What Services Do You Get In A Mobile Wallet

by Arjit Chalmela Finance Student

With the widespread adoption of smartphones, there are many different smartphone applications that provide different services. These different smartphone applications have transformed banking and have also led to the introduction of mobile wallet app which work to provide payment and fund transfer services to their customers. Mobile wallets have become very popular these days because of their instant fund transfers and attractive offers and discounts.

If you’re looking for a good mobile payment app, here are some of the services that it should provide.

These are the services you get in a mobile wallet:

Fund transfer:

The primary purpose of a mobile wallet is to provide fund transfers. Earlier, most wallet apps had a closed ecosystem where payments could be done within the wallet with charges for withdrawal. However, after the introduction of Unified Payments Interface or UPI, it has become very convenient to make fund transfers without any withdrawal fees. Mobile wallets these days also offer UPI based fund transfers which allow online payment without any additional charges.

Bill payment:

One of the biggest uses of a mobile wallet is for making bill payment. These apps allow users to pay a large number of bills such as electricity, gas, telephone, DTH, broadband, water, local municipal tax, landline, mobile postpaid and prepaid etc. These payment app provide discounts and offers on making bill payments and mobile recharge. It also allows the customer to make travel related online payments for flights, train tickets, cabs, experiences etc.

E-commerce payments:

A mobile wallet is also one of the preferred modes of making payments on e-commerce platforms. Using these modes also gives some additional discounts based on promotional offers between the payment app and the e-commerce website.

Online shopping:

Some payment app have their own malls or partner websites for online shopping. This allows users to shop for products at affordable rates on these websites using the online payment support of the mobile wallet.

Donations:

Another function of these mobile payment app is to provide a way for people to make donations in case of calamities. These apps are connected to the Chief Ministers relief funds for the respective states and also the Prime Minister’s Relief fund. It is possible to make donations using these mobile wallet apps to these funds.

Investments:

Through a mobile wallet app, you can make investments like purchase gold or e-gold, purchase insurance and invest in mutual funds. However, the mobile wallet is not responsible for the investments you make since it is not a certified financial advisor.