Feb 15, 2022
4 Benefits Mobile wallets will bring along
Over 2 billion people globally utilize the option of mobile payment. Also, millions more are choosing mobile wallets each year. This is a clear reflection of people’s openness to new payment technology. Mobile payments through Digital wallets bring forward many benefits.
This type of wallet eases the execution of financial transactions for individuals. Moreover, it also enhances the operational efficiency in the economy of the country. Going cashless authenticates and formalizes the transactions globally. Digital wallet payment processing also ensures efficiency and effectiveness.
Here is a better understanding of how mobile wallets will enhance Financial transactions for individuals.
With digital wallets, you can easily make payments with the help of your phone. This makes a lot of individuals go for this option. In a survey conducted by finder.com, convenience was the top reason for 66% of individuals to use mobile wallets. Carrying currency or any kind of credit/debit cards felt like a burden to them.
The best satisfaction lies in making quick payments while shopping. You don’t have to wait in long lines or visit any kind of ATM for cash withdrawal. With digital wallets, you can complete the transaction instantly with a few taps on your smartphone.
Safe & Secure
The chances of getting lost or stolen are high in a physical wallet. However, with digital wallets, you don’t have to worry about that. Even if you lose your phone, digital wallet security protects your money. Without a password, one cannot access your card or balance details. Moreover, they won’t have the authority to execute the transactions without your presence. With biometric security options, you can secure the application for more security as well.
Encryption secures your transactions while execution on digital wallets. Your bank account number remains safe. Encrypted codes keep your financial data secure.
One wallet, multiple payments
With traditional payment methods, a few places accepted cash and a few accepted cheques. However, mobile payments have universal acceptance. The following payments can be directly made from your mobile payment application -
- Electricity & Water Bill
- Broadband or Cable bills
- Booking a flight, hotel, or a bus
- Buying groceries
- Buying movie tickets, gifts, or dining out
- Buying clothes, gadgets, and equipment
- Transferring money
This shows that a single option of a mobile wallet can replace the collective traditional payment options.
Rewards & Bonuses
Spending money directly in cash won’t give you any rewards or discounts. However, mobile wallets offer a wide range of choices. Cashback, reward points, discounts on purchases, promotions, gifts are some of them. The number of transactions you execute is a deciding factor to give rewards in a few cases. However, other factors include a specific time period or purely on a lucky draw.
The expectation for the Fintech industry is a market size of $310 billion by 2022, seeing a consistently growing market. Highen Fintech supports the growing fintech market share with its wide range of IT services. With its digital development solutions, you can scale seamlessly & market rapidly. For more information, visit Highen Fintech Labs.