The economy is going cashless worldwide and thus accentuates the demand for apps like MIMO for a smarter service and solutions. People with high technological liking and adaptation, plastic money dominates the paper currency and smart banking with mobile wallet solutions are taking the major role; introduction of MIMO App seems to be one of the finest options with many advantages. Secure mobile Pos Solution like MIMO are helping people to keep their money safe in the wallet just like a physical wallet and inter-transfer them from their bank and to the bank. Let’s find out how MIMO mobile wallet services are helping people to go cashless with their smartphones and how it eases the life of millions. Mobile wallets are digital instruments where you can store money for instant payments. You load money by transferring from your bank account via credit/debit cards or net banking. You can transfer money to people who have the same wallet, or make payments at merchants who are authorized to accept from that particular instrument. “I like to shop online and earn good discounts” is fast becoming a trending statement from many smartphone. You will agree that India is fast becoming a country of mobiles (with more than a billion mobile connections) and internet (with around 200 million internet users).
With the trend of online shopping fast catching up in cities, Indian popular e-commerce portals have grown up to provide the option of ‘Cash on Delivery’ to lure more customers .UPI or Unified Payment Interface is an electronic funds transfer instrument that enables all bank account holders to send and receive money from their smartphones without the need to enter bank account information or net banking user id / password. This requires only the recipient’s mobile number or Virtual Payment Address (VPA).Apart from the above mentioned apps; banks like SBI & HDFC have launched their own UPI apps. 31 banks are on UPI platform. However, with time, there has been an increase in people taking up to different digital payment platforms or mobile wallets that have made it easy to carry out online shopping payments, online utility bill payments, mobile recharge online, DTH recharge online, online bus / movie ticket booking, etc. With the advent of technology, internet and smartphones are in the reach of most of the people in this world. Internet connecting all people globally through a common electronic platform for information interchange, offers a vast opportunity for people to go cashless.