In this new era of digitalization, everything gets better day by day due to the continuous improvement made by innovators in order to meet the customer’s demands and expectations. Especially in the financial industry, we have seen how it has changed from the way it was structured.
Today, by just owning a mobile phone, it will offer you a great degree of convenience. Especially for payment process, you can just do it online with the availability of smartphone and internet. Recently, you can just walk into any physical store these days and see how people start to pay using a mobile wallet such as Android Pay, Samsung Pay, and Apple Pay.
It is a new kind of payment method which businesses and individuals can accept and send money via smartphone or known as mobile wallet. Even though they can’t probably ensure you that you won’t lose your phone but they can guarantee you that the transactions are secure and protected.
However, only about 15 percent of smartphone owners use them to pay for purchases, according to the latest survey data from the market research firm CMB, but usage almost doubled from 2013 to 2015. And CMB says it will continue to rise over the next few years.
The benefits of Mobile WalletsMore secured and convenient to use
Mobile wallets are more secure compared to use a Mastercard or trade out of your wallet. In mobile wallet your account data and information is encrypted, so the elements of your Visa aren't open to others.
At the point, when mobile wallets transmit information to make payments, they never transmit your real record numbers. Rather, they utilize mixed up payment codes. Besides that your telephone requires your unique fingerprints or password to open up, so getting to your information is significantly harder than opening up your wallet.Sellers know the importance of mobile wallet
Sellers broadly recognize the importance of payment using mobile wallet. Samsung Pay can be utilized at more than 10 million U.S. stores, Apple Pay at more than 3 million stores, and Android Pay at more than 1 million stores. The number will develop as retailers will update their payment card perusers.Can be used for online shopping
Progressively, sellers are making it simple to get to your payment wallet while you're on their sites. That can make online checkout more easier, reduce cart abandonment and provide wide range of payment methods.Loyalty rewards programs can be stored in a mobile wallet
When you go shopping and use your mobile wallet to purchase, let’s say, a cup of coffee at Starbucks, any rewards can be gained and stored in mobile wallet if you pay by using this. It will enhance the growth of sales and make the customers exposed to try this kind of payment method.Mobile wallets make checkout process faster
Mobile wallets may make store checkout process more faster and simpler. There are applications being produced that will give you a chance to speed through a store's checkout paths. Application such as MOLWallet already offer this kind of payment method.