What is a mobile wallet?
A mobile wallet is a digital version of the wallet you carry around in your pocket. It stores payment details, for example credit or debit cards, and cash balances, which can then be used to make payments. Most importantly, for those interested in using a mobile wallet for remittance, it can receive money from others.
How do you transfer money to a mobile wallet?
To transfer money to a mobile wallet, first make sure that the receiver has one set up on their phone. It’s an easy processsimply download an app and install it. You then need to pop into an agent, provide the receiver’s mobile number and hand over the amount you want to send. The money appears in the receiver’s wallet instantly.
What are the advantages of sending money to a mobile wallet?
There are two main advantages of sending money to a mobile wallet – Instant availability of funds on beneficiary wallet thru nfc enabled device or linked cards. Even the amount can be transferred to beneficiary bank account from beneficiary wallet easily.