The traditional internet and SMS payment channels are taking a back seat when competing with the mobile wallet and m-banking solutions. Today’s people are bent on reducing paper work and paper/card money. With this mindset of the people, the mobile wallets are a common scenario. With advancements in Near Field Communication technology, monetary transactions using mobile phone device are on a rise like never before. The mobile payment methods have taken place even at the lower level like buying bus tickets, getting ringtones and parking services. From this the mobility Gurus of the industry has inferred that convenience and portability are two major parameters responsible for the success of the mobile wallet technology.
In terms of banking or credit card companies, the people look at solidifying multiple credit card accounts into a single easy to carry around device namely mobile phone.
This trend of the m-payments save a lot of space and streamline the important tasks. The time saver feature is another aspect that the people of today look up to. In this millennium or the next, time is money and people will do whatever they can to save their time and energy. With Mobile wallet a lot of time is saved as there are no long hours of waiting in the queues for any payments.
The restaurant owners, movie distributors, retailers and their customers are all excited about receiving or paying through mobile devices. The retailers or any other customer centric business owners can take extra advantage of the Mobile Wallet as they can send out location based coupons and profile based coupons to prospective customers. This trend is a kind of advanced form of advertisement that can target a specified audience. As for the common man goes, the mobile device lets the users to organize all the store coupons with no clutter in the purse. This is a major issue solved for many with a purse or wallet completely filled with papers that mostly are not redeemed to avail discounts due to stuffing.
Apart from the business niche specified above, the mobile network operators too are benefitted out of the mobile wallet. It is the mobile payment services that enable the mobile devices to be wallets. However, the common belief is that the banks being the fundamental financial institution, they cannot deploy or administer advanced technological services for instant transactions. This is where the Mobile network operators are taking advantages of! The governments having seen this trend are now framing regulatory rules on mobile wallet payment modes. Since the payment mode through mobiles are getting legal attentions the mobile network operators are now accepting the challenges to place themselves to provide value added mobile payment services that will make the mobile wallets dominating as the mainstream payment mode with high security.
The security is tight when it comes to mobile wallet payments as the mobile network operators enable the function of payments with a confidential PIN based authentication and the transactions are acknowledged with a simple SMS message. Thus, the people are not deprived of any security concerning their money deposits.
