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JUST A CLICK TO MAKE IT QUICK! Mobile Wallets

Not interested in carrying cash or card all the time? Tired of being stared by strangers in ATMs and bored of helping old people in banks? Why to prefer those when you have mobile wallet apps! A precise and serene way of money transaction. A small money transaction will make the whole day intricate because it is a quite complicated process even though card and money is owned by us. Escape the chaos with e-wallet apps.


The world’s population is approximately 7.8 billion and among them around 2.7 billion people use smart phones. From a toddler to geriatric everyone are aware of mobile phones and mobile application. People are getting upgraded when time changes. Mobile phones has become essential and everything in the world have become digital including purchasing through online and money transactions. The reasons for these developments is mobile wallet apps.


WHAT IS MOBILE WALLET APPS?


Mobile wallet is a financial instrument that allows individuals to send and receive money through mobile device applications. Owing to people’s convenience it was developed as e-commerce model instead of paying through cash, card or cheque, a consumer can use mobile to make payments. It introduced the concept of non-coin-based currency system, this kind of technology system has become widely available. Mobile payments are adopted in different ways all over the world. In 2000, the first patent of mobile payment system was filed. In order to achieve new growth opportunities, mobile payments became a key tool for payment service providers and other market participants. Mobile wallets have different types for Android and IOS that differs due to its payment processes. Open wallets, Semi-closed wallets and Closed wallets are three types of e-wallets in India. It also includes PayTM, Google Pay, PhonePe etc.



The rate of mobile wallet users grows by 140 million per year. By 2022, just 17% of global payments will be made via cash. Meanwhile the rise in digital wallets accounting 28percent of all sale transactions. Rate of users differs for each country, British is said to be the third highest e-wallet used country which is followed by UK, Spain, The Netherlands and USA with 3%. There are number of payment gateways available to integrate a mobile wallet to help a user load and send money with the help of credit/debit card.


YOUTH’S ATTRACTION


Statistics shows that 35% of mobile wallet app users are from 18-28 ‘Millennial age’ and 40per cent are high earners. The major reason for e-wallet app growth is youth attraction because the value of money is left unnoticed. Mobile phones have become a part of life where we spend 80per cent of time in internet. Youngsters come across many offers and rewards which attracts them to give a try leading to the use of it on a regular basis. Paying through cash or card will make extra time compared to online transactions. Scratch card offers often make them transfer funds without needs which boosts their saving amounts are some of the strategies used by mobile wallet apps. Easy accessibility and quick transfer of money led to the frequent usage of e-wallets which bought blind confidence in youth’s mind.


SMALL SHOPS TO SUPER MARKET


The biggest advantage of using e-wallet apps in shops is because it is simple. Using a mobile wallet for day to day transactions can be done by just downloading the app, creating a user ID and password. With credit/debit card or net banking money can be added to your wallet. QR code scanner cost lesser than payment terminal machine price. It may not be a factor for big shops and supermarkets but for small shops or for vegetable vendors it’s their weekly profit. QR scanning is a cost effective thing in all shops. In the shopper point of view,by customers using e-wallets crowds can be controlled, time saved and importantly searching or waiting for balance change problems can be solved.



WHY TO PREFER E-WALLETS OVER O-WALLET!


O-wallet is nothing but original wallets(with cash and cards)! Reasons why you have to prefer mobile wallets instead of cash or cards.

Security - it is the biggest feature of mobile wallet technologies. Mobile wallet apps doesn’t not require card number, CVV, PIN number. Hence it cannot be manipulated or hacked

Secrecy of data - Mobile wallets just acts a platform to transactions where it doesn’t save your data’s for future use. In a business point of view, customers safety is considered and this feature impresses many users

Easy user interface - Apart from security, these apps emphasise on user experience which helps people to follow the simple instructions

Time saving - payment via cash or card takes some time like the vendor will first swipe the card, entering the PIN number and we wait standing till the payment is done. Mobile wallets saves our time as we don’t have to wait

Tension free - carrying cash in hands with the fear of keeping it safe, running to banks or ATMs in need extra amounts. Go around tension free with digital wallets


YET TO DEVELOP


Digital wallet apps are yet to develop in certain qualities like bringing trust among older and some people who are very conscious about money saving who has fear of safety and security. If the app gains more trust from such persons, it would create a revolution in the world economy. When transactions become fully digital, there won’t any need for printed cash where the investment of printing cash will be radically reduced. The main expenditure of printing notes occurs on the purchase of ink, papers and machines. Hence the usage of digital wallets rather than printed notes will bring a huge difference in the world economy. Opting for mobile wallets are better as it is easiest, fastest and safest mode of fund transaction with digital wallets!



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