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Mobile wallet, a new mode of payments

  • By admin
  • November 3, 2014

Today’s world is all about connectivity. People are bent on remaining connected to the rest of the world at all times. The changing definitions of connectivity have taken up the globe by storm. No longer is the source of information and many more luxuries and necessity which is called “internet” restricted to the desktops and laptops. The internet has been brought down to the mobile phones for the purpose of gaining information. Now a day’s people have grown into the luxury of shopping online without having to leave their home comfort behind or paying bills and performing bank procedures without visiting the actual places. Contributing to this luxury is the mobile wallet concept in order to ease out these processes to a greater extent.

A mobile wallet is based on the electronic wallet concept of bill payments and banking transfers. The concept is based on the NFC technology and has been very quickly accepted and implemented in almost all smartphones and mobile technologies. Mobiles are no longer a mode of communication and sending texts. They are the handiest electronic merchandise for gathering information, sharing photographs, bill payments and much more. Mobile wallet is a form of virtual container wherein financial services can be performed with ease. It can be used to access and operate any real time money transfers or bill payments. Mobile payments have gained popularity in the recent times due to its ease of access and time saving nature. It has made possible the scenario of a working individual paying bills sitting in the office or elderly receiving money from his sibling who is residing in a different country at the blink of an eye. With the recent turn of events, the mobile wallet accounts are predicted to outnumber traditions payment procedures in near future.

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