What is mobile wallet? It is definitely not a wallet that
has a shape of mobile. This amazing technology allows all Smartphone and tablet
user to transmit payment with the help of Near Field Communication (NFC). There
is an App that gets automatically triggered in respective Smartphone or tablets
as soon as the user wants to pay through mobile wallet technology. One only needs
to tap their device which directs the command to a payment terminal, thus
allowing the payment swiftly.
It increases the security as the payment stays with consumers
with increase in speed. Thus, at end retailers and customers both are happy. The
less cash you deal with, more secure is your business. Hence, it helps to do
away from burden of cash which is considered very volatile. It gives business
to a chance to improve their customer service as one may have a better access
to numerous loyalty programs.
Increasing use of such high end devices is giving a huge
boost to the mobile wallet market which makes it a lucrative place for
investment. At, present it is slightly new, hence many people still doubt it
and prefer for conventional cash or cards system. But, high adoption of
Smartphone by GenNext will write a new story altogether.
Much market research has shown that the markets for mobile
wallet will only grow. One of such interesting studies that I have found is by AMR
which estimates that this market will be reaching an incredible figure of $5,250
billion in 2020. Surely, it is here to stay.
Is Mobile Wallet Technology safe to be used?
Well, many industry experts have concurred that Mobile
wallet is much safer to use. Even if you misplace your phone, you may still
enjoy your breath as one call of your to respective banks will disable this
service for any kind of misuse.
They are of the opinion that this technology is still
thriving and it would be early to dismiss its true potentials.
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