Mobile wallets make transactions more efficient.
We have all become so attached to our phones that any idea or technology related to it is automatically viewed as a success. And that is why mobile wallets made a worldwide buzz after Apple Pay‘s creation in 2014. It is a mobile payment app that facilitates card-less and cash-less transactions. After that, Google, Samsung and all other competitors followed with their very own platforms.
What are mobile wallets?
Mobile wallets refer to payment services performed with the use of your mobile device. This will allow you to store credit card information on your smartphone, tablet, or smartwatch. Your mobile device becomes an instant ATM machine. This way, you do not need to carry your credit card with you all the time.
Mobile Wallet Consumer Adoption
Despite the initial frenzy, mobile wallets have not taken the consumer world by storm. A study by RFi Consulting found that Australians seem reluctant to use mobile wallets. This result was attributed to the convenience of contactless credit and debit cards. Moreover, there are instances of inconvenience when it comes to finding the appropriate card from the right bank to connect with the right phone.
However, industry experts remained optimistic about the potential of mobile wallets. In India and China, mobile payments and wallets are becoming popular. About one-third of the RFi respondents are already using the technology. While for Singapore, the statistics are even higher for more than one out of three are already using mobile wallets.