There are many mobile wallet providers, but not all mobile wallets are made equal; some are less secure than others, and some are geared only for certain services or products.
In this article, we’ll guide you through all you need to know about them in order to make the best choice as a mobile wallet service provider.
In addition, there are 10 features of Adapt IT | Telecoms mobile wallet solution that is unique and not generally offered by most major providers, therefore maximizing your marketing differentiation factor.
What is the mobile wallet?
A mobile wallet is a technology that allows people to carry all their banking details, like credit and debit cards, loyalty programmes and so on, in a secure digital form on a mobile device. Think of it as a virtual wallet.
Instead of users keeping physical plastic cards on their person, a mobile wallet gives the convenience to pay for things, to stores, via apps or online.
The uniqueness of Adapt IT | Telecoms mobile wallet, however, is that it allows additional services other than just to make payments (we’ll get into them a little later).
They have proven very popular for a number of reasons, but convenience is at the top of the list. (Adapt IT | Telecoms takes convenience to the extreme).
The use of them is increasing year on year, and by 2020, in-store payments via mobile phones are expected to reach $503 billion and according to Worldpay, surpass typical credit and debit card payments. Mobile wallets are particularly popular recently:
- People feel more secure using a mobile wallet for payment than to provide credit card details.
- The top mobile wallets are safer than other payment methods.
- It’s more convenient because users do not need to lug around an entire wallet, only a mobile phone.
- It’s a faster way to pay.
To pay, simply open the app on the phone, touch it to the reader next to a register, and that’s it. Mobile wallets can be loaded onto any mobile device, like tablets, and any mobile phone.
How to set up a mobile wallet
There are many mobile wallet brands to choose from, but users should choose the right one for their particular needs.
Once that’s done, setting it up is easy.
Simply click on the downloaded app and add the information of each card detail to be stored. Select one as a default payment method, and all purchase processes will use the default payment method.
How secure are mobile wallets?
Mobile wallets – but for hacking – are by far a safer method than paying by card.
Every transaction made from a mobile wallet is heavily encrypted. When the data is transmitted, it does not include the user’s card or account numbers. It’s not appealing to thieves because it’s useless to them. There are back doors, but for the most part, trusted mobile wallets are secure.
KYC (Know Your Customer) is a process that aids finance regulation by verifying user identity, offering further protection for mobile wallets that are KYC compliant.
Some trusted mobile wallets, like Adapt IT | Telecoms mobile wallet solution, offer advanced security
If the phone is stolen, you can lock it remotely.
Examples of available mobile wallets
Examples of the most trusted mobile wallets include:
#1 Apple Pay
#2 PayPal Mobile
The PayPal mobile payment platform allows e-commerce payments by offering payment options across 190 markets, languages and 24 currencies.
eWallet, unlike many others, is not free to download; offering the ability to encrypt and store sensitive financial data and account numbers. It stores everything; bank cards, passports, loyalty programs and even library cards.
#4 Adapt IT | Telecoms Mobile Wallet
Adapt IT | Telecoms Mobile Wallet solutions are unique in that they allow for various currencies and multiple types of transactions to any business or person. It keeps the user’s financial information private and secure, even with online purchases. It goes beyond payments though, to offer additional services for the sake of superior convenience.
10 Features to keep customers happy
#1 Total peace of mind
Payments made from the wallet are completely secure for utmost peace of mind. Advanced security measure is available. Anti money laundering is part of the mobile money solution.
Unlike many mobile wallets, the Adapt IT | Telecoms wallet can be used by people who do not have a bank account, making it an ideal solution for developing countries.
#3 International payments
Users can make international payments, or use the wallet with a 3rd party service provider such as Moneygram.
#4 Monthly payments
Monthly payments can be made to pre-configured recipients who are sent proof of payment via SMS or email.
#5 Fund transference
Funds may be transferred to anyone, anywhere.
#6 Payroll payments
Users can have their salaries paid directly into the mobile wallet. This is an ideal and recommended solution especially for developing countries where most people do not have bank accounts.
#7 Send and receive funds in various currencies
It can be used to send and receive various currencies and convert them.
#8 Buy airtime, electricity and other connected services
Not only can users pay and send money, but they can also buy airtime, electricity and other connected services, making Adapt IT | Telecoms mobile wallet a solution of convenience. Those living in rural areas appreciate these additional features.
#9 mCommerce merchant portal
There is an option for merchant portals to allow 3rd parties to register as merchants, and to accept payments via mobile wallets. To boot, merchants can view statistics and draw reports.
Adapt IT | Telecoms mobile wallet stores loyalty information, so that it is unnecessary for users to lug bulky cards around in order to obtain loyalty points.
Mobile financial analytics
Businesses use Adapt IT | Telecoms financial analytics technology to make enhanced decisions. The tool offers up to date information to organizations and mobile users regarding key financial markets and economic events.
Mobile wallets in developing countries
Adapt IT | Telecoms recommends the use of their mobile wallet solution in developing countries, specifically because unlike most other providers, their mobile wallet solution does not require users to have bank accounts, nor do they need to go through an approval process as they would a financial institution (as many people in developing countries don’t even have formal identification documentation).