Heard about mobile wallets, but do not know how it is better than your physical cards or cash? Here are the top six benefits of using mobile wallets.
In this tech driven era, mobile wallets provide us with a number of benefits with the tap of a button for availing goods and services. Smartphones are an indispensable part of our lives and including a payment service in the device makes sense. Here are some reasons why more and more people are using mobile wallets for daily transactions –
1. More Convenient –
The mobile wallets helps the user to make purchases on the go without the need to type in card numbers every time while shopping. This also helps to decrease the number of places where the card information is stored allowing the user to make a safe transaction and quick checkout. Comprehensive studies have shown that a user is always more or less than 3 feet away from their mobile phone most of the time out of 24 hours. This makes the mobile wallets easier to access than the physical cards or your physical wallet. You can also put as much money at any time into the mobile wallets.
2. No need to go to ATMs –
With mobile wallets, you do not have to go to physical ATMs ever again and pay a premium to get money. The money is yours and it is much more convenient to use them if it stays online and can be accessed from anywhere and anyplace provided you have your mobile phone with yourself. Moreover, you have a wide number of options like PayTM, Apple Pay, Samsung Pay, GooglePay and PhonePe which are all available for free in app stores.
3. Saves Time –
The transactions can save a lot of time for the users. You can process the transactions by simply holding your phone over the payment terminal. The app takes a little over a second to verify the transaction and processes it immediately within a matter of seconds. The transactions are faster than making change via cash or processing the money through magnetic stripe cards. They are even faster than EMV payments. It can reduce the wait times at checkouts.
4. More security –
The information that are stored in the mobile wallets are encrypted. While making payments, the actual account numbers are not transmitted. Several security measures are taken for payment options such as biometrics which are used for authenticating the payment. The wallets use random payment codes that cannot be used again. The wallets do not show the card numbers which makes it difficult for a random person to capture the card number and use it for illicit purposes. Just like the physical cards, the transactions are protected by the same privacy and security protections.
5. More Rewards –
The offers and rewards that the user receives by using a card are all added in the mobile wallet as well. With the convenience of mobile wallets, you can easily increase the number of rewards and cash back offers in your account. When you make a transaction over Rs 150 in GooglePay, both the users are provided with scratch cards from where they can win extra money. In Paytm, there are add money offers like when you sign up for the first time, you get Rs 10 cashback for every Rs 10 you add to your wallet(Or even bigger ones). That’s 100% cashback!
6. Saves Space –
The mobile wallets can be used to save gift cards and loyalty cards. This saves the user from carrying physical cards in their wallets which is very convenient. The mobile wallets allows you to store several cards like store branded cards, cards from local as well as national brands and major brands. This means no more carrying a number of credit cards every time you go outside. If you forget your wallet at home, you can still make transactions with the help of mobile wallets.