Ways an Emergency mobile wallet can lead to financial Inclusion

Although India is possessing economic growth rates superior to most other developed countries in the past few years, there are still many parts of the country that is unbanked. Financial Inclusion is an exclusive socio-economic concept in India whose goal is to offer financial services at an affordable cost to the needy people who are not able to afford these types of services or are unaware of these services. Thus this is one of the best ways of assisting a huge population to restructure local communities and markets.

There are many reasons why cash transfers systems fail, one of the huge points is security. Sending large amounts of banknotes and coins in an emergency state can be threatening. A mobile wallet that makes access to emergency aid swiftly, economical, and more transparent. 

Mobile wallets boost financial inclusion 

The advantage of mobile wallets is transparent as these mobile money systems are truly satisfying the growth of potential. These mobile wallets are contactless technologies that are accessible and permit phones to transfer money to contactless cash registers. Digital wallets are much similar to our bank regular bank accounts with the ease of operating them at our facility. 

Mobile wallets have also made trade easier and smoother. The public can utilize mobile wallets to pay and receive payments for multiple products and services. There are many diverse ways emergency mobile wallets can be used as it has so many benefits such as easy access, security, discounts, offers, and much more. 

With a mobile banking solution, the number of customers that rely on cash has minimized and that has resulted in improving financial security. Furthermore, it has also reduced risks such as fraud, theft, loss, etc. In most countries, emergency mobile wallets have terminated the requirement for common people for money transfer and its outcome is overall increased transparency. 

Mobile wallets solutions

Microfinance solutions – It offers services to the unemployed or those people who do not have access to other financial services. Microfinance solutions permit people to take on noteworthy small business loans safely and in such a way that is compatible with moral lending practices. 

Telcos mobile wallet solutions – This feature provides financial inclusion for unbanked clients, mostly in developed countries where people do not have access to credit or debit cards or bank accounts. Telcos mobile wallet solution also offers an easy and smooth experience to customers as they can save them money, send the money to friends and relatives, and can make payments through mobile phones. 

The thing which you need to do is to buy a subscription plan with a telecom operator that is connected to your wallet. After this enter your phone number and receive a message to secure the payment. 

Digital fintech software solutions – This is one of the well-known IT services in past years. Modern fintech is not limited to banking but also consists of insurance, mortgage, lending, assets, and risk management. Digital fintech software solutions are now becoming an important opportunity in the business world and they offer top services that will fill the gap in certain financial needs. 

Benefits of Finacial Inclusion 

• It will minimize the use of cash as money is brought to the banking ecosystem. And it will also boost a habit to save and develop capital formation in the country and enhance the economy of the country.
• Remotely located people will get access to the banking such as cash receipts, payments, balance inquiry, etc all these tasks can be accomplished using fingertip authentication and the customer will achieve online receipt. 
• Instead of using physical cash payments direct cash moving to beneficiary accounts and with the online receipt, it will be assured that the payments have been received. 
• Accessibility of ample and clear credit from formal banking mediums will promote the entrepreneurial spirit of the masses to develop outcomes and success for the country. 

Thus it is known that financial inclusion is the next rise of success and growth and it will reduce the use of physical cash payments.

Final words

Mobile wallets have emerged as a powerful method to operate financial inclusion across the world. The speed, convenience, and security provided by it allure diverse unbanked people who don’t use or can’t trust the main banking system. 

Therefore it can also be said that mobile wallets act as a platform between these unbanked people and the banking service from which they are distressed. In addition to these if there is support from the government and other powerful authorities things will get more convenient for mobile wallets and it will be spread widely. 

If you are interested in creating your own customized digital wallet app, Get in touch with Digipay.guru to avail seamless and secured payment app. Our digital wallet software provides flexibility to mold our solutions as per your business needs. Talk to our experts for more information and enhance your business with us.