Beeda Pay / Digital Wallet?
Beeda pay can be found in the Beeda app it is a part of the mega-app ecosystem, designed for conducting financial transactions on mobile devices or pos. Beeda Pay is another name for digital wallets. Your passwords and payment information are securely stored there. All of the user’s payment information is securely stored by the Beeda wallet in a small format.
Instead of carrying your cards with you while shopping, these programs let you pay using your device. Your input and save the details of your credit card, debit card, or bank account so that you can use your smartphone to make purchases by Beeda Pay. Along with other things like gift cards and peer-to-peer transactions, Beeda Pay also keeps users’ payment information for various payment methods on different websites.
Types of Digital Wallet
There are three types of digital wallets:
1. Closed Wallet: A business that sells goods or services may create closed wallets for its clients. Users using closed wallets are only permitted to conduct transactions with the wallet’s issuer using the funds they have on hand. The wallets contain the money from cancellations, returns, or refunds. An illustration of a closed wallet is Beeda Pay.
2. Semi-closed Wallet: Users of a semi-closed wallet are able to conduct transactions at the businesses and locations that are mentioned. The wallets can be used for both online and offline purchases, notwithstanding the limited coverage area of such wallets. To accept payments using mobile wallets, however, retailers must engage in agreements or contracts with the issuers.
3. Open Wallet: Open wallets are issued by banks or institutions affiliated with banks. In addition to withdrawing money from banks and ATMs and transferring money, users with open wallets are able to utilize them for all transactions permitted by a semi-closed wallet. The open wallet standard is met by Beeda Pay/Wallet.
Examples of Digital Wallets
1. Google Pay: In-app, online, and in-person contactless purchases on mobile devices are powered by Google Pay, a digital wallet platform and online payment system that enables users to make payments with Android phones, tablets, or watches. Users of iOS devices are also available in the US and India, albeit with fewer features.
2. Apple Pay: Users of iPhones, iPads, and Apple watches get exclusive access to the streamlined Apple Pay digital software. Users are able to conduct transactions for both in-person and online purchases. Users can unlock their phones and place them close to a suitable point-of-sale system for in-store transactions. The Apple Pay app makes it possible to make payments in an easy and secure manner.
3.PayPal: An electronic replacement for conventional paper methods like checks and money orders, PayPal is an American multinational financial technology firm that operates an online payment system in most countries that permit online money transfers. The business processes payments for internet retailers, auction sites, and several other business users for a fee.
4. Cash App: Block, Inc.’s Cash App, formerly known as Square Cash is a mobile payment service that enables users to send money to one another using a mobile app for a 1.5 percent fee for an immediate transfer. Only the United States and the United Kingdom offer the service.
5. Zelle: Using a mobile device or the website of a participating financial institution, users of the Zelle service can electronically transfer money from their bank account to another registered user’s bank account inside the United States.
6. Beeda Pay: All of the user’s payment information is securely stored by the Beeda wallet in a small format. So there is far less need to carry around physical wallets. By utilizing digital wallets, many developing nations are now able to participate more actively in the global financial sector. Beeda App includes Beeda Pay.
NFC (Near Field Communication) is applied in Beeda App
NFC is based on RFID (radio frequency identification) technology, its transmission range is substantially shorter, and has a maximum range of little more than a few centimeters. The Beeda Wallet users are allowed to pay bills through the NFC system by scanning QR codes. RFID and NFC are fundamentally different from one another in that the former is frequently employed at greater distances. For instance, some areas use RFID to automatically collect road tolls. Typically, tags are attached to the windshields of cars, and you just need to drive through the toll booth. Wireless transmission of any stored data from the tag to the reader follows the initial handshake.
Beeda Pay/ Wallet Functionality
1. Instant Payments Between Wallets
When a payment is made instantly, the funds are transferred between the wallets of the payer and the recipient in a matter of seconds rather than hours or business days. With this function, Beeda Wallet users can make payments whenever and wherever they want, have money available right away, and have more control over your personal and business finances.
2. Payments To And From Bank Accounts
In Beeda app with Beeda wallet, you may easily transfer money to any bank account, including your own inside the same institution as well as another person’s account in a separate institution. Owners of mobile wallets ought to have a selection of options for quickly sending and receiving personal or commercial funds wherever they are and whenever they need them.
3. Bill Payments/ Mobile Recharge
Given that most individuals now prefer to pay their bills online (utilities, mortgages, loans, rent, and tuition, to name a few), this is one of the essential functions of mobile wallets. Beeda wallet is an essential aspect of daily life now that digital cash is here, and we should be able to offer a simple solution for paying bills whether they are prepaid or post-paid.
4. Management of Physical and Virtual Card Operations
A user’s balance and credit/debit card information are stored by Beeda Pay and are accessible at all times for use in financial transactions. By simply collecting all of the user’s cards in one location, the e-wallet streamlines the user’s money. Additionally, since a mobile wallet doesn’t record card numbers, it is better to use one than to carry around all of your cards. In Beeda app, Beeda Pay ensures that high-grade security encryption is used to protect card data.
5. Merchant Payments via Contactless Technologies (NFC or QR code Scanning)
In our digital age, it goes without saying that more and more businesses have begun to recognize the necessity of implementing various technologies that support digital wallets. Retail customers can use Beeda pay to make in-store purchases utilizing contactless technologies like QR codes and near-field communication (NFC). NFC is a contactless remote technology that allows for secure payment between cell phones and POS machines at close ranges (up to 10 cm).
Security must come foremost when offering mobile banking services. The entire process of transferring money must be secure in Beeda Pay. Tokenization, passwords, biometrics, security questions, point-to-point encryption, out-of-band authentication, and one-time password (OTP) via SMS are just a few of the strong technologies used to safeguard Beeda wallets. Security worries continue to be the biggest barrier to consumer adoption of wallets even though digital wallets are more secure than credit cards. This is why Beeda Pay offers its users mobile wallet software that is loaded with strong security features.
7. Easy and Fast Self-Registration
Saving people’s time, energy, and nerves is the main goal of mobile wallets, and self-registration on Beeda Pay is incredibly simple and quick to complete.
Self-registration often entails the following steps:
i)Run the app after downloading it.
ii)Register by filling in the necessary information (name, e-mail, phone, ID cards, photos, etc.)
iii) Verify your registration (via OTP)
iv) Create a password, then log in.
v) If necessary, link your debit or credit card.
vi) Start using the wallet after adding money with a debit/credit card or Beeda gift card.
8. Rewards, Coupons, Discounts
Marketers and sales teams are fully aware of the effectiveness of coupons and incentives. Beeda wallet is the perfect setting to offer these advantages to consumers looking for deals in a pertinent setting. In Beeda app the Beeda Pay makes it simple to create and manage coupons, discounts, tickets, loyalty points, and other promotional items.
9. Split Bill
Splitting the cost is a no-brainer when it comes to how current features make it easier for people to perform their daily activities. And our Beeda digital wallet’s simplicity is a potent competitive edge. Users can utilize this feature to divide the bill when going out to dinner with pals, for instance. It takes place within the same app and is as simple as choosing friends’ phone numbers.
10. Cash In/ Out at Bank Branch or ATM
Without a physical credit card, Beeda pay/ wallet owners can withdraw cash from an ATM. They may also decide to withdraw money from a representative or branch bank. We use NFC technology—the same contactless technology that allows customers to pay by touching their smartphone against a POS terminal—when it comes to ATMs.
11. Loan Origination
In Beeda app the Beeda Pay provides loan origination that was created to satisfy the rising need for quick, small loans and real-time banking. Collection of customer application information, integration with bank systems, quick approval backed by credit bureau integration, and other processes are all part of loan origination.
12. Beeda Pay Gift Card
In Beeda app the Beeda Pay gift card will be available for purchase in corner stores and supermarkets. Users can load desired value onto the card at the counter, pay for it, scan or scratch the code to expose the code, and then add the value to their Beeda Pay wallet balance. On the Beeda platform, users may utilize this balance to make purchases of goods or services.
13. Analytical Dashboards and Diagrams
Every customer must monitor their own financial situation over time. Everybody needs to keep track of their finances. Holders of a Beeda wallet can see and analyze their personal financial activities through reports, numbers, and diagrams using an analytical dashboard. Personal finance management gives consumers a comprehensive picture of when, how, and where their money is being spent and received across all of their accounts, giving them all the knowledge they need to make wise financial decisions.
14. Backup Facility
A backup feature, which enables users to restore wallet data, is an essential component of mobile wallets. For user data security, backup is frequently automatically included in wallet apps. The Beeda Pay offers a number of alternative ways to protect user data, including syncing data to the Dropbox cloud, syncing data to iCloud, integrating a backup tool for email wallets, and syncing data over a local WiFi connection, etc.
15. Chatbot/ Customer Service
A chatbot is essentially a piece of software that communicates with users online. Chatbots assist clients when live people are not available, assisted by artificial intelligence and neuro-linguistic programming (NLP). Beeda Pay provides excellent customer care using both live human customer service representatives and AI technologies. Our services are now accessible around-the-clock at a lower service cost by integrating a chatbot into our digital wallet app. Consumers today anticipate a prompt response from any digital medium. In order to increase customer happiness, AI-powered chatbots are a terrific addition.
In Beeda app, Beeda Pay will contribute in worldwide mobile wallet market growth. According to a recent analysis by the strategic consulting and market research firm BlueWeave Consulting, the worldwide mobile wallet market is anticipated to expand at a CAGR of 25% from 2022 to 2028. Due to the rising use of smartphones and easy access to the internet, the global market for mobile wallets is expanding quickly. By using Beeda Pay local businesses and small and medium-sized firms are both expected to utilize mobile wallets more frequently in the future, which is expected to accelerate market growth. Additionally, it is predicted that the industry will have development prospects in the coming years due to the rising of Beeda pay users.