Travel light and right with mobile wallet

Money mobile services are making their mark all across the globe. The early success of money mobile services was recorded in Asia, Latin America, and Africa back in 2010. The growth of mobile money services in developing countries is phenomenal. The service gained popularity as it afforded the users with the option of keeping cash miles away from the closest branch. A mobile wallet, if simply put is a system of making payments. The idea behind mobile money is to help you save time while spending and managing money. The difference between online payment and money mobile services is that you can use this wallet to make payments in physical stores too.

Let us look at some advantages of mobile money service:

Easy to use – It is like paying with one click without having to enter any card numbers or passwords all the time. You can simply link your credit card, debit card, or bank accounts and make the payments immediately without having to give out all the information again and again.

Easy to access – You will no longer need to carry physical wallet like you have to do in the case of cash and cards. Moreover, mobile wallets are coming up with upgrades where you will be allowed to digitally store your documents like Driving license, Aadhar Card, Pan Card etc.

·         You no longer have to search for change or waste time looking for change, which we generally end up doing while dealing in cash

·         Instant payments would become simple and possible. Just like we exchange cash at any given time, you can exchange mobile money anytime, anywhere

·         It will be possible to synchronize data from multiple platforms. Your credit and debit cards, bank accounts, bills, and mobile accounts will be interconnected helping in better management of finance.

·         It is very handy for gigantic unorganized sectors where cash is the medium of exchange. Imagine a time where we can use mobile money at chai stalls, street vendors, and small shops, etc. and how much it would reduce the hassle of carrying cash.

Alternately, certain banks offer online transaction service, which along with the abovementioned advantages, also comes with added benefits such as discounts earned & points to be redeemed, such the digibank by DBS.