Been a long, exhausting day at work and at the end of it you recall the daunting list of transactions that you need to do? What if you could laze on your couch and fulfil an array of these chores at your finger tip? This is the comfort and ease a mobile wallet offers you, ever at your service.
The upcoming era of digital banking is booming and mobile wallets have found a widespread open-arm acceptance in India. According to a study done by ACI worldwide and IDC Financial Insights, India ranks second highest in smartphone mobile wallet usage in Asia Pacific. With alluring and reliable services on smartphones, mobile wallets are expected to show a steep growth in the coming years. The current mobile wallet user base stands at a whopping 10 million transacting customers and is estimated to spread to 100 million in the next five years. The future for this new technology is promising and certainly a bright one.
If you are not on board yet, you must jump on the bandwagon. These wallets will soon find their home in every smartphone. They are life saviours thanks to their instant accessibility, anytime and anywhere. Not limiting itself to being just storage compartments, these applications also contain a package of services that make our lives simpler.
What are these wallets all about?
Mobile wallets, literally imply wallets in your mobile. These miniature wallets in your smartphone are a digitized version of our physical purses. Or simply put, an application on your smartphone. Some of the common features found in such wallets are:
1. Transfer money - Banking transactions which include fund transfers and making payments online
2. Recharge phones - Recharge your mobile instantly with various top-ups
3. Pay bills - Pay utility bills like electricity, gas, landline, mobile and DTH
4. Shop - Simple and secure mobile payment platforms have increased the number of consumers in favour of various e-commerce sites
5. Book Movie Tickets - Book your favourite movie shows and select the best seats without the hassle of standing in long queues
6. Avail travel services - You can book bus, cab or air travel tickets using your mobile wallets
60% of mobile recharges carried out in India are through these wallets. E-commerce purchases and utility bill payments have recorded an equivalent figure of 58% each, while cab services accounted for 52% via wallet transactions. The advantages of using these applications as a payment platform are quicker and effortless process, exceptional discounts along with privacy maintained of the user’s banking information. With e-commerce burgeoning, it becomes impossible for a user to input credit or debit card details for every site he visits. Here the digital wallet triumphs with its ability to store details of multiple cards thus ensuring minimum wastage of time spent at the payment stage and also providing financial safety against online frauds.
Where do I begin?
It is easy. All you need is a smartphone with an internet service. Let us take an example of ‘Pockets’ by ICICI Bank, which is currently available for android and iOS. It is quick, easy and simple to use Pockets. You need not be an ICICI Bank's customer to register, easily download it by following these simple steps:
✓ Open Google play store or App Store
✓ Search for ‘Pockets’ by ICICI Bank
✓ Click on install
✓ Open application and register yourself by filling few basic fields
✓ Voila! You are ready to go
What are the advanced features of digital wallets?
The rate at which digital wallets are progressing, leather wallets and plastic money will soon be obsolete. Options to send money to a mobile number or an e-mail id is already an astonishing feat. In the near future, point of sale terminals at every merchant’s location will allow you to pick and choose a wallet of your choice, while you tap and pay in an instant. To begin with ‘Pockets’ by ICICI Bank seems to be on the right path.
The hassle-free and secured mode of fund transfer provided by ICICI Bank via ‘Pockets’ is called ‘Send Money’. You do not necessarily need to send money to a bank account. Instead you can choose a mobile number from your phone's contact list, an email address or even a friend on Facebook.
The plethora of services available via mobile wallets aim to satisfy diverse consumer needs. Whether you are a son who needs to transfer money to his parents in another city, a business official waiting for a cab after a long flight, a housewife with a monthly list of groceries, a college student who has a date at a cafè or a new mother who needs to buy baby products, these digital wallets are your friends in need.
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