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Question
What are Mobile wallets?
Answer in Brief
Solution
- Users can transfer money using a smartphone through e-wallet transfers as long as the transaction takes place with the same e-wallet service provider.
- Wallet transfers are restricted to an upper limit of 10,000 per transaction. To transfer the funds the user needs to open the app, add the beneficiary's email id or mobile number and put in the amount to be transferred.
- Once the transaction is authenticated by the remitter the money gets added to the wallet of the beneficiary in real time.
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Modes of Transfering Money Online
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