Technology has changed our way of buying and selling. Buying things in exchange for money has been replaced with mobile transactions. As a result of the pandemic situation where cashless transactions seem to be more secure and hygienic. Now, mobile wallet apps have become essential to our lives to go cashless for shopping and traveling.
In February 2021, Statista has made a statement that digital transactions have happened for $2.3 billion in India alone. This indicates the scope for mobile wallets. This blog will discuss the features, scope, and benefits of Mobile wallets.
Understanding the concept of Mobile wallets:
Mobile wallets or e-wallets are mobile applications that allow people to carry out their transactions easily in a fraction of the time. These mobile wallet apps are available in the Google play store and Apple store to download on mobile phones. Upon downloading, the users can register themselves in the app and connect their bank account details to the app.
A mobile wallet app works on,
- Making payments– The users can search the number from the app and make payments to the retailers.
- Scanning QR codes– The mobile wallets also provide a unique QR code for the users to make payment to any other user of the app.
- Transfer of funds– Through e-wallets, the users can transfer money to any users from any corner of the world.
- Online payment– By linking the mobile wallets, the users can make their payments online. For instance, if you are a food delivery app, you can connect your e-wallet account and make payments without credit or debit cards.
Mobile wallets have eased our payment activity. Mobile wallets are far- advanced from the online payment options. Gone are the days when you add your beneficiary account details and wait for the transaction to happen. Mobile wallets are known for instant transactions where you can send and receive money in a short time.
Mobile wallets have become a high priority for the business. It can also be said that mobile wallets have become the game-changer of the company. Ecommerce businesses have also started to adopt mobile wallets for transactions. While discussing mobile wallets, it is essential to know the types of mobile e-wallet apps.
Closed e-wallets are operated by individuals businesses that allow payments to be made mainly only for their app. These e-wallets are accessed only by that specific business.
Semi-closed e-wallets are somewhat the same as closed e-wallets. These kinds of e-wallets would have been signed with certain companies or retail stores. And those companies and retail stores only have that e-wallet restricting the access of other e-wallets.
Open e-wallet apps:
Open wallets are either issued by banks or any other third party that enables them to carry out their transactions. Certainly available e-wallets allow the users even to withdraw money from the ATMs through the app.
How are mobile wallets benefiting individuals?
Cashless transactions: Mobile wallets enable users to make their payments cashless. With situations still not set right, going with a cashless transaction will be a safe and hygienic way of transacting money from one person to another.
Convenient and easy: Mobile wallets are a convenient way of making payments. It is effortless to handle, and a mobile phone is more than enough for you to carry out a day of shopping or traveling.
Safe and secured: Mobile wallets have given significant relief for people as they no longer want to carry money with them. A mobile wallet will make it easy for them to make their payments through a secured channel.
Instant way of transferring money: Through mobile wallets, you can transfer money to other users within a few seconds. Sending and receiving money has become simple, with the transactions happening in the blink of an eye.
Scope of Mobile wallets:
Mobile wallets have become a part of a significant stream of transacting money. More than transactions, it has become a medium for making payments. Almost all business entities and retail stores have started practicing cashless transactions. Some of the areas where mobile wallets are highly used are :
- Online delivery services
- Recharge and online bill payment
- In-store purchases.
- Booking tickets.
Unlike Mobile wallets, Cryptocurrency e-wallets enable users to exchange their cryptocurrencies. Cryptocurrencies are digital money, and you need a digital platform to exchange them. Many cryptocurrency mobile wallets are the same and secured. The cryptocurrency mobile wallets will be decentralized, and it is very stable for the transactions.
Demand for mobile wallets:
Mobile wallets are performing exceptionally well in the market. Every day the users of mobile wallets are getting increased and have become more like a sophisticated way of making payments. This is the right time for entrepreneurs to boost their thoughts and venture into mobile wallets. Mobile wallets are also the best way for entrepreneurs to make money.
Launching a mobile wallet app is relatively easy with many app developments in the market. Entrepreneurs can approach these developers and opt for cloned apps ready to launch with all the necessary features in them.
Mobile wallets are gaining immense recognition from people and are the easiest way to transfer money from any part of the world. There is good scope for mobile wallets in the market. So, this will be the ideal time for entrepreneurs to launch their mobile wallet app.