Have you ever wondered in past about how will you pay your bills without physical cash? If you forget your wallet how will you pay your restaurant and shopping bills? However the time has transformed now, it is simpler to pay your bills online and it is much easy to leave your wallet home and tap your phone to pay. Digitalization has made cashless going easier with the idea of digital payments. But what is a mobile wallet? Are they safe? Let’s find out everything about mobile wallets.
What is a mobile wallet?
Mobile wallets are a type of payment service with the help of which every individual can send or receive money via mobile devices. It is accessible with the help of an app installed and customers can utilize mobile wallets to make payments as it is safe and secur as compar to traditional payment methods.
Nowadays with mobile banking solutions, users can perform financial transactions remotely with the help of their smartphones or tablets. It can be utiliz instead of debit and credit cards and users can easily make payment by just tapping their phone or tablets. There are several types of mobile wallets such as open mobile wallets, semi-open mobile wallets, semi-closed, and closed mobile wallets.
Why are mobile wallets a safer option?
Today, digital wallets play an important role in all sorts of payments across the globe and are a necessary tool for most users. So now let us understand how mobile wallets are safer than traditional payments:
Helps in reducing fraud
The information stored in mobile wallets is encrypted this means that your card details are not transmitted while making payments. Mobile utilizes random payment codes that cannot be used again and again. In addition to these, your card is not revealed anywhere in mobile wallets. All the transactions are protected and secur as your physical cards.
Easy to handle
Digital wallets terminate the requirement of cash or credit and hence minimize all our worries about carrying cash. Few digital wallets permit consumers to withdraw cash from ATMs. All your financial information is stor inside your wallet. You can view your transaction history and also check balances. Digital wallets are also useful to store many things such as e-coupons, gift cards, boarding passes, insurance cards, and much more.
Enhanced shopping experience
As technology is rising in the financial industry, consumers are now moving towards digital wallets for their convenience. With an easy handle, users can have an amazing shopping experience. Wallet apps are used to make online payments, in-store purchases, make money. Not only users but merchants also get the benefits of digital banking as payments are safe and secured.
With the help of digital payment solutions, we are not worried about our cards and wallets. An e-wallet diminishes all our worries as it offers us secured payment. Digital wallets are used with our biometrics, facial recognition, passwords, and much more.
So if we lost our phone also there is no need to worry about your money. No one can steal your money and also the chances of fraud are also minimal. Digital wallet implements secured payments by utilizing random generated codes and OTP for online transactions. Thus the chance of fraud is minimal.
An additional facility in digital wallets has attracted more users. An additional facility such as a split bill facility with friends and relatives is a major point. Some of the top digital payment trends users can divide their bills by entering a specific amount and the number of people to share. This app will automatically generate a link that you can share with your friends without any hurdles.
Promotions and incentives
Digital wallets offer a plethora of money-saving features through amazing offers, discounts, and free e-coupons. Consumers can take maximum advantage of digital wallets with the assistance of their offer section and make optimal use of promo codes.
Mobile wallets have seen a significant rise in the past few years. Digital transformation in financial services has allured more customers to simplifying banking. However, many leading mobile finance solutions have started advanced banking services such as digital wallets, agency banking, bill payment, and other banking services.
Agency banking is gaining more popularity as it has diverse benefits such as risk management, enhancement in financial inclusion, etc. Now let us learn more about how does digital wallets process
How do digital wallets work?
A digital wallet is an app that saves your credit/debit card details, and other information so that you can purchase anytime with your mobile devices. Digital wallet apps can be used on phones and tablets.
The cards attached to your devices will have the same reward points and abilities as your physical wallet. Also, there are different layers of security for digital payments. They use tokenization for more security and all data are strongly encoded appropriately so that your card details are not compromis.
Future of digital wallets:
For ages, people have been using cash to purchase or to pay. Following these debit/credit cards, cheques, and other forms of cash raised. However, all these methods have taken a back seat to the increasing demand for digital wallets.
A digital wallet is a mobile app that allows users to make payments or buy goods without cash. Google Pay, Apple Pay, etc are some of the best digital wallet services. Digital wallet offers a convenient and secure way to make online and in-store purchases.
The reason why most people are adopting digital wallets than cash, or credit cards is because of their security and multiple benefits. Digital wallets provide an enhanced shopping experience and make it easier to keep the track of transactions.
Not only it is beneficial for consumers digital wallet offers are advantageous to retailers as it minimizes card abandonment and more security. With the rise of pandemics, people prefer contactless payment for their security.
Nowadays customers like the convenience of transferring money remotely, making online payments. And incorporating core banking solutions into your financial company benefits organizations and customers also. This core banking software benefits the bank in overall operations. With all these features available it can be seen that digital banking is here to stay.
As more people are opting for digital wallets, more entrepreneurs are wandering to generate their income by developing stunning digital wallet apps. Developing a digital wallet app will help them to grow their business and earn profits.
When they develop a digital wallet app they will receive a cluster of advance payment platforms digibank that offers endless benefits for your mobile banking solutions. Providing customized solutions as per clients’ requirements will take your business to the next level.
Mobile wallets are a new option for customers as compared to the traditional method but it has diverse benefits as compared to others. Digital wallets perform transactions swiftly and securely and as users are moving towards digital transactions, it can be seen that digital wallets are here to stay.
If you want to build a complete secured and user-friendly mobile app development that serves your customer’s need, get in touch with digipay.guru. Our mobile wallet solutions make transactions easy, smooth and offer a brilliant experience to not only customers but also merchants. We help startups and companies in digitizing their business by offering top-notch digital solutions.