Things to watch out for while making mobile wallet payments

The internet is now flooded with several wallets wanting to get your moolah. While these are easy and convenient ways for getting your funds sorted in the internet space there are certain things you need to beware of. Online payment of bills has never been so easy. But all good things come with a catch. If not a “catch” then at least a bit of concern. Let’s take a quick look at mobile wallet payment concerns.

Does it have that little “s”. Check for the “https” when your wallet initiates the payment process. Security is the main concern when it comes to online payment and it should be your first priority as well. A good online wallet will send you an One Time Password  or one time password before every transaction.

Always ensure that when you are paying bills online, your wallet is registered in the list. There is no point filling in a wallet if it does not have a good reach. Ensure that your mobile wallet payment can also help you pay utility bills online.

Does your wallet provide you with a quick refund? If it converts your hard earned money into points on the retailer’s website then that shouldn’t be your choice of best online bill pay mode.

Does your wallet offer you good offers and discounts? If no, then you should probably use another wallet that gives you that additional benefit. After all, there’s plenty of fish in the sea, reliable ones too.

Do you think that your wallet is legally compliant? You will find this information in the FAQ or in the terms and conditions section (if the wallet fulfills all the legal requirements that is). You do not want to be in a situation wherein your wallet is loaded but due to some compliance audit, the mobile wallet company has been sealed!