Mobile wallets are changing the way consumers, especially millennials, shop, play and pay. Be it taking a taxi or booking a movie ticket; paying a utility bill or recharging your phone; settling a restaurant bill or transferring funds to a friend -- a mobile wallet lets you do a variety of financial transactions conveniently, safely and rewardingly.
What is a mobile wallet?
A mobile wallet is an app on your smartphone that allows you to make digital payments for a variety of online and offline services without having to use your credit card or banking accounts.
How to use a digital wallet?
It’s simple really:
Step 1: Create an account with a service provider (like PayZapp)
Step 2: Download the service provider’s app (You can even download the app and then create an account)
Step 3: Fund your account with as much money as you need using your credit card or bank account.
Step 4: Your wallet is ready. Start paying for your transactions.
Top 3 reasons to use a mobile wallet
A mobile wallet combines convenience, safety and rewards in one compelling app.
Safety: You no longer have to worry about digital and offline thieves stealing your credit card and net banking information. A mobile wallet is a safe way to pay, and you are in control of how much you carry around in your wallet. If your physical wallet is stolen, there’s little you can do to protect your cash. However, a mobile phone has many levels of security to prevent unauthorized use.
Convenience: Wherever you go, your mobile goes with you. You no longer need to carry wads of cash around or worry about being short of change. You can just pay with a few swipes of your mobile phone at online and offline outlets. You can even transfer funds to friends and family. Mobile wallets are great to make micro payments, for which you wouldn’t normally use your credit cards or net banking. A mobile wallet also gives you better control and visibility over your expenses.
Rewards: Discounts, sign-on bonuses, loyalty points and cashbacks, mobile wallets are a rewarding way to pay. You can save money on everything from shopping online to recharging your phone to ordering a car through a mobile app.
Things you can do with a mobile wallet (for infographic only not to be used in article)
Recharge your phone
Pay utility bills – electricity, gas, phone
Buy movie tickets
Take a cab ride
Shop online
Withdraw money
Book a flight
Send money to friends and family
Track your expenses