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A mobile wallet allows us to pay digitally instead of cash, cheques or credit cards. There are mainly five types of mobile wallet services. They are Payments and cards, Coupons and loyalty’ Tickets and Transport, Access and Keys and identity.
Which is the Best Mobile Wallet Service?
Mobile wallet is gaining popularity owing to its speedy transactions. Its specially helpful for eCommerce companies and eCommerce marketplaces. There are top 5 mobile wallet companies that are ruling the roost. They are Google Pay, PayTM, Amazon Pay, PhonePe YONO by SBI.
G Pay allows storing most of the credit, debit and gift cards on the app. Its free application. Who does not love free solutions? It is quite popular in small businesses. Google Pay’s ability to incorporate Google Chrome’s autofill feature thus making it furthermore straightforward, quick payment. Google Pay uses near-field communication technology to transmit credit card information. All we must do is to simply hold the phone to the card reader to complete our purchase.
Paytm offers cashback on most of the store using Paytm wallet. It requires less documentation while upgrading the Paytm portfolio. Amazon pay offers omnichannel payments. It streamlines our checkouts. whereas PhonePe does not require bank account details or authentication methods.
YONO by SBI is relatively new in mobile wallet service. YONO omnichannel helps us to transfer money, set up automatic payments, buy products and pay our bills. Practically all of them are equally convenient to use.
Future of Mobile Wallets
We have outlived demonetization era in the Indian economy. That was the phase when we faced a shortage of money even for buying the smallest purchases. Made a long queue outside ATM machines for cash withdrawals. Post demonetization, mobile wallets have simply eradicated the difficulties we ordinary people were facing. It made daily transactions a lot easier. It abolished the need to carry around bulky plastic cards. Global players such as Samsung Pay, Google Pay, Paypal have already made inroads in India. It is up to us to decide which one to use based on its convenience and user interface.