Mobile Wallet Technology To Edge

Mobile wallet is a trending technology booming in now a day’s market. This a way from which we can carry our credit card or debit card information in a digital form. Without using physical card, we can do the transaction using our mobile device like smartphone, tablet etc. It is a virtual wallet where we can put a certain amount in our account created with the mobile wallet service provider, and spend it at online and offline merchants listed with the mobile wallet service provider.

In India, there are four types of mobile wallet as – Open, Semi-open, Semi-closed and closed. There is open wallet also which include ATMs, Bank and Transfer funds. M-pesa by Vodafone and ICICI are the examples of open wallet. Airtel Money can be the example of semi-open wallet where transactions are done by the merchants who have a contract with Airtel. We cannot withdraw cast or get it back. Closed account are popular which are with e-commerce companies where certain amount of money get locked in case of cancellation. Lastly, PayTm which is example of semi-closed wallet which do not permit cash withdrawal or redemption, but allow you to buy goods and services at listed merchants and perform financial services at listed locations.

Merits:

1.       Our mobile wallet cannot be stolen.

2.       You don’t need run around asking for change.

3.       It allow you to pay in one tap instead of opening several browsers.

4.       The biggest advantage of mobile wallets is the massive rewards in the form of discounts and cashbacks.

Demerits:

1.       The only people with speedy internet connection and dependable can use such services.

2.       Limited number of merchants available so there is still need of net banking, cash or card.

3.       Batter back up of smartphone also matters because we don’t know whether it will be alive while doing the payments.

The major players for mobile wallet can be the Airtel Money, ikaaz, mRupee, Vodafone m-Pesa, Oxigen Wallet, Paytm, Mobikwik and Idea Money.

It is very innovative concept in India that has taken on consumer psyche rapidly. Today, this online payment wallet is boosting in market. And this e wallet app is going to take pace in near future.