Digital transformation is on the rise and keeps influencing the majority of industries; this includes the financial and banking sectors. These industries are mostly influenced by digital innovations and offer a lot to their end-users to make their lives easier and more comfortable. One of the most significant innovations is a mobile wallet. With the emergence of Apple Pay, Google Pay, and mobile payments solutions from banks are likely to boost the growth of mobile industry. It is expected that the digital method of payments will increase in the near future, enabled by increased mobile technology adoption.
Mobile wallet, which is a virtual type of a physical wallet, is one of the available popular methods, became more popular among users. Users have the freedom to add discount cards, gift cards, etc., to their mobile wallets and use them whenever and wherever they make purchases in stores or online. Nowadays, there are different types of mobile wallets, and some of them can also be used for in-store payments using an NFC chip in the mobile device. While others can only allow electronic cash transfers. A mobile wallet or m-Wallet is a payment solution that is reliable and secure. This type of application allows you to store all the card information necessary to provide payment online or in physical stores and make P2P (Peer-To-Peer) payments, hold funds, store transit tickets, etc.
Mobile wallets increasing popularity can be explained by the number of advantages they bring to their customers. They are convenient and easy to use – as they store all the information in one place and can make payments in one tap, time effective – easy to access on the go and make transactions anytime, and secure for making transactions.
Due to the number of benefits m-Wallets bring to its users, there is no doubt that mobile wallets will become more and more popular in the future. It is a new convenience level that saves time and offers some benefits (such as cashback or discounts if you use a mobile wallet). However, it is not possible that m-Wallets will fully sustain a physical wallet in the near run. Devices can break down, so you always need to have some cash in your pockets, or some IDs (such as driving licenses, ID cards, etc.) must be carried in the physical form.