Your bank is in your mobile now

The world of mobile and technology innovation is changing so rapidly that  we need a crash course to understand these innovations. Don’t you think so?

Atleast that’s what your Gruhini feels.

Inherent to our nature, we love security and safety first, especially if its our hard earned money from our job, our work from home business or even our savings. Usually we wouldn’t take the risk of transacting with our money online unless if its through our bank website. 

As I wrote this this primer on new digital payments, realized that the new digital payment methods like mobile wallets, or money transfer facilities offered by banks and other third party do address our concerns. For instance E-wallets or Mobile Wallets do not expose our bank accounts to online fraud etc. Moreover these wallets provide you an opportunity to make or receive payments for sale of online products, tickets etc, thereby avoiding any disappointments about non payments or cash handling issues.

While you can read the full story on how these new payment systems work here, in this post we tell you how to make the best use of these payment gateways.

Our tip on how to use E-Wallets

> E-Wallets are an extension of your online net-banking accounts with only difference that you transaction processing time is much faster.

> Go for E-Wallets if you are a regular online shopper or if you are into small time online business. Independent mobile wallets allow you to generate invoices, make and receive payments from clients or customers.

> Chose an E-wallet which has tie-ups across the categories where you usually shop online as cashback offers, deals and discounts will be much more in the e-wallets which have more tie-ups.

> E-Wallets can also help you stick to your shopping budgets as well. Every month, transfer certain amount that you plan to shop and stick to that budget instead of re-loading it again. Or you can have multiple wallets: one for shopping and another for availing utility services like vehicle bookings etc.

 Our tip on how to use money transfer and banking option

> Use money transfer options offered by your bank only.

> Avoid using social media channels for payment purposes if you have a huge fan base.

Did you find this article useful?

We would love to know how the new digital payment solutions is helping you bank safely or grow your business. Do write to us at thegreatgruhini@gmail.com

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1 Comment

  • Avatar
    Raj
    10 December , 2:45 am

    With the advent of mobile wallets ans cashback offers it havw become a necessity rather than the need of having wallets. Many people are now creating new wallet accounts which is increasing day by day.

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Rachna Monga Koppikar, is an AMFI Registered Mutual Fund Distributor and founder of this blog. She is on a mission to help Women create and preserve wealth through mutual fund investing.