make sure to clear the cache with the goal that nobody can view your internet history.
  6. Keep your browser and operating system in the know regarding the latest security inputs. Beware of emails or texts professing to be from your bank and requesting for your login credentials. Your bank will never approach you for these details.
  7. Settle on text message choice for notice each time an exchange happens in your account. This will keep you informed in case of a fraudulent exchange.

7 Lesser Known Mobile e-Wallet Features

M wallet companies have indeed emerged as one of the biggest gainers of demonetisation and they are increase their infrastructure just as adding new features to serve their users even more efficiently. Coming up next are 7 lesser known features and services supported by mobile wallets in India.

  1. Accept payments quickly: If you own a little or medium business, you can accept payments in a split second at 0% fee (starting offer) from customers making cashless payments. Most leading e-wallets bolster POS exchanges with no need of extra equipments like card scanners/readers. For processing the exchange, a payment interface is sent to the customer wherein they can enter their card details without imparting it to the merchants and make the payment through the e-wallet.
  2. Create a virtual card: Many banks, for example, ICICI and Axis Bank just as wallet providers like freecharge are offering virtual card services integrated with their wallet applications. It is like utilizing plastic money with a preset spending limit. You can stack money on your virtual card and afterward use your credentials to make payments online. It is a PCI-DDS (Payment Card Industry-Data Security Standard) consistent mechanism and is agreeable with banking security norms.
  3. Transfer money to bank accounts: You can, accept payments as well as transfer the balance to your mapped bank accounts utilizing m wallets. However, wallet application providers can deduct 1% to 5% of the sum transferred from wallet balance as fee for the service offered. Currently as per RBI mandate, wallets, for example, PayTM, freecharge etc. have a month to month top on the measure of money you can transfer from your e wallet to your bank account.
  4. Redeem focuses as Cash: Few wallets, for example, Mobikwik offer the service to convert focuses you earn through your cashless exchanges into wallet balance. On the off chance that you have a debit or credit card from any of the ‘Maximum Get More’ – supported banks or have a Payback steadfastness program membership, you can redeem your Mobikwik rewards focuses as wallet balance.
  5. Split bill: Few m wallets offer you the service to part your expenses with the same wallet users. You can do this by entering the sum, purpose and specifying the phone numbers of the people you intend to part the bill with. Doing this will generate a payment connect, which will be sent to the people who owe you money. They would then be able to use their own wallet to make these payments.
  6. Visit Messenger application Integration–To increase your convenience further, freecharge has integrated its payment service through the well known messaging application, Whatsapp. With this feature you can transfer money to any of the freecharge users on your whatsapp contact list essentially by composing sum alongside FC on the talk window. For e.g. composing and sending “150FC” to a contact will transfer Rs. 150 into their freecharge account from yours.
  7. Money Pickup: E wallets, for example, mobikwik offer this feature wherein users can request money pickup for a fee by adding money to their wallet. However, this service is limited to a bunch of cities starting at now. Going ahead if available at more areas, it will definitely be an alternative that people use in case of money just emergencies.

The features mentioned above currently have limited use, however considering that demonetisation is here to remain and the convenience of m wallets can’t in any way, shape or form be ignored, we should take it upon ourselves to use cashless exchange methods, for example, e wallets to the fullest.

7 Advantages of Using a Mobile Wallet

Mobile Wallets or e-Wallets have been one of the biggest beneficiaries of the government’s demonetization move, with India suddenly awakening to the convenience they offer. The e-wallet industry is supposed to be including over 1 million customers each day after the announcement on November 8.

  1. Easy accessibility – Using a mobile wallet for everyday exchanges is really simple in any case. Downloading the application and creating a user ID and secret phrase is all you need to do here. It is as simple as signing in to your Gmail or Facebook account from your advanced cell.
  2. Simple to stack money–You can add money to your wallet in easily by means of net banking, credit card or debit card. Being able to store these details saves you from the hassle of entering these details every time you make an exchange and saves time.
  3. Range of uses–Starting from bill payments for DTH, postpaid, information card and broadband to purchasing air, transport or train tickets, you can use an e wallet for a variety of exchanges. From paying at your nearby kirana stores to paying for your utilities like gas, water and electricity, the reach of mobile wallets has gone far and wide.
  4. Split bill service Being able to part expenses with friends is another large advantage. Freecharge and Mobikwik users can part their bills essentially by entering the sum and the number of people who are expected to pay their share. These wallets will consequently generate a connection which you can send to people who owe you money.
  5. Ensures timely payments–You can likewise make use of the auto pay service to make future bill payments consequently, from your wallet balance on a pre-determined date.
  6. Incentives and Promotions–Each wallet comes with its own set of incentives. E-wallets give plenty of money sparing avenues through limits, cashbacks, offers and free endowments. You can benefit the most extreme by experiencing their offer section and utilizing promotion codes.
  7. Speedy transfer of assets Money wallets have made sending and receiving money snappy and easy. Furthermore, on the highest point of that, currently there are no exchange charges levied for transferring money anywhere, anytime, accordingly making it a more preferable choice.

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