Introduction of demonetisation called for the urgency of transferring funds. Whether you are comfortable or no, online payment has become part of everyone’s life since. As a part of ‘Digital India’ campaign, the Indian government are constantly upgrading the way a consumer can transact. Mobile payment app is one such medium.
What do these mobile payment apps do?
Also known as a digital wallet, a mobile payment app is similar to a bank account where you load money and conduct transactions as and when required. Unlike bank accounts, these online payment solutions do not offer any interest. You can transfer funds with ease.
The other payment modes include SMS and NFC payment. However, it is the mobile payment mode that has widely gained recognition. Following are the benefits offered by digital wallets:
1) Accessibility: The payment process has become simple and less complicated. You can transact anywhere, anytime with the help of a secure data connection on your smartphone. Customers can purchase products from around the country without swiping the card or paying hard cash. This has simplified the online shopping experience as well.
2) Easy load of money: With the help of credit, debit or net banking, you can add money to your mobile payment app. It is also safe as details need to be entered only once. When you have to reload the amount, there is no need to re-enter the bank details.
3) Varied usage: Right from recharge of your smartphone to DTH to paying utility bills, all can be done via these digital wallets. The reach of digital wallet has gone far and wide as you can also purchase groceries from the Kirana shop today.
4) Spilt bill facility: Just like we split the bill with friends at a restaurant, you can split the bill in a digital wallet as well. This feature is particularly useful for those staying as paying-guest or in a rented apartment. You can divide the bill by merely entering the amount and the number of people who are expected to pay the share.
5) Timely payment: The online payment solutions come with auto pay facility as well. In case you miss the payment date, the app automatically debits the amount from your account.
6) Incentives: Digital wallets also go light on your pocket. These apps run various cashback offers, deals, discounts, etc. that reduce the bill amount at the time of payment. Ensure to make optimum use of the promo codes in the offer section.
Mobile payment app benefits both customers as well as businesses. Precisely why even banks are introducing their apps. They have also started targeting smartwatch users by launching banking apps like Wear.
What do these mobile payment apps do?
Also known as a digital wallet, a mobile payment app is similar to a bank account where you load money and conduct transactions as and when required. Unlike bank accounts, these online payment solutions do not offer any interest. You can transfer funds with ease.
The other payment modes include SMS and NFC payment. However, it is the mobile payment mode that has widely gained recognition. Following are the benefits offered by digital wallets:
1) Accessibility: The payment process has become simple and less complicated. You can transact anywhere, anytime with the help of a secure data connection on your smartphone. Customers can purchase products from around the country without swiping the card or paying hard cash. This has simplified the online shopping experience as well.
2) Easy load of money: With the help of credit, debit or net banking, you can add money to your mobile payment app. It is also safe as details need to be entered only once. When you have to reload the amount, there is no need to re-enter the bank details.
3) Varied usage: Right from recharge of your smartphone to DTH to paying utility bills, all can be done via these digital wallets. The reach of digital wallet has gone far and wide as you can also purchase groceries from the Kirana shop today.
4) Spilt bill facility: Just like we split the bill with friends at a restaurant, you can split the bill in a digital wallet as well. This feature is particularly useful for those staying as paying-guest or in a rented apartment. You can divide the bill by merely entering the amount and the number of people who are expected to pay the share.
5) Timely payment: The online payment solutions come with auto pay facility as well. In case you miss the payment date, the app automatically debits the amount from your account.
6) Incentives: Digital wallets also go light on your pocket. These apps run various cashback offers, deals, discounts, etc. that reduce the bill amount at the time of payment. Ensure to make optimum use of the promo codes in the offer section.
Mobile payment app benefits both customers as well as businesses. Precisely why even banks are introducing their apps. They have also started targeting smartwatch users by launching banking apps like Wear.
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