The recent advancements in online shopping have transformed the way the companies approach the payments. They are aimed at making the process of payment seamless, which should be fraught with foolproof security. The users are often reluctant to share their credit card details with the online shopping websites or service provider for payment. Those who have been the victim of the phishing attack on their cards are even more wary of using credit and debit cards for online transactions. Mobile or digital wallets take away the element of fear and make the process much smoother and secure.
A digital or a mobile wallet app is a payment service where the customers can pay for a wide range of products and services both online and offline using the mobile app available on all major platforms. Instead of using a credit/debit card or internet banking, the user makes use of a wallet app installed on the mobile phone to make payments. It is an easier, secure, and more convenient way to pay.
Some of the big players like Google and Apple have their mobile wallets in place. Digital wallet makes use of the NFC (
Near Field Communication) to make payments at shops just by waving your mobile phone at the payment terminal. The payments through these wallets are rewarding, too. You do not need to even remember a coupon code to get discounts. Some of the digital wallets apply the best discount for you before making the payment and help you save big.
Some awesome features of mobile wallets
- Mobile wallet services are neatly folded into your mobile device and all you need to do is to keep your mobile phone handy while making payments.
- Mobile wallets are secure and it is easy for you to track your payments.
- It is quite easy to make payments as you do not need to carry different cards with you all the time.
- Big players like Apple, Google, and Samsung have forayed into the mobile wallet industry making it grow fast.
- Apart from the payment capabilities, features like driving customer loyalty, and sales have made mobile wallets so sought-after in the industry.
- In the developing economies like India, dedicated mobile wallet apps like Paytm, Mobikwik, PayuMoney, etc. have eased the payment process.
Mobile wallet apps let the customers make payment without any hassle of carrying credit cards and entering the details every time they need to pay online. You just need to carry money in your wallet and use it to pay for merchandise that you buy. As it is secure and makes the process of payment fast and convenient, it has come up as a new mode of payment both online and offline.
Impact of Mobile Wallets on the E-commerce Industry
With the availability of mobile wallet service from established e-commerce industries and newer players, e-commerce industry has been on the positive side of the outcomes. The statistics suggest that people prefer the payment through mobile wallets while buying merchandise from the various e-commerce stores.
In the developing countries in the Indian subcontinent, the mobile wallet service has also created a buzz. By offering cash back to the users, these mobile wallets have secured an authentic place in the e-commerce industry and growing along with it. The future of mobile e-commerce looks promising with
mobile wallets. With the integration of these wallets into the e-commerce apps, paying for anything online will be possible with just a click.
Mobile/Digital wallet apps are definitely the future of online and offline payment. The payment is made in a hassle-free manner and is secure thanks to the advanced encryption technologies. This payment method is beneficial for both customers and the vendors. With many big enterprises foraying into mobile wallet apps, we can expect the service to become even better with time. Newer technologies are likely to strengthen the service and make it more secure and user-friendly.
Ashni Sharma is a prolific writer apart from being an application developer working with
AppsChopper, a well-known app development firm based out of Noida. When she is not developing some pathbreaking mobile apps, she is busy writing blogs on a range of topics related to innovations in mobile technology. You can follow: LinkedIn, Twitter