First came the cards that advocated ditching cash for plastic money. Now mobile phones want to do the job. So what are the options in mobile wallet today? And how is it different from mobile banking?
What it does
Apart from taking away the load from your wallet, the mobile wallet allows you to transact on the fly. The place where it manages to leave its big brother, mobile banking, behind is that to access your mobile wallet your phone does not need to be internet enabled.
The leading players in the mobile wallet segment are Oxicash, Paymate and Airtel Money. In the mobile banking segment, all telecom companies have tie ups with different banks that allow you to avail banking services.
“Unlike mobile banking, a mobile wallet is not confined to one particular account holder. You don’t have to be a particular bank’s customer to use its services on your mobile wallet,” says Ajay Adeshan, CEO of Paymate.
Banking on mobile allows you to recharge your phone, pay utility bills and transfer money, bidding goodbye to long queues.
All you need to know is the other person’s account number and a few clicks and the money will get transferred.
For loading cash into your mobile wallet, you will have to go to the respective wallet service providers. In a semi-closed wallet, apart from a bank, you can also transfer money to another mobile wallet........Read More