Tips For Using Mobile Wallets

By - IndianMoney.com Research Team     17 December 2016

You have just entered a new age. This is the digital age. Your weapon of choice…The mobile wallet. You can use your mobile wallet to send and receive payments. After Demonetization, the mobile wallet has become one of the popular ways of digital payment. So what’s this mobile wallet? It’s the digital equal of a physical wallet. You can store cash and make payments using your mobile wallet. You open this account with any mobile wallet service provider. You then load money into your mobile wallet, from your bank account. You can pay for groceries, cab rides and even movie tickets, with your mobile wallet.

The mobile wallet is your constant companion. Why…you can even pay for petrol and diesel, using your mobile wallet at petrol pumps. The Government is also giving you discounts, if you pay using mobile wallets. You get 0.75% discount on petrol and diesel purchases from state owned outlets, if you pay through mobile wallet.

Now to the big question…Are payments using mobile wallets safe? Is the money in your mobile wallet safe? Here are some tips which can help you make, mobile wallet payments smooth and safe.Want to learn more on investment planning? We at IndianMoney.com help you make the right investment. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice / education to ensure that you are not mis-guided while buying any kind of financial products.

Pick your mobile wallet provider carefully

There are many mobile wallet apps. You should choose the app which best suits your needs. Download apps only from authentic sources. Download apps directly from company sites, not from third party sites. Before downloading you should look at the number of downloads and reviews.

Protect your smart phone

There are chances of your phone getting hacked and fraudsters gaining access to your financial data. Always keep your mobile wallet safe. Use a strong password. Your password should be a mix of alphabets, numbers and even special characters.Change your password often. Keep a password or pattern for your smart phone. This prevents unauthorized access of your smart phone.

Use digital wallets for single click payments

Digital wallets should be basically used for daily convenience, such as payment of online recharge and mobile bills, DTH recharge and utility bills, daily travel, movies, shopping or to send or receive payments. 

Do not keep too much money in your mobile wallet

You should not keep too much money in your mobile wallet. Keep all the money in your bank account. When you need money, simply transfer the amount from your bank account to the mobile wallet. Don’t keep too much money in your mobile wallet. You transfer only what you need. Even if your mobile wallet is hacked, you won’t lose much money.

Keep track of your mobile wallet

You should always keep track of your mobile wallet, as shopping can be addictive and mobile wallet can make spending, really easy. Always take a look at your mobile wallet statements.

Treat the money in your mobile wallet, just as you treat real cash. Would you leave cash lying around….Definitely not. In very much the same way, keep your smart phone safe from unauthorized use. This keeps your mobile wallet safe and your money safe. Be Wise, Get Rich.

 

 

Under : Financial Planning