What, how and why of mobile wallet technology

What is mobile wallet technology?

We are living in a smartphone age where all aspects of our life undergo changes that we have never seen before. With the advent of mobile commerce, our consumer behavior also changed drastically. One such revolutionary innovation in smartphone app segment is the mobile wallet technology.

What is meant by Mobile Wallet?

What if you can keep your wallet in a digital format? What if you don’t need to carry your credit and debit cards, store coupons and loyalty programs, information on personal identity and so on everytime you go out for a shopping? Sounds great, doesn’t it? It will help you not to risk losing your cards and money while you are on the go.

Put it simply, this is how mobile wallet helps yous. It keeps your cards, coupons, driving license, health card, loyalty card, etc within your smartphone in a digital format.

How a mobile wallet does it?

You may be familiar with mobile wallet applications like Paytm, MobiKwik, Oxigen, Citrus Pay, mRupee, Freecharge, etc. You need to on of those good mobile wallet apps on your smartphone first. Before start storing your information you need to enter a pin, password or fingerprint for the security of your data. After doing this, you can add information you want to keep within the wallet app. When you want to pay cash at mobile wallet ready payment terminals, this app will connect with it using information transfer technologies like Near-Field Communications.

What are the advantages of advantages of mobile wallet?

Mobile wallet technology has several benefits over traditional payment methods. These are a few:

  • Mobile wallet fund transfer charges or processing fees are usually lesser than that of other fund transfers.
  • Mobile wallets provides better security. It’s more difficult to steal data from it than from cards.
  • The payment time is less so that it can be highly useful in dealing with high-volume of transactions.
  • Mobile wallet can build an enhanced customer loyalty since it gives customers a better user experience and awareness of your company.

The scope of mobile wallets in build:

It is evident that mobile wallet technology is growing up to be a more reliant payment mechanism, and we can safely predict that it would replace the conventional methods in near future. The major advantage businesses can gain through mobile wallets is its use as a new marketing channel. It can incorporate more value-added services in addition to the core purpose of digital payment. It can be an amalgam of both online and offline marketing channels.

Try some mobile wallet apps on Google PlayStore:

paytm MobiKwik oxygenCitrusPay

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