Introduction
India has seen an increase in the use of digital mobile wallets as these have revolutionized the entire transaction process in the lives of human beings.
It has become a very imperative process for business firms to adapt themselves to this modern technology of payment that will help them to enter into the next generation of payment systems with the help of apps and this has also led to the strength of cash vanishing in this digital world.
Mobile payments can also be called mobile money or mobile wallet. One can complete monetary transactions using their smartphones, instead of making their payments and purchases with the use of cash, cards, or cheques. These are the traditional ways of payment. This mode of payment service is generally operated under various financial regulations. One does not need to carry one’s physical wallet now, and one can keep their card and cash secured instead of these, one can use a mobile device while making such payments.
What Are The Current Trends in the Payment Apps?
It is very imperative to study the new trends of mobile wallet applications that have risen in the present times. One can even get a graphical description of the modern trends in the different types of next-generation payment systems and their infographics.
Due to the presence of user-friendly features, mobile wallets have tended to replace our physical wallets. How the use of cash, card, or cheques has become a traditional method of payment. Consumers in present days prefer to involve in cashless transactions for safety reasons. Recent market trends suggest that very soon this new mode of transaction will replace the traditional old method and the use of paper currencies will soon become obsolete.
It has been predicted that by the end of 2017, fewer than 25% of in-store purchases will be cashless-based transactions. Cash on Delivery modes of payment in various shopping apps is likely to be used less than the cashless and cardless types of mobile payment systems.
Studies have shown that the market for mobile payments is expected to rise by more than $720 billion by the mid of the year 2017. The fear of monetary loss due to fraudulent activity has reduced considerably due to the launch of new types of debit and credit card payment systems that utilize cryptography like EuroPay, MasterCard, Visa, and so on. Mobile wallet brands like PayPal, Google Wallet, Amazon Pay, Square Cash, and so on generally offer multiple types of services such as online payments, ticket booking, gifts, loyalty cards, and coupons, and the market is predicted to raise about $142 billion by the year 2019.
Benefits of Using Mobile Wallet Apps
The benefits of using mobile wallet apps are listed below.
● Security
Mobile payment apps are a very secure method of transaction that will never prove to disclose any of the personal data and information mentioned while creating an account on the mobile systems or even the card details present in these systems.
● Privacy
Mobile payment companies never store any information that one feeds into the system of payment. The transaction is generally very secure and confidential, and this remains between the bank and the receiver, and the person paying through the mobile app.
● Speed
Mobile payment is a faster mode of payment and one generally requires to enter their pin or their fingerprint to make such payments.
● Create customer loyalty
Integrating incentive programs into mobile payment applications to grow customer loyalty can also add value to these in return for an increase in revenue returns.
● Improved inventory tracking
It is extremely easy to learn about the different consumer purchase behavior and thereby one can serve them in a more improved way.
● Cheaper credit card fees
The charge per transaction with the help of e-credit cards is comparatively less than making physical payments.
● Go without a physical wallet
There is no need to carry cash and cards in your pocket wallet. This will ensure that the transaction is safely done.
Conclusion
Mobile payment applications have made a huge transformation in the lives of every individual by opting to choose mobile payments most of the time. This has added to the security of the finances of every individual and this has also led to taking the next step toward a smarter generation. It can be seen that overall mobile payment apps have added several features to the lives of human beings and have simplified the means of living. This will ultimately lead to an overall development process over generations.
