Smart Saving Hacks Using Mobile Wallet Features

Over 6.5 million people in the UAE are expected to use mobile wallets by 2025. Mobile payments have become almost a substitute for cash for the younger generation. But there’s a catch. They are convenient, but losing track of your expenses is easy. So, how to use mobile wallet features to save money? Let us help.

What are Mobile Wallets? 

Mobile wallets are digital platforms that store your payment information to ease payment for goods and services with your phone. Popular ones like Apple Pay, Google Pay, and PayPal dominate the market. 

Why are they so secure? They use encryption, tokenization, and biometric authentication (like fingerprints or facial recognition). These measures ensure your financial data stays safe. Safer than cash or physical cards. 

Also, read Mobile Wallets Vs Digital Banking: What’s the Difference?

How to Save Money Using Mobile Wallet Features

Use these smart saving hacks using a mobile wallet features to save money:

Streamline Your Payment System

Start by securely adding your bank accounts and cards. Only use official apps like Payit to prevent fraud. Double-check details before confirming. Always keep payment methods updated.

Activate transaction alerts to stay on top of every payment. These notifications let you monitor spending in real-time. The benefit? Instant alerts can help you spot unusual activity, avoid overspending, and improve accountability. 

Budgeting Tools and Features 

Many mobile wallets automatically categorize your spending. They divide it into categories like groceries, dining, or travel. Comes in handy to understand your money outflow. Some apps even provide visual spending reports with graphs.

Most mobile wallets let you set monthly or weekly spending limits. Enable this feature to keep yourself in check. For example, set a limit for dining out. Once you approach that limit, you’ll receive an alert. It’ll help you pause and reconsider non-essential expenses. 

Utilize Rewards and Cashback Offers   

Mobile wallets often offer cashback deals on purchases. Check the app’s ‘Offers’ section to find discounts on groceries, dining, or online shopping. Activate these offers before you buy anything to save money. 

Use these deals strategically. Plan larger purchases during cashback campaigns or combine them with retailer discounts to maximize savings. You consolidate your rewards and avoid missing out on savings opportunities, especially if you shop frequently at specific retailers. 

Automating Your Savings 

Round-up features save spare change from your transactions. For example, if you spend AED 9.50, the app rounds up to AED 10 and saves the extra AED 0.50. Apps like StashAway and YAP in the UAE offer this function. They automatically transfer the rounded-up amount into a linked savings account.  

Set up automatic transfers to your savings account directly through the wallet. Decide on a fixed amount and schedule it weekly or monthly. By automating, you remove the temptation to skip saving.

Prioritize Security 

Enable fingerprint or facial recognition on your mobile wallet. This adds extra security to your account. Most wallets offer this feature in their settings.

Check your transaction history weekly. This helps you spot unauthorized charges quickly. Notice unusual activity? Immediately report it to your wallet provider and freeze your account. Set your apps to update automatically. It protects your financial data and ensures you’re using the latest features. 

7 Ways Payit Mobile Wallet App Saves You Money

Payit offers several features that can help you save money by offering you convenience and ease of performing various day-to-day payments and transfers. Here’s how some of its features can assist you in saving:

• Timely Bill Payments: Paying your utility bills, such as electricity, water, and telecommunications, on time through Payit helps you avoid late fees and potential penalties. Staying on top of these regular payments ensures you don’t spend extra money due to missed deadlines.
• Cost-effective Money Transfers: Payit provides a cost-effective way to send money internationally. By using Payit for international transfers, you can avoid high fees typically charged by traditional banks or money transfer services, thus saving on transaction costs.
• On-spot Bill Splitting: This feature is excellent for group payments. If you’re out with friends or family, Payit lets you split bills quickly, ensuring everyone pays their fair share. This eliminates the need for complex calculations and avoids the hassle of handling physical cash.
• Convenient Peer-to-Peer Payments: With Payit’s peer-to-peer payment system, you can transfer money directly to friends or family without incurring extra fees. This can help you save money that might otherwise be spent on processing fees associated with traditional payment methods.
• Request Payments from Anywhere: If you’re owed money, you can use Payit to request payments from others. This feature simplifies the reimbursement process, ensuring you get paid back quickly and without complications.
• e-Gift Cards: Send or receive e-gift cards of any value. This feature can be an alternative to traditional gifting and can help you save by reducing the need to purchase physical gifts or overpay for presents.
• Instant Money on Demand: You can access the money on-demand feature of the app that provides instant financial relief. Since it is not a borrowing or an advance, you save money on borrowing costs that you would incur if you go for other credit facilities. 

Summing Up

Succinctly, saving time is as vital as saving money. A mobile wallet that offers convenience in this way allows you to save money by saving time. Use features wisely, and mobile wallets will be a competent money manager. Their features simplify saving in everyday life. Use tools like round-up savings, budgeting, and spending limits, and you’ll have notable financial gains over time. 

FAQs

How is a mobile wallet useful?

It simplifies payments, tracks expenses, offers rewards, and helps manage budgets efficiently.

Are mobile wallets more secure?

Yes, they use encryption, tokenization, and biometric authentication for enhanced security.

Can a digital wallet be hacked?

While rare, hacking is possible; protect your wallet by avoiding public Wi-Fi and enabling two-factor authentication.

How do I save money on my e-wallet?

Use cashback offers, loyalty programs, expense tracking, and set spending limits to control expenses.