Most of the banks now offer e-wallets that allow their customers to make payments in just one click by using their mobile phones. It is a safe and comfortable mode of making payments to service providers and also for transferring money to people.
To begin, you require downloading the e-wallet application from the Google Play for the Android-based phones or Apple App Store for the IOS-based phones. Different banks have different e-wallet applications.
Once the application has been downloaded on the phone, it has to be opened and some general details, like name, email address, mobile number and date of birth are required to be entered. Some banks require the users to create a user ID and password for accessing the application, while others allow Internet banking user ID and password to be used for the same.
Set a PIN
The registration process is the final step which is the setting of a numeric PIN by the user. Once the PIN is set, a one-time verification code is sent to the registered mobile number which has to be entered by the user to complete the registration process.
Once you have registered, now you can link your debit and credit cards to the e wallet by entering the necessary card details or by simply scanning the card with your mobile phone. You can also link your existing online banking account and load cash directly into the wallet.
After the cards have been linked or cash loaded into the e-wallet then you can make the payments to the third parties by accessing the e-wallet application and entering your PIN.
Points to note
Generally, there are no charges extracted on the use of e-wallet applications.
Some banks allow only their existing account holders to use their e-wallet application, while others allow the non-account holders to do so as well.
Additionally, the mobile number which is registered for using the e-wallet should be only the one which is in regular use. If there is a change in the mobile number then the e-wallet application will not work unless you register that new number.
© 2017 - All Rights myindianbanker