5 Advantages of Mobile Wallet Systems that Make Them Indispensable
Mobile wallets are becoming quite popular day-by-day due to the various advantages they offer including easy, quick, and secure payments. Additionally, the onset of the Covid-19 pandemic has paved the way for mobile wallets systems to become one of the most used modes of payment, as they offer remote monetary transaction assistance. The ongoing digitalization of various businesses and markets is sure to get boosted and, in turn, boost the mobile wallet market.
Today’s world is essentially a digital one. The IT (Information Technology) revolution and expansion of 3G-4G internet services to every nook and corner of the globe has accelerated this process on digitalization. What started as a mere tool for basic communication has today become the backbone of every industry in the market. The digitalization spree has enabled doctors to perform surgeries using digital services offered by telemedicine systems, a small girl to order a Barbie doll from an e-commerce website, and a football fan to watch his favorite club’s match from any part of the world. Internet and digital services have changed the world so phenomenally and drastically, that a world without internet and these internet services seems like a dystopian scenario. Among many other such digital services, one of the most impactful and regularly used digital service is that of mobile wallets.
Mobile wallet is an umbrella term for a mobile-based payment application. The mobile-based application offers regulated payment services and lets the user pay for goods and services utilized by him/her through digital mode. The mobile app upon installation asks for the user’s debit and credit card information, which is stored on its server and used every time the user needs to make a payment.
Advantages of Using Mobile Wallet System
Mobile wallets, in the past few years, have been tremendously popular due to the unique benefits they offer to the user. Apart from being able to complete monetary transactions from any part of the world, mobile payment systems offer several other advantages. Some of these are given below:
- Easy-to-use and Convenient:
Mobile wallets are extremely user-friendly as they aid in hassle-free payment of various goods and services. Mobile payment applications, upon installation, ask for user information including bank-registered mobile number, credit card and debit card details, CVV, etc. This information is stored on the application’s servers which is retrieved by the application each time the user makes a payment. Due to this system, the user doesn’t need to manually enter his/her details every time a payment needs to be done.
- Quick and Inclusive:
Transactions done through mobile payment applications are actual real-time payments. When any customer, upon buying any goods or services, makes a payment through the mobile payment system, the transaction is swiftly completed and the receiver receives the amount in no time through the payment application installed on his phone. Hence, payments done through mobile wallets are as good as cash payments. Also, since majority of the global industries have digitized their businesses, they have started accepting online payments through mobile wallets. This has helped in bringing majority of goods and services under the ambit of mobile payment systems.
- Scheduled Payment Features:
Almost all mobile payment systems have an added feature which helps the user to schedule his/her periodic payments, be it weekly, monthly, or even yearly. This helps the user in completing his/her financial commitments without needing to remember each time about the completion of the payment. These financial commitments can be EMIs to a company, or an insurance policy premium payment, or just regular money transfers to another bank account.
Mobile wallets are extremely secure, as there exists an in-built two-tier or sometimes even a three-tier security system in these applications. These in-built security systems can be in the form of unique identification code or number. Also, as smartphone technology has progressed over the years, fingerprint identification or face identification feature is also added in some applications.
- Discounts and Offers:
In order to encourage digital payments, many e-commerce websites and retail outlets provide huge discounts or exciting offers on digital payments though mobile payment applications. This feature is an exclusive advantage of mobile payment systems.
Future of Mobile Wallet Payment Systems
Mobile wallet system has turned out to be a blessing, especially in the times of Covid-19 pandemic. The shutdown of industries due to the lockdown and travel restrictions placed by various governments have compelled many leading market players to take their businesses online. Since, mobile payments can be done remotely, online businesses and e-commerce websites have thrived despite the pandemic situation due to these payment systems. Market analysts, as a result, predict mobile wallet market to be one of the fastest growing sectors in the coming years.
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