Going cashless spares you from the hassle of carrying all that cash. E-payments got more recognition in the long queues in front of the ATM amid demonetization days. Forget about long queues, carrying heavy bundles of banknotes and noisy coins in your pocket since you can pay your bills with one simple click. As e-payment has so many advantages over traditional payment methods, many merchants are opening up to online transactions through credit cards, mobile wallets, net banking, etc. But how exactly are Net banking and Mobile wallet different?
Net banking sometimes also referred to as online banking is a type of e-payment that enables customers of a particular bank or financial institution to make online transactions using the bank’s website. For additional convenience to users, some banks have also introduced dedicated mobile applications. Net banking eliminates the hassle of visiting the bank to make transactions. Along with the benefit of easy online transaction a user can view their bank statements as well as download the same in PDF format. Using net banking you can also get other perks like ordering a cheque book, reporting loss of credit cards, ceasing payment on a cheque, etc.
Mobile wallet is a mobile application that is installed in your phone to make online payments to merchants and online stores. You can easily get any e-wallet app such like N26 or Revolut on the Google Play Store or Apple App Store. All you need to do is create a user ID and password and follow steps to link your bank account to the app. You need not store your old bills or make a note of your expenses as all your transactions are recorded. Unlike traditional payment methods, it saves quite a lot of your time. With a few clicks, you can buy a product or pay bills, also you can use mobile wallet for mobile recharge, utility bills, ticket bookings, etc.
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Difference between net banking and mobile wallet –
- Cashback and discounts – Unlike net banking you can use mobile wallets to get cashback and discounts. By using their promo codes, you can avail various benefits when you are shopping online or making offline purchases.
- Quick and easy transactions – Sometimes extra transactional charges are levied by the bank for providing the service on the net banking app. However, in a mobile wallet app, you can buy a product or pay bills with a few clicks without any additional charges
- Features and performance – The net banking usually falls short on features when compared to mobile wallets. Mobile wallets are easy to use and provides a seamless experience when compared to net banking