Our shopping patterns have evolved, so have the payment platforms and even the payment gateways that make it isssss possible. So, while the mobile point of sale devices have been on the scene for a long time, the concept of the mobile wallet is new. M-wallets have surpassed credit card usage and has all but replaced most of the traditional payment methods, as we know them.
M-wallets are virtual wallets where one can store cash, and then use this cash for making payments. You do have various types inside the Mobile Wallet Market In India, but they all operate in the same way. Apart from individual consumer use, these wallets have increased as transactions are speedier, most e-commerce and retail platforms support them or have integrated them into the payments systems that they have.
So they’ve taken the consumer scene by storm, whether it’s shopping, buying a meal, taking a taxi, buying movie tickets, paying utility bills – and each of these payments is as simple as scanning a QR code, entering a phone number or an OPT/PIN.
In just the last few years, m-wallet aficionados have more or less abandoned cards and cash for some kind of virtual wallet. While China has emerged as the leader in the mobile payment arena, India isn’t far behind.
Convenience aside, analysts also say that better security and heavy expenses on the credit card market are factors encouraging India to embrace mobile payments. One more important thing to note here is that m-wallet users are predominantly from emerging countries, where some of them don’t have a credit history, so it’s tough for them to get credit cards and bank accounts. So they look for another simpler, way to make their daily payments – adding to that the penetration of mobile phones is very high and the market for the m-wallet providers is immense.
Comments