Mobile wallets which are increasingly becoming popular as it works on no cash basis and payments can be made easily without disclosing much of your financial details.
There are many companies who have come up with such mobile apps along with some banks. Some of the major public and private sector banks have launched their own apps to make payments easy.
Some of the popular mobile wallets are Paytm, Oxigen wallet, Mobikwik.
No doubt mobile wallet are a secure way of making payments rather than carrying physical cash. Or while making bill payments or shopping payments as you need not provide your complete financial details as you need to do while making payments via net banking or debit banking.
Here are tips to keep your mobile wallet safe:
1. Download the mobile applications, only from a reputable app store make sure you verify by checking comments and reviews.
2. Enable password protection in your mobile phone. Use different passwords for phone and for wallet with unique password.
3. Make sure you have mobile security apps, which can act as another safety layer in case of any unauthorized access to your phone.
4. Do not put huge amount of cash in your wallet. However, as per RBI guidelines one can put Rs 10,000 maximum in your digital wallet at any given point.
5. Reconcile your statement on regular basis. Check for bonus points and cashback points in your wallet. Turn off your NFC (Near Field Communication )connection when not in use.
Mobile wallets can be best for financial transaction such as recharges, bill payments, bus tickets, shopping etc. Using mobile one can send and receive money instantly.