After demonetization, everyone has some way or the other started using mobile wallets for their day to day transactions. And mobile wallets have in a way made payments quicker, convenient, and more secure. With just a tap on your phone, you can transfer payments to anyone in and outside your network instantly.
However, there are certain issues with mobile wallets which crop up now and then. Let us discuss some of the common problems faced when using mobile wallets.
Problems with mobile wallets
India is a country where a major part of the population comprises people who are either still not using mobiles or are using basic mobile phones. As a result, it gets difficult to use your mobile wallet everywhere. Some of the common problems faced with mobile wallets are:
Not accepted widely
One of the major issues faced with mobile wallets is that it is not necessary that every second person is using a mobile wallet. In fact, it is not even necessary that the person you want to pay through mobile wallet uses the same service provider as you do.
Most of the mobile wallet service providers are currently allowing fund transfers only within their network, which means if you are using Paytm, you can transact through Paytm wallet only if the person you want to pay also uses Paytm.
Hence, it restricts the usage of mobile wallets as there is no universal mobile wallet platform through which people can do transactions.
Failed transaction
Another problem with mobile wallets is where though the transaction fails, the amount is debited from the customers account. Further problem arises when the user complains tries to contact the customer care team of the mobile wallet service provider, but they are directed to their bank, where the latter redirects the user to the mobile wallet provider, and hence begins an endless loop.
Hardware issues
Although most of the digital wallet apps are compatible with smartphones, some of the apps do end up being not compatible with certain handsets. For instance, many old or low-end smartphones are not equipped with Near Field Communication (NFC) reader, which is required to establish communication between two electronic devices.
Low battery in the phone
One of the vital issues with using a mobile wallet can arise when the battery of your phone is drained out. The problem of low battery in phones is not directly related to the mobile wallets, but technically the mobile wallets are of no assistance if the user cannot operate their phone.
And they can only operate their handset again when it is charged, for which they either needs a power bank or a charging socket. Surely, not everyone carries a power bank, and neither is it possible always to find a charge point nearby.
The PoS cost
Moreover, the cost involved in purchasing or renting out a PoS terminal can be huge on an annual basis for the retailers. Hence, many retailers still prefer either cash or the previous cashless payment methods, i.e. debit/credit cards. The retailers do pay rentals for card swipe machines as well, but the rentals arent that hefty.
Mobile wallets have increased our dependency on electronic devices like mobiles, laptops, tablets, etc. and hence even if one of the mentioned devices gets damaged, stolen, or lost, the users might land in a troublesome situation.
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