Published: 2020-11-03   Views: 342
Author: alexmessi2727
Published in: Investing

Gone are the days when you’d have to carry your wallets every time you got out of your house, just in case you needed to buy something. These days all you need is a smartphone. Our lives have become so centered around smartphones that it was about time they replaced cash and credit cards as well. As the name suggests, a mobile wallet is an app that stores payment information from your credit cards, debit cards, and bank accounts, and then allows you to use your smartphones to make payments. The online bill payment app that you use is a mobile wallet.

How does a mobile wallet work?

First, you need to download a mobile wallet of your choice and load your banking information on it. You then set a pin that is exclusive to you. And then whenever you want to make a payment using the bill payment app, you can either scan the QR Code during checkout or you can tap your phone to a digital payment terminal since these wallets use something called a Near Field Communication (NFC) chip. NFC is the same technology that is used when you make contactless payments with your card.

One of the most persuasive reasons to use an internet payment app /mobile wallet is that it provides convenience while paying for goods and services. These wallets are accessible and the transactions are faster. In fact, you can make your Ooredoo bill payment within seconds. Unlike cash, that can be stolen and cards that can be copied, your information on the mobile wallets is encrypted. Merchants have begun accepting mobile wallets rapidly, maybe it's about time you experience what it feels like to leave your house without having to carry your wallet.

 

First, you need to download a mobile wallet of your choice and load your banking information on it. You then set a pin that is exclusive to you.

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