Electronic payments are starting to become more common as time goes by. It is essential to know that the future is here now. The world of finance is slowly changing, and we’re also moving along the tide. What started with a barter system, exchange systems, money systems, banking systems, digital currencies, and now mobile wallets, we’ve found a revolutionary way to create our financial ecosystem and regulate money flow through specific tools.
Visit www.holywally.com to know more about wallets and how they work. In this article, we’ll underline what mobile wallets are, how beneficial they can be and how to create your mobile wallet for your organization. With that being said, let’s get into this!
What Are Mobile Wallets?
In simple terms, mobile wallets are storage devices on phone applications. It works as a small bank except that the functions are limited only to you. Almost making it like your own piggy bank. But unlike the conventional piggy bank storage system, it is used to make payments to various vendors and merchants willing to accept it. How it works is pretty simple.
All that a person needs to do is submit certain documents that verify their bank details, making them eligible to have a mobile wallet. Mobile wallet payments are faster than net banking payments as many people are currently adopting and adapting the same kind of mobile wallets worldwide. Instead of the bank to bank transactions, they can simplify it by making payments through the wallet itself.
Benefits Of Mobile Wallets
When it comes to mobile wallets and an exponential increase in their use, globally and we’ll be talking about the use of mobile wallets. So why would one bother using a mobile wallet? Isn’t it the same as using your credit or debit card? Well, it is used for three main reasons. Simplicity, security, and last but not least, cash backs.
The mobile wallets are pretty simple to use. Once you have added the cash, you don’t need to go through the trouble of entering an ODB, waiting for the transaction. It’s high-speed security – because once you have added the cash, you don’t need to take out your debit and credit card again and finally, most of these companies are rich with cash from VCS, so they are offering a lot of cash backs, and at least for now that’s one of the reasons you should give them a shot.
So you know now how to add money to the wallet, but how much money can you add? There is a limit of ten thousand rupees per month, and that is the maximum amount you can add. Most of these wallets now also accept the KYC documents if you can give them. They can increase the limit to up to one dollar per month as mandated by the RBA.
Using Wallets To Make a Transaction
Now how do you use this wallet to make a transaction or face a month? Now when it comes to online transactions, it’s a pretty simple process, just like you use your credit or debit cards online. When it comes to offline, you would either be using a wallet to pay a merchant or to pay a friend or a relative.
So when it comes to paying a merchant, the most popular way is using the QR code. Most of these merchants have QR codes on display. You can open the mobile wallet app, scan it, and pay the money. You could also pay them using their mobile number and when it comes to paying a friend or a relative, use their registered mobile number, tap once, and there goes your money.
In some instances, the merchant might ask for your mobile number, and then you will get an OTP, and that’s how you would be making the payment. One important thing to keep in mind while making an offline transaction is that you can only do that using the mobile app of the wallets, not through the site. So make sure to have the app installed.
So when it comes to sending money to friends, there is a limit to which you cannot send more than $65 in a day or $335 in a month. Now let’s talk about the transaction charges because there is no fee right now if you use your wallet to make an online transaction or pay emerge and send money to friends or relatives, which is free. They charge when you withdraw money to your bank.
3 Tips While Creating A Mobile Wallet For Your Organization
You might know how to make a mobile wallet, but you need to make sure that the mobile wallet you make fits the fundamental norms and expectations of the current financial crowd. With that being said, let’s take a look at the various tips to keep in mind while creating a mobile wallet.
1. Simple Interface
The first tip to remember is to design a simple interface for people to conduct their monetary transactions. It should be easy to operate and navigate through. If you make a highly complicated wallet software, it will likely fail before it even picks up. So make sure to keep it light and simple.
2. Monetary Security
Security is of utmost importance when it comes to monetary details. Make sure to design a well-secured system so people can trustfully store their money in your wallet. It will fail and have you booked for fraud if the wallet money is lost quickly.
3. Cash backs
Nothing attracts people better than rewards. Make sure to include cashback offers regularly with your wallets, so your organization’s clients are going to be well invested in it.