Mobile Wallets - Redefining Customer Experience through Enhanced Features

Mobile Wallets - Redefining Customer Experience through Enhanced Features

Sanjeev Patil

CEO at Girmiti Software.

Views 305

Mobile Wallets - Redefining Customer Experience through Enhanced Features

22.05.2019 11:15 am

Lately, there has been a lot of buzz around Mobile Wallets as it is creating a new wave in Digital Payments. Nonetheless, Mobile wallets are still at a nascent stage in most of the developing countries, but has become the mode of payment in most of the technology adopted nations. Those who implemented Mobile Wallet solutions, are witnessing an upsurge in the usage of mobile wallet payments and so the success.

QR code technology is the most used in Asian countries for making mobile wallet payments. However, most of the western nations use the fastest NFC technology as a method of mobile payments.

The most common concern that consumers are encountering of mobile payments is security of consumer’s card data. However, Mobile wallets with NFC payments are made more secure with tokenization and encryption. Added security to the wallets through bio-metric login, strong password protection, or face recognition, aids in fostering the confidence of the customers to use Mobile Wallets for payments.

‘The value-proposition a product provide its customers, makes it stand-out in the market and create loyal customers from prospects.’

Customer experience is at the heart of payments and steering its future. Enhancing customer experience, loyalty programs have been the most compelling feature of payments - notably the Mobile Wallets. Loyalty program is a rapid and seamless approach to drive payments through Mobile Wallets. Though the mobile payments are not the most favourite in many nations, providing enhanced user experience through loyalty programs with unsurpassed technology, can prompt the fast adoption of mobile payments.

Mobile Wallets are not just replacing physical wallets; they offer more than fund transfers or bill payments. Customers are allowed to add multiple debit or credit card to the wallets, make utility payments, buy tickets, and make variety of transactions.  POS payments and online payments are effortlessly made using Mobile Wallets with QR code, NFC or BLE technologies. Most of the Wallets provide auto payment option to make the payments on a pre-set date, which makes recurring payments effortless for customers.

As customers demand for ease and simple mode of payments, the consumer-friendly Mobile Wallets continue to raise and enrich the way customer make their payments.

Latest blogs

Chris Trew Stratis

Blockchain and the cashless society

It took 200 years before the invention of the printing press heralded the widespread use of modern banknotes. Four centuries on and blockchain technology – still barely a decade old – is moving so rapidly that the days of cash are surely numbered. Read more »

James Booth PPRO

Pioneers of the ‘think global, act local’ outlook

The term ‘global village’ has been in use since the 1960s, but the internet has really turbo-charged the idea. It has shrunk both distance and time, making the world more interconnected. People can now exchange messages, stories, opinions, posts and Read more »

Eugene Danilki Mambu

Launching Speed Boats from Cruise Ships: How incumbents can take on fintech challengers

Digital technology has changed financial services.  It has facilitated innovation, increased competition and made the mobile customer experience the key differentiator. While this is good for customers, established institutions have realise that Read more »

Juan Miguel Pérez Finboot

The challenges facing enterprise adoption of blockchain and why middleware is the solution

In the 20th century, we saw how automated machines transformed supply chains in the manufacturing and industrial sectors, with the key objectives of increasing productivity and streamlining logistics. Today, we are seeing a new wave of Read more »

Ali Raza Financial Software Systems

The Best of both Worlds: Security and User Experience

Globally e-commerce is booming. According to industry estimates digital commerce is projected to grow at a 20% CAGR to reach $5.8 trillion by 2022.  At the same time fraud losses are mounting. Read more »

Related Blogs

Ray Brash PrePay Solutions

Mobile Wallets set for big growth in 2018

With 2017 almost behind us, it is the ideal time to look back on another prosperous year for electronic payments, and to consider how last year’s developments will impact on 2018. Read more »

Bruce Jennings FIS

Payments transformation: are the banks ready to compete?

When it comes to innovation in financial services, the payments sector is leading the way. The widespread adoption of new technologies has completely changed the way we are able to make payments – from NFC and contactless cards to Pingit and mobile Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel