One of the most growing needs for a tech savvy these days is a safe and secure way to pay and receive online payments with the help of Mobile Wallet. In this post we’ll be answering all you will need to know about this essential Technology and how get your hand along with it.
The post intends to give answers to the following questions :
- WHAT IS A MOBILE WALLET?
- WHY DO YOU NEED A MOBILE WALLET?
- AN INSIGHT INTO THIS GROWING TECHNOLOGY
- OVERALL TECHNOLOGY RATING(OTR)
So, Now that you are curious enough, Lets proceed further :
1.WHAT IS A MOBILE WALLET
Its nothing new, but the same concept, though technologically equipped to do more.Its more of a built in wallet(or External Applications that you may download on your own) in your smartphone that lets you manage all your transactions in a few swipes and clicks!
You can pay bills, swipe to purchase movie tickets, transfer amounts, add finances to your personalized accounts, receive online payments(from Ads or affiliates), make online purchases on e-commerce sites such as Amazon,Flipkart,AliBaba, ebay etc, or during in store payments.
2.WHY DO YOU NEED A MOBILE WALLET
Over the last few years, with a Rapid growth of perfect competition market of the banks, All of them nearly try to grab your eyeballs with lucrative interest rates, online transaction reward and loyalty points and in this mess you end up holding a bunch of Cash Cards, Debit Cards, Credit Cards, Forex Exchange Cards and many more. That swells up your wallet like anything and you are fed up enough to look for some technology aided alternative to it. A MOBILE WALLET comes here to your rescue.
3. AN INSIGHT INTO THIS TECHNOLOGY
Two technologies reinforce the foundation of this ever growing need.
- Near Field Communication(NFC) Technology
- In store apps(like in Apple’s Store, Google Play Store and Microsoft store)
You may encounter thousands of articles explaining these technology, However if you’re interested more in ‘Eating the fruits’ and ‘Not counting the trees’, you may skip this for a later point of time.
Loosely, Its something like shown below
- Hassle free payments in store or at online e-commerce sites
- More safe and secure(Your bank will take care of this)
- Makes your wallet more concise and light weight.
- May act as your forex card across the globe( Like a global Currency)
- Online connectivity ensures you get a 24 by 7 service, round the year
- You may be at times subjected to online frauds( So, choose your bank wisely)
- Its an emerging technology so you may have to adapt it in your lives accordingly.
6. OVERALL TECHNOLOGY RATING(OTR): Out of 5 Stars(*****)
the other two stars are in fact variable depending upon the client and the platform in addition to ensuring secure transactions