Are mobile wallets the future?
In recent decades, we as a civilization, have become acquainted with technology and are always curious about innovation on the technology front. The days where people had to carry wallets and physical cash everywhere are over. We have figured out a way to carry and spend and store money without even having to ever Handel physical cash.
A mobile wallet is the newest way to carry and spend money. It is much more effective, efficient and safer than carrying cash and credit cards around. Mobile wallets allow an individual to store information of almost all of his bank accounts like credit, debit card details in a virtual way which makes the hassle of handling cash and cards non-existent.
They also store information that a physical wallet consists of like identification and healthcare cards, bus and train tickets, gift cards, and hotel key cards. A mobile wallet is a virtual reality of your real wallet making it so much easier for everyone.
Is it safe?
The mere thought of storing all your financial information on your phone can make you a little nervous. However, there is no need to be. All your bank details and card account details are highly encrypted and will not be available for anyone who wants to access them.
By using a mobile wallet, also makes it easier to store all your cards in one place. This will remove any risk of forgetfulness and losing them. And also the risk of theft is highly decreased as it is much harder to steal a mobile phone than it is to steal a wallet. Even in the case of theft, the important details will be stored behind a passcode which makes it hard for anyone to access the information.
Advantages and disadvantages:
- It is the most convenient and efficient way to carry money into practice.
- It is very helpful and safe.
- It promotes “no contact payment” which is very important in percent day and time in between a pandemic.
- It is now very secure to store money.
- It saves a lot of time.
- And prevents theft and hacking of your card information.
- You do not have to carry a wallet everywhere.
- It is easily accessible and most used.
- The mobile wallet can be used from a smartwatch or a Fitbit.
Types of Mobile Wallets:
There are 3 types of mobile wallets. Those are as follows-
- Open: These wallets are given by banks. This type of wallet is used when an individual wants to withdraw money in their account in cash at ATMs or transfer funds.
- Semi-Closed: In semi-closed wallets, you can receive money but cannot withdraw money from it. It can be used to pay different merchants.
- Closed: These are the kind of wallets that are provided by the private company to a consumer. You cannot withdraw the money from it nor can it be transferred to other accounts. You can only use this wallet to use in that specific company.
How to create a mobile wallet?
First, download the mobile wallet app of your choice. Many private company apps provide this service. Download it into your mobile phone and add your card details to it and start using it. It’s that easy and you can add as many cards as you wish to and even coupons, gift cards.
The most in-use wallet apps out there is apple wallet (in an iPhone which is pre-downloaded when you buy the phone), Google pay, Samsung pay (for Samsung devices).
Bitcoin also introduced a wallet of their own bitcoin wallet that can be used to send and receive bitcoins. You can use the App to create your own account and start your journey with bitcoins.
How to use a mobile wallet?
Once you have downloaded and logged into your account in the wallet app it is very easy to use a mobile wallet. These apps use near field communication techno (NFC) which means the process includes using radio frequencies to communicate between devices. The next time you have to pay and the vendor has a contactless or online payment reader, open your wallet app and select a bank account you want to pay from, and hold the phone a few inches away from the reader.
Mobile wallets have become the easiest way to Handel financials and every day more people are opting for the mobile wallet to reduce hassle and the safer process of using their money. It is one of the safest and the most time-saving ways to store your money.
Though we are not a completely cashless society yet, we are very quickly getting there.