Many banks now offer e-wallets that allow customers to make payments in one click, using mobile phones. It is a safe and convenient mode of making payments to service providers and also for transferring money.
Download application – You have to download the e-wallet application from Google Play for Android-based phones or Apple App Store for iOS-based phones. Each bank has a different e-wallet application.
Details – Once the application has been downloaded on the phone, put some basic details, such as name, email address, mobile number and date of birth. Some banks require users to create a user ID and password for accessing the application.
Set a PIN – The final step of the registration process 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.
Link cards – Once the registration process is complete, you can link your debit and credit cards to the e-wallet by entering necessary card details or by simply scanning the card with your mobile phone.
Make payments – Once the cards have been linked or cash loaded into the e-wallet, you will be able to make payments to third parties by accessing the e-wallet application and entering your PIN.
Points to note – Generally, there are no charges levied on the use of e-wallet applications. The mobile number registered for using the e-wallet should be one in regular use. If the number is changed, the e-wallet application won’t work unless the new number is registered.