What is a mobile wallet and what features should it have?

June 07, 2021

mobile wallet

 

Technology has completely transformed the way society shops today. While decades ago it was essential to move to a store to purchase a product or service, now almost everything can be purchased through ecommerce over the Internet. And, if before it was essential to have cash, a credit or debit card to pay in a store, now you only need a mobile wallet to make purchases.

 

The countries that lead the use of mobile wallets are China and India, with 65% and 61% acceptance respectively. But users from both the United Kingdom and the United States are also discovering the usefulness of this type of platform and the security it offers to those who use these wallets, reported the study Mobile wallets: key drivers and deterrents of consumer's intention to adopt, carried out by researchers from the University of Reading in the UK.

 

Companies are also transforming the way they do business with their customers. A survey conducted by the firm Kount entitled Mobile Payments and Fraud Survey, showed that more than 37% of companies in the US are already using some type of mobile payment, such as mobile wallets and already 31.4% are planning to add this form of payment to their businesses to increase the flow of sales.

 

What is a mobile wallet?

 

A mobile wallet is nothing more than a virtual wallet, which stores credit and debit card numbers within an application on the smartphone, allowing users to pay for their purchases in different stores without having to use cash or physical cards.

 

This type of payment platform using the cell phone emerges as a much safer option for its users, since they do not have to carry their physical cards - which can be stolen or lost - but instead pay directly using their smartphone. In addition, the waiting time in stores to pay is reduced, since doing it with the mobile wallet is much faster and easier. Both in Apple and Android there are different options of mobile wallets, there are also banking institutions that offer their own versions.

 

mobile wallet

 

Main features of a mobile wallet

 

  • Encrypted data

 

Perhaps one of the biggest concerns for users when using a mobile wallet is the security of their data. They can have complete peace of mind when using these platforms, since the information stored in the mobile wallet remains encrypted, according to the economy portal Corporate Finance Institute. "While physical cards can be stolen or duplicated, mobile wallets are difficult to breach," experts emphasized. Even if you lose your phone, the mobile wallet is configured so that only the titular user enters.

 

Accessibility and speed

 

How many times have you forgotten your conventional wallet when leaving home? Paying will not be a problem when using the mobile wallet, since in this app you will have stored all the data of your credit or debit cards. You will not waste time when paying, entering card numbers or security codes, since everything you need will be stored on the platform. The speed when paying will surprise you, since with just one touch on your screen you will have already made the payment transaction.

 

  • Usability

 

With the virtual wallet you can carry out a wide variety of transactions, from purchases in shopping centers of all kinds, to managing payments for electricity, water, internet services, also buying plane tickets, movie tickets and even transferring money to other users with a mobile wallet, explained the HDFC Bank. The reach of mobile wallets is immense.

 

It is important that every company offers various forms of payment to its customers. In the digital age, it is not only enough to be able to make classic transactions with physical cards, cash or transfers: a good strategy is for your company to develop a mobile wallet platform that allows your customers to pay in a simple, easy and secure way.

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