Mobile Wallets (Electronic Wallets) - E-Payment System, E-Commerce Video Lecture | E-Commerce - B Com

hello everyone welcome to your new
investment academy today we are going to
discuss about what are mobile wallets I
am sure you have seen these type of
advertisements on your mail SMS
billboards around you newspapers and TV
buy this and get this much cash back or
discounts etcetera all these are
advertisements of mobile wallets all of
them vying for your attention and
begging to pay part of the price on your
behalf
all you have to do is download the app
and make that transaction through them
the Evo lets mobile wallets or digital
wallets whatever you want to call them
has exploded in recent past and has
grown exponentially especially after the
monetization drive by Government of
India the monetization of rupees 500 and
thousand rupee notes has forced a lot of
places to accept digital payments mo be
quick pay TM and free charge are being
accepted at toll plazas in Mumbai
recharge is an option for paying police
Salons mobi 'quick is accepted by IRCTC
Reliance Geo plans to get 10 million
merchants on board for its geo money
solution all of these apps are
aggressively targeting smaller merchants
to ensure they are accepted at more and
more places stickers like these are
common these days at our neighborhood
stores so what are mobile wallets
simply put mobile wallet is literally
the digital version of your wallet where
you keep your cash here you have to
preload a certain amount in your wallet
account created with digital wallet
service provider through your credit
card debit card or online banking
account and then you can spend that
money at online or offline merchants
listed with that service provider for
example if you go to a coffee shop like
Cafe Coffee Day which is listed with
free charge mobile wallet then you can
pay for your coffee through free charge
phone app
service providers are also giving
options to pay through text message or
website or phone calls so the higher
number of merchants listed with service
provider better it is for users like us
there are many types of mobile wallets
in India and many more wallet companies
this is a little old picture but will
give you an idea all the major telecom
players have their own wallet systems
they all have also got payment bank
licenses and are going to leverage their
existing wallet systems for their
payment bank operations as well a little
money has already started doing that all
major banks such as ICICI SD FC also
have their own wallet systems through
which they are giving money transfer
facilities they are also planning to
integrate these existing wallet
offerings with their UPI systems ICICI
has already done that with their ICS a
pockets wallet then the third and most
popular are independent wallet companies
such as Paytm free charge mobile quick
etcetera and this list is very long with
new players sprouting very frequently
these companies have maximum market
share in mobile wallet space and are
also very proactive in customer service
and increasing their merchant network
mobile wallets provide tons of
functionality right on your phone there
are many different features between
different mobile wallets here is the
list education payments you can pay your
school or college fees here or purchase
financial products like paying your
insurance premium
you can also buy products on e-commerce
websites or by flight bus train Metro
tickets etc you can recharge your phone
or d2h or internet connection as well or
pay your utility bills such as
electricity gas or water bills you can
also do person-to-person payments which
means you can transfer money to any of
your friend with the same mobile wallet
account you can also pay money to any
shopkeeper or other merchant who is part
of that particular wallet network you
can also receive payment by sending a
trigger
reminder for payments just for an
example we have pasted Beatty Ames
mobile apps screenshot here in this we
can see the various functionalities
which this mobile app provides such as
we can recharge or make payments for
various services and we can also book
tickets of various services such as
movies flights bus and even book cars or
bikes on PTM and of course we can send
money to friends and pay money to pay
TMS merchant network as well we can also
request money on PTM now let's discuss
merits and demerits of mobile wallets in
India first merit is of course safety
your wallet can be misplaced or
pickpocketed your mobile wallet cannot
be in case your mobile gets lost you can
easily protect your data by putting
password or fingerprint logins on your
phone as well as app mobile wallets are
regulated by RBI so they have to have
mandatory modern-day encryption
technologies to keep your passwords or
bank details very safe secondly by
paying through mobile wallets you don't
need to worry about change of cash
thirdly they are very easy to use as
these wallets allow you to pay in one
tap unlike net banking that calls for
opening several browsers and are very
time consuming with mobile wallets you
limit the exposure to your bank or
credit card details to fraudsters and
the last and perhaps the biggest
advantage of mobile wallets is the
massive rewards in the form of discounts
and cash backs which you get touching
upon
demerits first is mobile wallets are
majorly for mobile savvy people with
dependable and speedy internet
connection though
Airtel and PTM has launched SMS and
voice based transactions not sure how
successful that would be secondly though
their popularity is increasing but they
are still not a substitute to debit or
credit cards and are also facing
competition from new systems such as
upin payment banks thirdly there is a
limit to the amount you can deposit in
mobile wallets which currently is rupees
20,000
means mobile wallets are useless for
high-value payments last considering the
dismal battery backup of smartphones you
can never be sure whether the phone will
be alive even for those one tap payments
this is all we have on this topic if you
have any question please do write in the
comment section below and have a great
time ahead