Technology

Here’s Why Mobile Wallets is the Future of Money Transaction

Here's Why Mobile Wallets is the Future of Money Transaction

The electronic transaction is booming these days. As online shopping trends and other benefits emerged, people are more inclined towards paying electronically. Just as it sounds like a mobile wallet is a wallet that exists in your smartphone, the mobile wallet stores the details of your plastic money securely and allows you to use whenever you want. In the growing economy, the demand for electronic transactions is increasing. Paypal, a global online payment system, has over 280 million active registered users in 2019. The number indicates that more and more people are using online payments due to various reasons.

Moreover, there are endless mobile wallet alternatives accessible in the market. However, progressive fin-tech companies have additionally received on board with this lucrative trend. Mobile wallets have several apparent points of interest over real money. Digitized cash is more secure to bear, particularly in the case where you ought to make a considerable sum of the transaction.

Let’s look at how the mobile wallet influences the future of money transactions.

Accessibility – when users opt for mobile wallet convenience, they can store all the card details at one place. And, access it when needed. It is as simple as login into an online account to make the mobile transaction. So, with the accessibility mobile wallet feature will be demand in the future.

● Extensive usage – a mobile wallet offers a wide range of utilization to pay electronically. From paying grocery bills to buying tickets online, plastic money has a limitless boundary for any electronic transactions.

● Incentives – mobile wallets have associated with the promotion and rewards all the time. This is the most significant factor that attracts numbers of users to adopt mobile transactions. Moreover, companies Amazon and Paytm are offering a cashback reward to encourage user participation for a mobile wallet.

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● Quick and straightforward – there is no need to add card details while using mobile data. It will retrieve the stored data and facilitate you to make an effortless payment. You can access your money with just one click and make a purchase within seconds.

● Timely payments – the auto-pay facility allows you to make the automatic payment without any trouble. With this convenience, you do not need to remember the bill’s due date or spend time to do so.

● Fund transfer – it’s as simple as 123 to transfer funds with a mobile wallet. Within the fraction of seconds, you can send and receive money makes it a preferable option.

● Security – Mobile wallets stores encrypted data. It means that your actual card account details are not transmitted while making an online payment. Also, it uses random payment codes based on specific security features such as biometrics or password to authorize a payment. With the top-notch security, fraudulent will not be able to access your confidential information.

Hence, the benefits are enticing more people to adopt a mobile wallet option. Also, as people are getting more aware of the security and rewards of using the payment mode, they prefer electronic money over cash.

Furthermore, physical cash can be anonymous and untraceable, allowing it to play a significant role in crime like bribery, tax evasion, counterfeiting, corruption, etc.

Nevertheless, cashless payments via mobile wallet leave behind traceable records. With the payment mode, it is troublesome to conceal income, hide black market transactions, or evade taxes. This practice will help to boost the economy of a country. In fact, in many countries are encouraging the use of plastic money over cash payments.

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For instance, in 2016, during the demonetization, the Indian government had administered various campaigns and appealed to the civilians to use an online transaction. These activities help them to control the black money market.

The benefits, as mentioned above, clearly indicate that the mobile wallet is going to have a significant influence in the future.

As you have understood the definite advantages of adopting e-wallets, let’s look at the explicit reasons why it is the preferred choice over the cash.

Why Mobile Wallets are Getting Popularity over Physical Money?

1. Bank accounts

Several people don’t have access to banks or credit/debit cards.

2. Hazard

Malignant conditions make people not to carry cash in some nations.

3. Smartphones

Mobile Phone usage is popping in many developing countries.

4. Special Offers

Some mobile wallet companies offer their users exclusive offers. The users get a discount on movie or bus tickets if they pay with a particular digital wallet or payment provider.

5. Peer to Peer

It is easier and cheaper to transfer money between friends & family instantly.

6. Low Cost

It’s a cost-effective way for businesses to accept payments.

These reasons are sufficient for digital wallets to influence the future money transaction.

As mentioned earlier, mobile wallets enable us to make bill payments, mobile recharge, fund transfers and a lot more using a mobile device. With e-Wallet apps installed on your mobile, you do not need to carry cash. Have a look at the list of the top mobile wallet companies;

● Amazon Pay
● Google Pay
● Paypal
● Yono SBI
● ICICI pockets
● Apple Pay
● PayTM
● HDFC PayZapp, and many more.

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According to a survey, there will be 6.1 billion + cellphone users across the globe by 2020. The number indicates that there will be a high demand for the mobile wallet in the upcoming future. Besides, over the next ten years, the number of e-wallet users will gradually increase. The distinct advantage of mobile wallets offer s a safe and secure experience while handling a large transaction. So, it attracts more users to get the benefit of it and access their money while on the go.

If you are looking for a customized fully-protected digital wallet app, you should look for the innovative e-wallet mobile application development services. Many IT companies in the market offer this type of services. However, you need to distinguish the right mobile app development company based on your business requirements of developing an app like native or hybrid application for Android, iPhone, or wearable devices. Define the app development requirements beforehand so that you can get the best mobile application within the stipulated time frame without any hassle.

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"Smart Sight Innovations" (SSI) is a progressive, smart IT and Mobile App Development Company in India, headquartered in Mumbai. SSI always focuses on tech-savvy, updated, upgraded and innovative human resources for developing, building, delivering and maintaining customized web-based solutions on a wide range of platforms with varied programming requirements.