Consumers are now dependent, and their dependable partner is the smartphone. They have been using smartphones for accomplishing their routine tasks whether it’s ordering groceries or booking a cab to office or finding a perfect book to read this weekend. Smartphones have facilitated our lives in a unique and exciting way.
The online trade made everything simple and within our reach regardless of time and location of ordering. This trade, through online mediums, has grown over time making way for mobile wallets. An uncommon way of making payments that dismiss the need for carrying a credit/debit card because it allows you to store details of multiple accounts/cards in a secured fashion. This stored information can thereby be used at different stores (online or offline) for processing their orders- it’s that easy.
Mobile wallets can further be divided into two categories based on their capabilities. Let’s take an example to understand it better. Say, you have a mobile wallet within a retail app, now this wallet will enable you to redeem loyalty points or discount coupons accumulated over a period of time whereas there is a different mobile wallet, which securely stores details of all your bank accounts and cards (credit/debit). The latter wallet will not redeem any loyalty points or coupons but will help you in making payments across different stores.
mCommerce app development has picked up lately. Stats reveal that 62% of smartphone users has made a purchase online using their mobile device in the last 6 months.
An interesting information from the authentic reports revealed that about 80% shoppers searched on smartphones for product reviews, compared its price online and looked for other stores nearby while being present in the physical store.
Speaking of mobile wallets, in 2016, it was found that 32% of consumers used a mobile wallet for purchasing goods. The survey also revealed that 78% of consumers were aware of what a mobile wallet is- showing that it is a known phenomenon.
Mobile wallet apps add a sense of ease to users’ lives and makes mCommerce a cinch. Here’s how:
The transactions done at the store in order to buy an item or a service are completely cashless via mobile wallet apps. Hence, it’s time to say goodbye to find change, fear of losing your credit/debit cards and cash. Now, you can afford to visit your favorite store without a wallet, but not without a smartphone loaded with a mobile wallet app.
With a mobile wallet, you can simply shop anything and from anywhere without giving a thought if you are carrying your wallet or not. Everything is digital, secure and easily accessible.
You don’t have to worry if your mobile wallet will sync to a particular system or not. The modern technology does it for you. The connectivity throughout the ecosystem is sublime, allowing you to purchase your favorite goods or use the services in the blink of an eye.
This is one of the concerns that keep people from cherishing this miraculous technology gift. People feel the pressure and have a sense of anxiety while sharing details of their credit/debit cards in a wallet app. We all know it’s a critical task to secure the entire ecosystem but top app development agencies have taken proactive necessary measures to guard the stored information- leaving no room for hackers to steal it. The data is cocooned to perfection inside several layers of security, which is hard to break through.
Although wallet apps are prevalent from quite some time now, their heyday is yet to come. The reason being the fear of being abused by attackers. According to a survey, only 14% of consumers feel confident in making payments through mobile.
App development agencies are trying every trick up their sleeve to eradicate this apprehension. The continuous development and advancement in technology along with the major efforts by app developers to enhance mobile security and user experience, the day isn’t far when more people will be confident in making purchases via mobile wallet apps.
Manish Jain is the co-founder and Managing Director at Konstant Infosolutions. He is responsible for the overall operations of the company and has played a major role in bringing Konstant up from its humble beginnings and, with his immense energy and drive, transforming it into a globally trusted name in IT solutions.