When we think of payment methods, the use of mobile devices makes transactions much more convenient and a lot simpler. You feel a certain safety when using a mobile wallet as there is no need to carry around cash or plastic cards that can be stolen. Mobile wallets, also known as e-wallets or digital wallets, have changed the way we use money.
The problem with cash transactions
The ideal use of money is for circulation. Handing over a wad of banknotes to pay for goods and get the change is a time-consuming method. Some mistakes can occur with the traditional payment system like getting the wrong amount of change. When one uses a mobile wallet, the exact amount can be transferred to the store nearly instantly.
Know in real-time
To know our financial situation, we used to rely on counting our pile of money, checking our bank statements, credit card statements, and checkbook records. Now, with the capacity to do so using our digital wallets that are linked to our bank accounts or credit cards, we can know our debits, credits, and balances in real-time.
Pay the new way
To use mobile wallets is a highly acceptable way to pay. Many retail stores encourage people to download their e-wallet to use for payments and add incentives like rewards to build customer loyalty.
A cashless society
A cashless society implements the use of mobile devices that contain e-wallets and other money payment services apps. The advantage of going cashless is that our community can prevent transactions such as counterfeiting, tax evasion, bribery, and corruption. Cashless transactions made using mobile payment methods are traceable and recorded.
A secure way to pay
With encrypted data, the additional security measures of mobile devices like face-recognition and retina-scanning make payment transactions more secure. To add to that, even the banking institutions and credit card companies do have security measures that can stop a fraudulent transaction from being completed.
It is much more convenient to use payment methods that mobile wallets provide. It is much easier to hover a cell phone in front of a terminal to ride a bus than to look for spare change. Time-saving, mobile technology with the use of advance payment solutions has changed the way we use money.
Mobile technology has brought about the building of the digital payment infrastructure. In countries like the UK, nearly 70% of money transactions are made through contactless payment systems. In Sweden, 98% of payment transactions are digitalized.
Money services provider
Going cashless does have advantages, and using mobile wallets is the way to transact in a sophisticated manner, lowering several risks of cash transactions such as being robbed. Using mobile wallets aids us in availing of discounts, rewards, and other incentives that the retailer provides. Using the right money services provider app enables us to have an e-wallet and use it for other transactions. The money services include making international and domestic bank-to-bank, wire transfers or remittance.
Digital payment infrastructure
The digital payment infrastructure makes it possible for us to send and receive payments instantly. Transactions are made with contactless payment terminals, within apps, using QR codes, and more. Mobile wallets are the way to make payments to keep up with the requirements for money to change ‘hands’ fast.