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What you need to know before transferring using a mobile wallet

Mobile wallet

Mobile wallets have become a popular way to send and receive money, especially among younger generations who prefer using their smartphones for financial transactions. To send money using a mobile wallet, the sender will need to have a mobile wallet account and the receiver will also need to have a mobile wallet account. Here are the general steps to send money using a mobile wallet:

  1. Set up a mobile wallet account: If the sender doesn’t already have a mobile wallet account, they will need to set one up. This can usually be done through the mobile wallet provider’s website or mobile app.
  2. Add money to the mobile wallet: The sender will need to add money to their mobile wallet account. This can usually be done by linking a bank account or credit card to the mobile wallet account.
  3. Add the receiver as a contact: The sender will need to add the receiver as a contact in their mobile wallet account. This is usually done by providing the receiver’s mobile phone number.
  4. Initiate the transfer: Once the receiver has been added as a contact, the sender can initiate the transfer. This can usually be done through the mobile wallet app. The sender will need to provide the amount they wish to send and confirm the details of the transfer.

 

Pros of using a mobile wallet to send money:

  1. Convenience: Mobile wallets are very convenient, as they allow users to send and receive money using their smartphones.
  2. Fast transfer time: Mobile wallet transfers are usually processed instantly, so the receiver can access the funds almost immediately.
  3. Easy to use: Mobile wallet apps are generally very user-friendly, making it easy for users to send and receive money.

Cons of using a mobile wallet to send money:

  1. Limited acceptance: Not all merchants or individuals may accept mobile wallet payments, which can limit its usefulness in some situations.
  2. Limited transfer amounts: Some mobile wallets may have limitations on the amount of money that can be transferred in a single transaction.

Requirements

Mobile Phone

Both the sender and receiver will need a mobile phone that is compatible with the mobile wallet app.

Internet access

Both the sender and receiver will need internet access to use the mobile wallet app.

Sufficient funds

The sender will need to have sufficient funds in their mobile wallet account to cover the amount they wish to send.