Lately, there has been a lot of buzz around Mobile Wallets as it is creating a new wave in Digital Payments. Nonetheless, Mobile wallets are still at a nascent stage in most of the developing countries, but has become the mode of payment in most of the technology adopted nations. Those who implemented Mobile Wallet solutions, are witnessing an upsurge in the usage of mobile wallet payments and so the success.
QR code technology is the most used in Asian countries for making mobile wallet payments. However, most of the western nations use the fastest NFC technology as a method of mobile payments.
The most common concern that consumers are encountering of mobile payments is security of consumer’s card data. However, Mobile wallets with NFC payments are made more secure with tokenization and encryption. Added security to the wallets through bio-metric login, strong password protection, or face recognition, aids in fostering the confidence of the customers to use Mobile Wallets for payments.
‘The value-proposition a product provide its customers, makes it stand-out in the market and create loyal customers from prospects.’
Customer experience is at the heart of payments and steering its future. Enhancing customer experience, loyalty programs have been the most compelling feature of payments - notably the Mobile Wallets. Loyalty program is a rapid and seamless approach to drive payments through Mobile Wallets. Though the mobile payments are not the most favourite in many nations, providing enhanced user experience through loyalty programs with unsurpassed technology, can prompt the fast adoption of mobile payments.
Mobile Wallets are not just replacing physical wallets; they offer more than fund transfers or bill payments. Customers are allowed to add multiple debit or credit card to the wallets, make utility payments, buy tickets, and make variety of transactions.
POS payments and online payments are effortlessly made using Mobile Wallets with QR code, NFC or BLE technologies. Most of the Wallets provide auto payment option to make the payments on a pre-set date, which makes recurring payments effortless for customers.
As customers demand for ease and simple mode of payments, the consumer-friendly Mobile Wallets continue to raise and enrich the way customer make their payments.
Tagged under Profitability, Payments, Performance, Channels, Customers, Branch Technology/ATMs, Tech Management, Mobile, Online, Cards, Checks/Remote Deposit Capture, Feature3, Fintech, Feature, Financial Trends,