Mobile payments model in India is currently in vogue with those big to small companies giving tough competition to each other and aiming to get a huge chunk of sales or revenue that will ultimately be like a feather in their cap. This sector has a lot of hope and the same amount of expectations that some of the recharge portals and companies have already proved their stand with milestones and their futuristic business approach. Well, keeping all these business models, sales and revenue stats aside, what is that you as a generic user be bewildered about? Here is the guide that you got to know all about mobile wallets, its merits and demerits.
After reading this piece, you will know the types of exiting wallets, advantages that you get by pre-loading in your wallet, and how to avail mobile recharge cashbacks, be it through Mobikwik promocode, Freecharge shopping offers or Paytm cashback codes.
Existing players in the marketplace model like Paytm, Freecharge, Mobikwik, Oxygen wallet, citrus and so on will allow their users to recharge their virtual mobile wallets and do transactions in just a few simple steps. This pre-loaded amount can be used for a number of transactions – to pay bills, recharge mobile wallets, shop online and enjoy a range of cashback offers. However, if you are thinking that all wallets that are existing in the market work on the same business model and does carry only merits then you are wrong. These wallets has both faces – merits and demerits.
No more hassles or standing in queues to pay your grocery bill or shopping bill. With just a tap of a button, you can do transactions in a snap through e-wallets.
Cannot be pick-pocketed or misplaced
You don’t have to worry about your wallet being snatched, misplaced or dropped by somebody. You can always be in charge of it and check the amount that you have in your wallet, plus view your transaction statement history as well. This is quite a useful feature that help you track all your expenses unlike typical wallets.
No paying for a candy instead of a rupee
So lets say you have shopped for Rs 801.01, you don’t have to sweat to find change or run around for it, as mobile wallets will never ask you to pay for that candy instead of a rupee or paise.
No unwanted financial happenings
This is perhaps one of the best reasons that defends why use mobile wallets over shopping via net banking services or cards. They avoid exposure of giving away your confidential data while you do online transactions
Discounts and Cashbacks
The greatest pro of using e-wallets is due to its huge rewards that come in the form of cashbacks and discounts on the purchase. Isn’t that you getting a brownie point here? Well, if you wish to get more about cashback offers on pretty much anything and everything then try checking out Mobikwik offers available at GrabOn.
So people with fast internet connection and those who prefer browsing and shopping through mobiles can only use wallet services.
Restricted to limited merchants
As you all could see mobile payment wallets are available only for a limited set of merchants, so if you as a user who would like to shop in an online merchant that doesn’t have paying through a wallet option, you got to pay through net banking, card or cash on delivery.
Limitation on the amount you pre-load or transact
There is a limit to the amount that you can spend or deposit in a day. If the amount exceeds their boundary value, you will be declined to use their service. Meaning, mobile wallets are not really useful for high amount of transactions.