This is a user generated content for MyStory, a YourStory initiative to enable its community to contribute and have their voices heard. The views and writings here reflect that of the author and not of YourStory.

Top myths about mobile wallets

Because there are so many different ways to pay for a product or a service today, the choices can easily become overwhelming.

Top myths about mobile wallets

Saturday August 26, 2017,

3 min Read


Particularly, when it comes to discovering the different facts about each form of payment that the person may want to use. Since there are always pros and cons to each type of tender that is available online and in local retail places, people will need to do their research well in advance so that they will know exactly what is required of them to make these types of transactions. One of which involves the use of mobile wallet and the associated myths that have been spread about using it as a form of tender to pay for different items.

So, for those of you who are interested in knowing the myths that have been spread about this digital payment system, here are some of the top myths that people should be aware of today.

Myth #1 - Complicated Process

Even though many people are familiar with what it takes to buy things digitally today, they can still easily become intimidated when a new form of digital payment has been designed and released. So, it is very important that people do their research themselves if they do not want to be unduly influenced by myths that have been spread. For instance, some people think that mobile wallets are a complicated process, even though it is as simple as participating in social networking and taking selfies. In fact, with the use of a smartphone and a simple step by step guide, people can become regular users of the mobile wallet in no time.

Myth #2 – Charges and Fees Not Disclosed

Some people may not favor mobile wallet as a form of tender when it can be used. Especially, since one of the myths or misconception relates to the charges and fees that’s attached to each transaction. Fortunately, these types of statements are untrue because each vendor that participates in mobile wallets must reveal all cost to the user based on the laws that govern the terms and conditions that has to be disclosed.

Myth #3 – Technical Anomalies

Some people will not touch a digital tender when they hear that there are potential technical problems in the system. To protect their finances and the amount that they transact on a day to day basis, people will not use a form of tender that has potential problems with its technologies. For mobile wallets, there are also misconceptions that people can have, specifically when they do not want to deal with technical issues. On the other hand, this too is a myth that people should be aware of since vendors rarely experience problems, and there is a 24/7 support line to help customers that do.

Myth #4 - Consumers will not get their cash back

Another myth that consumers may hear is not being able to get their cash back after the money has been loaded onto the cards. Again, this misconception is untrue because the user can withdraw their cash from these cards anytime that they wish, Most of the Wallet Companies are now regulated by Reserve Bank of India and NBFCs are always under strict watch of the Regulator. So, Relax! Your Money is safe.