What are the benefits of mobile wallet over mobile banking?

Detailed Information

We are living in the world of digitalization. From shopping for groceries to ordering food, every activity happens online. For payments, there lies no exception as the Fintech fraternity has foreseen the digital exposure. As the Fintech domain has replaced the traditional methods (Old-fashioned) banking, Mobile Wallet is one such digital payment technology that has created a major revolution in the payment industry. The ecosystem of mobile wallets is to allow payment processing, accessing account information, and paying for goods and services digitally by replacing the physical wallet.


Mobile banking comes as a more convenient entry point for all your existing bank accounts. Whereas, a mobile wallet on the other hand is an alternative to a physical wallet. You can connect all your Credit / Debit cards to a digital wallet application and transfer money to it instantly. It allows your phone to be used as an NFC device for contactless payments.

How does the Mobile Wallet replace the Mobile Banking app?

Mobile banking apps usually stand short on functionality compared with mobile wallets. Although mobile wallets and mobile banking serve a couple of features, they are altogether different from each other. Some of the digital wallet apps provide most of the features which you’d find in a mobile banking app and the one beyond the banking features. As you don’t need to hold any bank account in the mobile wallet while availing of its payment options. The user can store money, purchase items, pay bills and receive money using the mobile wallet. It allows P2P(Person to Person) transactions that are safe and easy to use. As no third-party transaction gets involved overpayments. Mobile wallets are as fast as working compared with mobile banking. An eWallet applications are the means of storing and managing money in an account linked to a mobile number. As you can send the money to your beneficiary across anyplace, anywhere, and at any time. Mobile wallets don’t charge high-level taxes compared with mobile banking.

Benefits of Mobile Wallet:

  • Easy Access: Using an eWallet solution is as simple as logging into any of your social media platforms like Facebook, Instagram, and much more. Downloading the app and logging in with credentials like username, password and start using it instantly.
  • Load Money: Adding the money to your digital wallet is pretty easy via Netbanking, Credit/Debit cards. It helps you in storing your card details and there lies no hassle to frequently add the card information every time.
  • UseCase: From bill payments, DTH, mobile recharges to booking bus or train tickets eWallet can be used for a variety of transactions. From small stores to big malls, the reach for eWallet apps has gone far and wide.
  • Incentives & Promotions: Mobile wallet provides many money-saving avenues like discounts, coupons, gifts, rewards, and much more. This helps the store merchants to reward their loyal customers and boost up their sales 10x.
  • Fund Transfer: Sending and receiving payments have been made easy by mobile wallets. Currently, there lie no taxes for the money transfer from anywhere and at any time.

Rising Opportunities over Mobile Wallet Payments: 

Once it was used for phone calls but now it became a complete utility from food ordering, shopping to payments. Although cash remains an imperative necessity for the customers’ lives, E-wallet businesses are slowly making the mark as a form of payment method. One of the prime factors that made mobile wallets more successful is that the system is more secure and is easily familiarized with customers for all their retail transactions and purchases. So, Let’s discuss some of the opportunities for mobile wallets in a real-time manner.

Rural Places:

A country’s backbone lies over the rural areas. But till this moment there are a lot of people in the rural end who don’t even hold a single bank account. By using this, people can conveniently create their bank accounts without physically reaching out to the branch. This provides transparency in overpayment transactions.


Consumers are more engaged in the loyalty of the products over the prices. Companies can acquire consumers by offering more discounts, rewards, and much more.

The increase in Smartphones:

With the rise of smartphone users, so a vast opportunity for payments via mobile wallets.

Mobile Banking On the Rise: 

The global population is out and out tech-savvy and so in love with internet culture. Banks seem to have played their card right. Simplifying the cashless payments, online balance checking, remote deposits, and other services.

As I have defined above with some of the opportunities for the eWallet solutions. According to the statista reports, the annual transaction over the mobile wallet from 2015-2022 is expected to reach 3.1 trillion dollars worldwide. More digital penetration more the savviness of the people. In recent times, many technology companies have emerged that help mobile wallets to become complete financial management tools. As the demand for a dynamic payment system keeps on increasing and will stimulate the use of mobile wallet technology.

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