Carrying cash all the time for different needs is old system. Standing in line and pay bill with cash is old system now. In past we recharge prepaid mobile by going to shop and give cash to the shopkeeper. These are all old system now.
Many people now a days do these tasks with debit or credit cards. They go to shop and pay with card. They buy online, give bills or recharge mobile with card. Debit or credit cards are the more advance system in comparison with carrying cash all the time. Debit or credit cards also have negative points. There is always a risk of transmitting important information from the plastic card while you are using that for shopping online or offline. The general rule is only use your cards in a well known shopping website or merchant shop.
To solve this problem, we saw new initiatives in the form of Apple pay. In that iPhone stores all your cards information and the payment is done from iPhone with NFC technology. Another thing is mobile wallet. I got information about mobile wallet like Paytm while using Uber. The idea is, it is a online wallet where you can store money and spend from there depending on your requirements. This is much like our physical wallet in our pocket.
Almost all banks in India are providing mobile wallet to their customers. Buddy from SBI, Pocket from ICICI, Chiller from HDFC, UBI pay from UBI to name a few. There are many third party companies also, like most popular Paytm, MobiKwik, Freecharge and many more. First you need to transfer some money to wallet and then recharge or pay bills from that. In terms of security your payment will be done from mobile wallet and your card information will be safe. You don’t need to carry all your cards. You just need to pay money from mobile NFC technology. With Paytm you can send money to recipient’s mobile number. Paytm also can send money to bank account as well.
The idea is good but so many companies are there to choose from sometimes it makes confuse to the user. Also when we pay bills from mobile wallet, it takes two working days to actually update the biller account which I don’t like. But in summary looks like it is the future of payment. From cash to cards and we are entering to the new era of mobile wallet payment.