The traditional way of sending money abroad works differently. You hand over the cash at the agent, they’ll send the money the agent office in where you’re sending. After that, the recipient will collect from that end. It’s a bit of tricky process as there is a large use of smart devices across the world.
This is why it’s no surprise to the growth of mobile wallets or mobile money. The method works as instant money transfer services due to its rapidity. It means that if you send money from your mobile or someone others, it’ll reach your receiver instantly.
It could be fairly a new way in terms of sending money. But, it’s getting more and more popularity gradually. That’s why we have decided to share some points regarding this issue.
What Really A Mobile Wallet Is
As a strong partner of the regular leather wallets, a mobile wallet is a way to protect your money most securely. Things you can do with the method are including storing payment details, cash, and credit plus debit card balances.
It’s true about 85% of transactions are still being completing in cash. But, the popularity of mobile payment is slowly growing for people who pay for their deals. Thanks to the encrypting apps that combat theft by working for the best protection of your money.
Also, it helps you to remove the junk of your bank checkbook and deposit receipts. A mobile wallet also stores your money for you to make purchases and payments, which is comparable to your usual wallet.
What Available Types Are Of Mobile Wallets
There are three major segments of mobile wallets such as closed, semi-closed and open. When it comes to the closed wallet, it links to a private company or merchant. You can use the money just to purchase something directly from the specific merchant or company.
But, you can’t transfer the money to a bank account. These include Ola Money and Amazon Pay. Besides, when you have a semi-closed wallet, you can use it with multiple companies and merchants. You can link it with your bank account, but you’ll not be able to withdraw its money as cash.
And about the open wallet, as its name suggests, you can do anything with it from cash in to cash out plus making payments. That means it has not any limit like the other two have.
How To Transfer Money To Your Mobile Wallet
You already know a lot of types and benefits of a mobile wallet. Now, you’re going to ask how you can transfer money to your mobile wallet. First off, ensure that the recipient has the set up on the phone that allows sending money to their mobile wallet.
This is a very simple process, just download the app and install it on your mobile phone. Then you have to visit an agent to handover him the amount you like to transfer into your mobile wallet.
In the recent edition of the mobile wallet, you can transfer your desired amount from your bank account going through the internet banking software.
