Mobile wallet services have become very popular in many countries in the last few years. These services offer an alternative to credit and debit cards for paying bills and shopping online and are great for people who may not be able to get a payment card from their bank, or don’t have a bank account, but want the convenience of online payment.
Some of the areas where mobile wallets are becoming widely used include:
Most e-wallets work via an app you can install on your smartphone. Once you’ve opened an account, you can top up your balance directly from your bank account, at an ATM, or using cash at a mini market or other partner outlet.
If you have money in your mobile wallet, you can use it to pay for services or shop online anywhere that accepts that service. Most services use 2-step authentication, meaning that you’ll have a username and password for your wallet, but you’ll also be sent a one-time code to your mobile phone before you can make a payment. This means your money is secure and nobody else has access to your electronic wallet.
Mobile wallets can also be used for personal transfers between users so you can send money to someone else more quickly and easily than by doing a bank transfer.
Some services allow you to pay for items at physical stores, while others are for online use only.
Each service works in a slightly different way – you can visit the website of the services you’re interested in to find out the details.
Mobile wallets are becoming the number one way to transfer money and pay for goods and services in many countries. There are several reasons for this:
If you're using bux to send money home to family, it’s easy to send money directly to a mobile wallet. This means the money is instantly accessible without having to wait days for the transfer to come through your bank.
It’s more convenient too – you can send money through the app on your phone instead of spending time waiting to be served in a bank or international transfer service company.
You can load money to your bux wallet in Australia, Hong Kong, the UK and Europe either using cash at a bux retail outlet, or by linking your bank account or credit or debit card.
Once you have money in your bux account, you can send money to anyone with a mobile wallet account including Airtel, M-Pesa, Vimo and Doku in Africa, Vietnam and Indonesia by choosing the e-wallet you want to send to from the options on the app and entering the account details of the person you want to send the money to.
The transfer is normally completed within 24 hours (depending on the country and the wallet service it can range from a few hours to three days) and the person you send money to will get a text message, so they’ll know when the money is ready in their electronic wallet.
bux is always looking to add more options for sending money, so we are adding more mobile wallets all the time!