The Mobile Wallet is the Wallet for the New Generation

1. The Mobile Wallet is the Wallet for the New Generation You will agree that for a business, it is important to stay on top of technology so that it can prosper and maintain its reputation. A mobile wallet is your digital wallet very much like the physical wallet that you carry in your pocket. It will hold everything: your bank account, cash, loyalty cards, credit cards, pre-paid items, coupons and it allows you to perform online financial transactions over mobile devices. In this article, Yee Kok Siong discusses how business giants and how they plan to utilize the concept of mobile wallet. Over the top, players like Facebook and Google treat mobile wallet as a channel to reach their customers. They have designed services that avoid explicit permission from mobile operators. During the initial phase, they might even use operator-billing services to improve quality. The mobile wallet concept easily fits with their business concept. The pay per click concept will turn to pay per buy concept. Big retailers like Target and Wal-Mart are introducing groups and their own payment systems so that they can avoid the interchange fee that all banks and credit card companies charge them. The payment system also introduces payment systems that allow customers to avail exclusive coupons and deals. With customers changing their usage patterns, credit card companies like MasterCard and Visa need to ensure that their traditional transaction business stays intact.

2. They also want their revenues to evolve as customers continue to buy and use smart phones. Operators can attract consumers by taking initiatives and becoming strategic partners to add value to the market. They can invest in their own wallet platforms allow providers to offer transactions services with ease. Mobile network operators can develop a new source of revenue and stop over the top companies from taking over their space completely. Even with all the advantages and opportunities, people are still skeptical about mobile wallets. Their concern is regarding what would happen if a person lost their phone. The security features of the mobile wallet need to be strong and it should also work as efficiently as the card system works. It is therefore important that the software be well written and all credit card processing will have to follow one common system. The greatest concern is to establish a proper and long- lasting link to the customer's credit cards through their phones and banks. Not to mention the different regulatory hurdles that needs to be overcome. For more details, please visit here: https://yeekoksiong.wordpress.com/