7 Tips for Using Your Mobile wallet
Mobile wallets have made most people much more technically aligned as compared to their previous generations. Making cashless payments have now become a routine. So much so that it is considered a necessity in some establishments. Quite naturally this has given rise to many start-ups which cater to this need.
Mobile wallets provide a safe and secure way to carry out transactions between two parties. Plus they also offer various options by the help of which, the customer can benefit in terms of cash backs etc. Now mobile has become a primary mode of payment for all transactions. There is no need to carry your hard cash anywhere.
Having said that, one must always be careful when making such transactions because the easier it is to use, it may well be exploited by anyone against you.
Here are 6 tips for you to use your mobile wallet in safe and secure way:
Choose your wallet provider carefully
There are a number of mobile wallet apps in the market like Mobikwik, paytm etc. We should choose appropriate mobile wallet keeping in mind our needs. If say, you are a frequent user of a particular cab service, then you should choose that wallet which tends to provide multiple offers with regards to that cab service. This would earn you reward points and other cash-back benefits, making the cheaper in the long run.
Secure Your Device
While making payments through various gateways has provided a lot of freedom, it is not always safe. You should ensure that your phone is locked either by a complex pattern or a strong password. There are certain apps which provide the ability to lock other selective apps.
Note: Always use on-screen keyboards for writing the passwords. This ensures that your keystrokes are not being recorded by any third party app in your phone.
If you do wish to use any such keyboards then go for trusted products like “Google keyboards” etc. They are the best and most trusted keyboards during such transactions.
Use mobile wallets for one-click payments
Mobile wallets give you the ease of payments. There are options during the installations of mobile wallet where you are supposed to enter all your basic details and credentials and once these credentials are saved during the payment gateway one click payments become possible. All the details are automatically forwarded and the payment is done in one click. Most of the popular apps offer the one-click payment option.
Tip: When you link your cards to any app, make sure to put a maximum spending limit on that card via your net banking. This will provide an added level of security when you are sailing. The possibility of your card being misused is reduced considerably.
Carefully choose the apps who want to link
There are many apps which try to link with your mobile wallet but not all of them are trusted. Linking a fraudulent app may cause you serious financial damage. Link only those apps which are trusted enough and which are used frequently by you. While linking/ downloading any app always read the reviews and start ratings along with the number of downloads.
Tip: Read the fine print, given in their T&C which most of us generally ignore. Most apps have full access to your public profile and other areas of your phone. So be careful what you store there.
Reduce the risk of frauds
Shopping with mobile wallets is very helpful. The reason is you keep a certain amount in your mobile wallet which does not expose your entire bank history during the payment gateway. Hence, one can stay secured from such frauds.
Note: If you wish to use your wallet for making larger purchases, you need to provide your PAN and get it verified from the company. They will then increase your monthly spending limit. Try and avoid putting standing instructions for auto-transfer of money from your account to your wallet. This can be risky if you are not there to monitor.
Track your wallet usage daily
Wallets offer a monthly tracking feature by the use of which you can conveniently know your monthly expenses and purchases. You can keep daily, weekly or monthly checks. If the usage of your mobile wallet is frequent enough you can use it for saving and investing as well.
Use your wallets regularly
Always remember to use your wallet regularly. The amount which you transfer in mobile wallets and keep it for future use has an expiry. If the amount is not used before the expiry it will be forfeited.
Although this is true in some cases, most mobile wallets do not follow this system. You are free to your money whenever you wish or keep it in the wallet for future needs.