We all love our smartphones! Before you disagree, just think about the last time you went without looking at your phone screen, checking your twitter, liking a picture on Instagram or just browsing a news site. The first thing most of us do is look at our smart device, even before we get out of bed. In simple words, we are hooked! Whether its e-commerce sites, informative news sites, social media or financial platforms; everything is accessed over mobile devices.
While most of us were very apprehensive about using digital platforms to make payments, this isn’t the case anymore. Since last year’s demonetization movement, digital platforms have become a boon for us.
It is estimated that the market penetration of mobile wallets in India will reach $6.6 billion business by 2020, as they provide the users with instant cash in electronic form via a secure interface. With the cash back and discounts that they offer, the financial transactions performed via m-wallet accounts are expected to reach 40 million transactions in a year.
This upsurge in usage of m-wallets has encouraged many financial institutions to collaborate with service providers such as Paytm, FreeCharge, and many more to offer alternative channels for making financial transactions. In addition, most of the telecom operators and even banks have launched their own m-wallet applications for the convenience of the customer.
Shouldn’t you also earn something as you keep spending through your mobile wallets? One of the best features of these wallets is that you get some amazing offers including cash backs on spending.
Believe it or not, this scenario is also being seen when it comes to paying EMIs of loans. The days have passed when you had to stand in queues to pay your loan installments, or write a cheque and drop it at the bank. Mobile wallets are transforming the scenario and offer a smart way to make these transactions, and new age financial institutions have got the pulse of the customers.
Millennials look out for Convenience
The millennial generation looks out for comfort and convenience while choosing everything. So when the newly married couple Dev and Shruti planned to invest in a property, they needed convenience and easy access to everything – the builder, the location, interior designers, and particularly their home loan provider. They did the entire search online and approached the best available options.
Financial institutions, like Tata Capital, now offer an array of home loan options to choose from at attractive interest rates across the digital platform. You also have the convenience to access Home Loan EMI Calculator via the online application. They offer higher loan eligibility and easy disbursal of the loan without much documentation. The borrowers can fill-in the online application to know about their eligibility and interest rates. Speed and convenience are the key factors that the digital platforms offer and that’s the reason they are leveraged by financial institutions
Financial institutions also offer the convenience of repaying the loans EMI via mobile wallets. One of the best features of these mobile wallets is that you also get to earn as you spend. So imagine paying your EMI through the mobile wallet and earning cash back on the same! It’s a win-win situation for you.
So now your mobile phone is more than a phone. It’s an easy way to earn some cash back as well!