What are Mobile Wallets and How Do They Work?

Even money is digital now. Online banking, credit card apps, and mobile wallets have become a part of our daily lives. Everywhere you go, there are now options to pay for products with just a swipe on your screen or a scan of a QR code. Mobile payments and digital wallets make everyone’s lives easier and more efficient, but you’ll need to be connected to the internet to access them. Here’s a breakdown on how mobile wallets make our lives easier.

How do digital wallets work?

Digital wallets are where you can store monetary value to use as you wish. All mobile wallets are encrypted, meaning that the wallet is locked and protected from hackers unless they have the key. The key is your password or PIN number, which lets you access your mobile wallet. Some mobile wallet apps enable fingerprint or facial recognition to access the wallet.

While the technology behind digital wallets is complicated, the actual reality of creating or using one is seamless. You only need to download an app, input your data, and create a secure password or PIN. Then, you can pay for anything using your mobile wallet. If you’re in a store or restaurant, you can scan a QR code to make a payment. Some stores are equipped with terminals that scan your phone like a credit card, so you don’t even need to press any keys to make a payment.

What are the advantages?

The advantages of mobile wallets were proven during the pandemic. The contactless feature of mobile wallets makes them ideal for anyone who plans to go cashless for health purposes. Going cashless is becoming more popular among younger generations for convenience’s sake, so mobile wallets fulfil the demands of the digital generation. Even if you don’t plan to go cashless but accidentally leave your real wallet at home, your mobile wallet can act as a backup so you’re never without access to your money.

How can you use them?

Mobile payments and digital wallets can be used for countless reasons. You can use them for online purchases, like food deliveries, e-commerce orders, and streaming subscriptions. But you can also use them in real-time if you want to pay your restaurant bill or grocery shopping bill using a mobile wallet. Of course, digital wallet purchases aren’t just limited to food and retail. Digital wallets can also help you pay your bills, send money to friends and family, and even pay for taxis or public transportation tickets.

How do you access them?

With just a few simple steps, you can easily set up and start using a secure digital wallet. Download an app of your choice, add payment card details from any accepted credit or debit cards and start using it right away.

In order to access your mobile wallet, you’ll need to be connected to the internet. One way to do this is to maintain your mobile credits with online mobile recharge services like TelPug, where you can top up a phone number from anywhere.