Mobile wallets are not any kind of new technology that is introduced. We all have digital or mobile wallets on a smartphone. Any kind of application that is Paytm, Google pay, PhonePe, and so on our digital wallets. We can simply use them for further transactions.
All the android as well as iOS mobile phones which our latest updates to support any kind of mobile or electronic wallet. Sell your old phone online and switch to the latest one that supports these features.
How does a digital wallet work?
Digital wallets have the option of linking your bank account. You can also store someone’s amount in the wallet itself if you want to use it. There are several other ways that help you to function with the electronic wallet. Digital wallets are the best companion as you do not have to carry any physical wallet. Only your smartphone is enough as you carry your smartphone anywhere with you. But how do digital wallets work? How can you make payments to other people? You are our some points that will help you understand.
- QR code
QR codes or can are the personally identified codes for each vendor or individual. These courts are separate for each individual as all of their credentials will differ. Anyone who wants to make the payment to any person can scan the QR code and make the payment. As soon as you scan the QR code you will be displayed with the name of the receiver. You can simply enter the amount that you want to transfer and move forward by putting in your UPI pin.
- UPI ID
UPI ID or UPI payments are just like email IDs. You can simply put the UPI ID and make payment to anyone who is UPI registered. You can register with the UPI through any of the digital wallet platforms. UPI and its procedure of linking will require you to register your government-approved bank account with the ID.
Only then can you further proceed with the UPI ID transaction. You will have to set the UPI pin once you have linked your bank account with the ID. However, you have to be cautious as the pin must be different from your ATM pin or any other pin. This will always help you for security purposes.
- Registered Phone number
It is so easy how are mobile has helped us in so many ways. Our mobile number is used by us to place calls or receive calls. It is also registered with many of our social media accounts and bank accounts for security purposes. Similarly, we can register any other mobile numbers with our bank account and the UPI ID.
The digital wallet is always linked with a bank account and so I phone number that is registered will also be there. Anyone can make a payment using only your phone number. You can simply also request the payment from that person if you have their phone number. You can Make the payment to anyone who is registered with your UPI ID. Whether it is your phone repair service or a cab ride back home.
- Payment link
payment links Are nothing new but just an additional source for these wallets. Payment links have been existing for a while now. Anyone can make a payment using the link that is identified or verified by the individual or brand. Payment links are just designed for individual payments as anyone can click on them and make a payment at that very moment. However, it is always good to be aware and cautious of what link you are clicking.
Benefits of using a digital wallet
There are infinite benefits of having a digital wallet on your mobile phone. You will never have to carry any physical Wallet or worry about when you are short of cash. It is the safest and most secure way to deal with your money.
- Easy to carry
Digital wallets are the best when you want to save up some space. You do not have to carry any physical Wallet or Card or any sort of another source. All you have to have is your mobile phone and the application of a digital wallet. You can simply make use of it when having an internet connection on your mobile phone.
- Safe and secure
As we have gone through a pandemic, we all know that social distancing is necessary. To put away the extra interaction through cash, electronic wallets are the best. It is the safest way to deal with currency. Also, it has a safer way to be dealt with.
- Easy transfer
It’s one of the easiest ways to transfer as you can just scan a code, enter a mobile number or simply enter the UPI ID to transfer money. You do not have to add them to your bank account list and wait for the beneficiary to be identified and verified. You can just instantly transfer it to anyone.
