Mobile wallet app and its evolution: An overview

Increasing smartphone penetration across cities, towns, and villages, along with cheaper internet plans have enabled people from all walks of life to use internet in their everyday lives. As a result of this rise in internet usage, mobile wallet apps have made their space in the market. Online payment has become the new normal.

While the growth of mobile wallet in the economy has been phenomenal over the past few years, this was not always the case. It took a long time for Indian citizens to understand the power of cashless transactions and how reducing their daily dependency on cash can help them lead a more stress-free life.

What is a mobile wallet and how it helps in online payment?

A mobile wallet is an instrument that helps you carry your cash around at all times, without actually having to physically carry the cash itself. To put it simply, a mobile wallet can be used as a substitute to the physical wallet.

To have an active mobile wallet, simply download the Airtel Thanks app from the Google Play Store or Apple App Store, link your bank account to the wallet, transfer a specific amount from your bank account to the wallet and voila! You are now capable of making cashless transactions at all times, just through your smartphone.

In this era of effortless digital online payment, you need not stand in long ATM queues anymore. Just pay with your Airtel Thanks app and you’re good to go.

The effect of demonetization : push for online payment apps

Payment apps were used in India long before demonetization. However, demonetization played a very significant role in boosting the adoption of mobile wallets in every Indian household. Thereby, increased usage of online payment apps everywhere.

In this time, older notes of ₹500 and ₹1000 went out of circulation in a very short span of time. And with cash running out of ATMs, people increasingly started moving towards digital transactions.

As a result of this change, QR code scanners that facilitated online payment popped up in every single grocery store. They popped up everywhere else too, such as, parlours, sweet shops, shopping malls, etc.

This change was rather sudden and almost overnight. People soon started realizing the many benefits and the amazing flexibility that mobile wallets provided. Mobile Wallet apps contribute to cashless economy. That is how the push that demonetization gave to payment apps stayed on and helped it to finally stand its place as the better alternative to carrying hard cash.

Positive image

The positive PR and the consistent backing of the Government of India as it continued to support the various online payment apps also helped it to get a positive image amongst the Indian population. This also included promotion of mobile wallet apps. The Government also pushed a number of cashless economy policies that directly helped in increasing the number of mobile wallet downloads in the economy.

In addition, impressive reviews from users who initially started using these multiple mobile wallets also rubbed off positively on the rest of the people. This led to more and more people installing payment apps on their smartphones.

Unmatched features offered by mobile wallet app

When you download the right mobile wallet, you can also explore a plethora of other features. These will only go on to make life easier for you in ways that you could not have imagined:

1. Instant payment
2. Minimal risk of failed transactions
3. Multiple cashbacks and offers
4. Utility bill payment options
5. Ability to conduct transactions on e-commerce platforms

All these features only go on to incentivize mobile wallets more for everyone. But, it is also necessary that you download the mobile wallet app which stays with you for all your needs.

To get a mobile wallet that performs all the features which are mentioned above, and even more, download the Airtel Thanks app today. Thus, begin your journey into the world of digital transactions and online payment.