Through the emerging innovation of technologies, mobile users are expected to reach its 5 billion mark on 2019 as more and more users are quickly adapting to the technological age. With this increase in mobile users, adapting to the new means of transaction is expected.
From a study done by Juniper Research, it is seen that mobile wallets will be taking over manual cash transactions eliminating the use of actual cash to pay for products/ services. PayPal and Apple which currently offers both instore and online are now taking this leap. While Google created Google pay as the digital wallet developed especially for Android users
But before going ahead and loading into this trend, first understand what it is and why you should be using one.
What are Mobile Wallets?
Mobile wallets are a mobile app which stores information of either your credit or debit card which enable you to use your device as means to make purchases. The app is already integrated in your mobile device or you could download available apps that offer this service.
Most gamers are now embracing this kind of payment method as they make purchases to let say spin a wheel early in a game than wait for another 24 hours. With that simple purchase proves that users is set to acknowledge this kind of payment in no time.
Why Should You be Using One?
Tired of waiting for your turn due to long lines just so you could drink your morning coffee? Wasted time due to no cash change available? Overdue bills payment due to unending lines in the utility company?
No worries all those are now problems of the past thanks to the mobile wallet as these transactions and more could now be done online. With a single message or tap away using your mobile phone with Near Field Communication (NFC), bills can now be paid effortlessly.
How Secure is Using Mobile Wallet?
Every transaction using mobile wallet is heavily encrypted, as transmitted data are random set of letters and numbers which does not expose your actual card or account number once the transaction is done. If the series of random characters and numbers where stolen, the thief could not use the stolen information due to other security measures (PIN, fingerprint or face recognition) required in order to access the account.
Status of Mobile Wallets in the Philippines
In the Philippines, cashless transactions are now seeing the light of day thru apps like PaidUp, a mobile wallet created for restaurants and coffee shops in Manila.
With the aim to make the Philippines a cashless society, Jack Ma, Chinese billionaire and Alibaba Group founder, encourages no corruption due to cashless society.
Currently, Globe is now processing P1-billion mobile wallet transactions per week, as GCash is now internationally acclaimed as micropayment service. Enabling Globe users to transact cashless thru their virtual wallet. The transaction promotes safety, security, and hassle-free mobile-money transaction.
Now, Micro Small Medium Enterprises (MSMEs) are now given the option to take part in this digital economy thus giving way to a faster, convenient transaction.
If you happen to be an MSME geared towards mobile transaction then this mobile apps development company in the Philippines will surely help you make your daily business transaction be as easy as a one-click transaction with the customized app built for your business.
This promise of an easier life sure sound like the change everyone has waited and longed deserve. Having the opportunity to switch and adapt to the digital economy would create a safer society where corruption is less and progress is within reach.