10 Tips To Use Your Mobile Wallets Right

By BankBazaar | September 7, 2016

10 Tips To Use Your Mobile Wallets Right

Who doesn’t like the convenience of using a mobile wallet to make all those daily payments that are difficult to keep a track of? We all do, right? Except some of us, who think that the whole concept of using your Credit or Debit Card online is a bad idea. Well, if you think that cash works the best for you, maybe it does, and we don’t want to make things complicated for you. But if you think that there’s a way you can let the latest technology peep into your life and revolutionise the way you make payments, it’s high time you started using mobile wallets.

What’s a mobile wallet?

Do you face regular issues of forgetting your Credit or Debit Card details and have to keep looking for your card all the time? Well, that’s why mobile wallets came into existence! (That, and advances in technology.) They provide you the convenience of carrying your Credit/Debit Card without actually having to carry it everywhere. Confused? Don’t be!

A mobile wallet lets you carry your Credit/Debit Card information in digital form on your mobile device. All you’ve to do while making a payment is—login to your mobile wallet account, select your card, enter the CVV and you’re done! There’s no need to remember all the card details. All you need to remember is the CVV number. That’s not too much to ask for, is it?

Is it safe?

Although mobile wallets simplify your life in many ways, you might be worried about how secure they actually are. Well, the good news is that mobile wallets tend to be quite secure. Although you get to login quickly to make payments, you’re redirected to your bank’s page for an OTP login or login via your net banking password. So, even if someone logs into your account, trying to misuse your card, they’ll have to know various details like your CVV number, OTP or your net banking password. Since it’s rather unlikely that they have all these details, mobile wallets are considered to be a secure payment option.

Advantages of mobile wallets

  • They eliminate the need to carry cash all the time.
  • You don’t have to remember all your card details for making transactions (the amount of memory you save here can be utilised to remember some other crucial things in life, like your partner’s birthday or your anniversary. You keep forgetting those important days, don’t you?)
  • They provide a secure way of making transactions.
  • Since you don’t need to carry your cards everywhere, your wallet becomes lighter and so does your mind. Phew! That’s a relief!

All in all, mobile wallets redefine convenience for you, don’t they? Now that you know all about mobile wallets, it’s time to know how to make the most of them.

Here are some tips to do that:

  • Lock your phone!

To keep your mobile wallets and your money safe, you need to ensure that your phone is locked and safe all the time. If you’re one of those people whose phone is never locked and even if it is, everyone knows the passcode, it’s high time to change it now! People around you might use your phone to play pranks on social media, and you might even enjoy it. But if someone uses your mobile wallet account, you might not like that very much.

  • Choose the right mobile wallet provider

Like everything else, there are a plenty of mobile wallet providers as well. Look for the one that’s well-established and the one you can trust. The way you spend determines which wallet is the right choice for you. For instance, if you tend to order a lot of food online, select a wallet service that’s compatible with your favourite food ordering website. It makes more sense to use the payment app that’s the best for you instead of completely relying on word of mouth, isn’t it? Before selecting a mobile wallet, talk to a few people who’re already using that particular service. It’ll help you get a better idea of things and you’ll know if you’re choosing the right one.

  • Link your wallet to the right apps

Linking your mobile wallet to every possible app on your phone could also lead to overspending! Just because the process is so convenient, you don’t need to spend on unnecessary things. Link only those apps that are trustworthy and most frequently used by you. If you tend to book a lot of cabs online, linking your cab service provider’s app to your mobile wallet is a good idea. 

  • Track your spends

Most of these mobile wallet apps provide you with the option of tracking your expenses – quarterly, monthly, or even weekly. Just because things have become simpler and cashless, doesn’t mean that you don’t need to keep a track of your expenses. You might find it highly convenient to manage your expenses using your mobile wallet account, but you also need to adhere to your monthly budget, right?

  • Choose your default card wisely

Mobile wallets provide you with the facility of adding more than one Credit or Debit card to your account and also the facility of making one card as the default one. Therefore, it becomes essential to choose your default card wisely. You need to keep a close track of your balance if you’re using your Debit Card. If you’re using your Credit Card, you need to know the monthly limit and select the default card accordingly. It’s better to keep these little things in mind before making a payment and regretting it later!

Now that you’re done reading this much, you’re all set to start using a mobile wallet. In case, you already have an account, it’s time to start using it well. Since they simplify all your daily expenses, switching to mobile wallets is a great idea. But, it’s equally essential to follow these tips to keep your wallets safe and to make the most of them.

Need help with anything else? We’re here to help!

All information including news articles and blogs published on this website are strictly for general information purpose only. BankBazaar does not provide any warranty about the authenticity and accuracy of such information. BankBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for a product may vary from that mentioned above. Please visit www.bankbazaar.com for the latest rates/offers.
Category: Credit Cards shopping Technology
BankBazaar

About BankBazaar

BankBazaar is the world's first neutral online marketplace for instant customised rate quotes on Loans, Credit Cards, Insurance and Investment products. Shop for financial products just like you buy everything else now - online.

Leave a Reply

Your email address will not be published. Required fields are marked *