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Mobile Wallet: An easy way to pay, purchase, and save
Mobile Wallet is the simplified form of Digital Wallet. Earlier, desktop & laptop computers were used with internet facility to buy things and services online. Now, he trend of using the smart-phones to order things and services online has increased tremendously.
Though mobile wallet is still popular in Western countries for a reasonable time, this has picked up only recently in India. Especially, the orders procured by paytm had attracted the younger generation towards mobile wallet.
Paytm acquired 5 crore customers within 15 months after starting business. It does an average business of Rs. 1.6 crores transactions.
An app. ‘SBI Buddy’, was introduced last month. State Bank of India has thus entered the mobile wallet segment of business.
Yes Bank and Axis bank also stand to introduce mobile wallet in a short period.
The growing popularity anand importance of mobile wallet is being realised in Indian trade Market.
SBI Buddy is set to offer tough challenge to paytm & pocket (ICICI), and PayZapp (HDFC).
State Bank of India has 20% of the share in Indian Banking Industry with 28.6 Crores customers. 2.3 crore customer use net-banking services and 1.6 crore customers use the mobile banking services. In the next phase, SBI has decided to establish in the mobile wallet business segment as well.
SBI Buddy has got a special feature not available with other mobile wallet schemes. SBI Buddy can be used in 13 Indian Languages. App has to be downloaded first and the money can be paid through savings account debit, or credit/debit cards, or recharge kiosks.
There are many mobile wallet apps in operation including Freecharge, Citrus, ItzCash, Oxigen, Zakpay, Mobikwik, etc.
These mobile apps have to be set up in the smartphones and the required amount of money may be transferred through debit/credit cards or saving bank account. It is advisable to choose the right mobile wallet App which offers maximum concession to our frequent requirements. For example, if you are a more frequent user of Cinema ticket booking, call taxi or Bus ticket booking, you can choose the App which gives the maximum offer on these fronts.
An individual can keep any number of active mobile wallet apps by depositing the money and using whenever required.
Concessions offered on procuring cinema tickets or air-tickets, the high speed of money transactions, no additional
charges, safe transactions, simplicity of usage, and the fact that there is no need to keep a number of credit/debit cards stuffed in one’s pockets are some of the highlighting features of mobile wallet. The best thing is the facility to buy whatever is offered online!
As regards the simplicity of procedure, while booking cinema tickets or bus tickets, one has to enter the credit card number, its expiry date, CVV, and the name of the Bank have to be entered for every transaction. However, this is not required in mobile wallet.
These data, once registered in the mobile wallet app, only password needs to be typed for the transactions. More cash-back offers are available for purchases of items like cell-phones, DTH services, Datacard recharges, internet payments, and post-paid charges.
