Mobile Wallets Vs Bank Accounts: Here What You Need To Know

Being able to transfer money instantly, without visiting a bank branch or ATM, makes mobile wallets attractive

The pandemic has accelerated the use of online money transactions throughout the country. Because of that, more people are using mobile wallets today than at any time previously. Still, there appears to be a long way to go and authorities are working to ensure that most of the remaining population too quickly adopt digital payment. There are several benefits of this mode – easy to open a wallet, hassle-free process, and above all it can be done anytime, anywhere. Amid this, a question that is regularly being asked is whether mobile wallets would replace regular bank accounts in the future? As of now, a sizeable population is yet to start using e-wallets. With more internet penetration, this can change but how fast can that be achieved is open to debate. Banks currently offer some services that these wallets don't. They allow money transfer from an account in one bank to an account in another bank. That is not yet available in e-wallets. However, to be able to transfer money instantly, without visiting a bank branch or ATM, makes mobile wallets attractive. Also, the RBI has announced three key measures that could make e-wallets function exactly like banks, further boosting their popularity. 1. The RBI has allowed RTGS and NEFT facilities to their users.