Thursday, April 22, 2021

5 Things to Remember When You Cash In Your Mobile Wallet

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Mobile wallets, also called e-wallets, have become more and more popular in the Philippines over the years. It’s easy to see why. For one, mobile wallets make it easier for you to send and receive money anytime, anywhere. You can also use them to pay your bills, buy prepaid load and mobile data, as well as shop online, all in the comfort of your home.

Of course, before you can do all these things, you need to top-up your mobile wallet first. Luckily, you don’t have to worry about how to cash in because there are many ways to do so. If you have an account with a partner bank, you can link it with your mobile wallet for a cashless option to add money. There are also plenty of over-the-counter and self-service options in case you’re having difficulties with online methods.

That said, there are a few things to remember when adding money to your mobile wallet. These will ensure that your cash-in will be successful and that your account will remain secure.

Don’t Share Your OTP

Your OTP or one-time password is a series of numbers that you have to input in your mobile wallet app to confirm or authorize transactions and processes. These include logging in to a new device, sending money, and cashing in.

The OTP is sent by your mobile wallet through SMS. DON’T share this OTP to anyone. Once you receive it, enter it immediately in your mobile wallet app. If you receive a message or a call asking for your OTP, don’t reply and instead report the incident. Remember that you’re meant to receive your OTP, not give it to others.

Don’t Share Your PIN

Another important series of numbers that you absolutely SHOULD NOT share with others is your PIN or personal identification number. It’s your mobile wallet’s way to confirm your identity, ensuring that it’s you (the registered user) who is accessing the app. Do note that there are some smartphone models that allow you to log-in using biometrics instead of your PIN.

If someone claims to be an officer of your mobile wallet company and asks for your PIN, it’s likely a scam. Get in touch with the mobile wallet through their official customer support channels to file a report. Then, change your PINs and passwords. Your mobile wallet will never ask you for your PIN, OTP, or other personal information in any manner.

There May Be Processing Fees

Usually, there are no additional fees when you top up your mobile wallet. These additional charges are often applicable only to certain transactions or circumstances, such as sending money to non-partner banks or sending a large amount in one go.

However, there are some conditions when you may be charged a processing fee. For example, if you add money through over-the-counter channels, you will be charged a percentage of the amount you cash in if you have already reached a threshold. Take note of these circumstances so you can allocate a budget for these fees.

There Are Daily Transaction Limits

Mobile wallets usually have daily transaction limits. Once you reach this amount, you won’t be allowed to cash in or send money until the next day (or be charged a processing fee; see above). This transaction limit or threshold amounts usually vary, depending on your mobile wallet. These caps are put in place for consumer protection, especially against fraud.

Do note that you can increase your daily limits if you verify or upgrade your account. Most mobile wallets only require one valid ID for account verification. Once you successfully complete the process, you will receive confirmation within 48 to 72 hours.

E-Wallets Have Maintenance Schedules

Just like banks, e-wallets have regular maintenance schedules. They use this opportunity to upgrade security features and add new ones, among others. Performing system maintenance also ensures that things are running smoothly.

Your mobile wallet will send you a notification through SMS, email, and the app itself if there is an upcoming system maintenance. Make sure to plan ahead so that you won’t have any issues like late payments and the like.

Fortunately, mobile wallets often conduct their maintenance during off-peak hours. Some even start these procedures at midnight and/or during weekends so as not to disrupt a majority of transactions. Moreover, unless it’s a major systems maintenance event, the updates will usually be completed in a few hours. Nevertheless, it’s still best to take note of these schedules to avoid any problems.

Mobile wallets are extremely convenient. In just a few years, they have transformed the way Filipinos shop, send money, and pay bills. However, just like any other service, there are terms and conditions that you need to follow. More importantly, there are certain practices that you should get in the habit of doing to make sure your account (and your hard-earned money) remains safe.

Keep these things in mind whenever you cash in and perform other transactions with your mobile wallet. By being conscientious and keeping yourself updated, you’ll be able to use your mobile wallet without worries.

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