Mobile wallet with merchant payment
Abstract : Mobile wallets have emerged as the most significant contributor in pushing cashless and electronic payments. The surge of smartphones and internet connectivity of 4G and 5G is reflected in the robust growth of Mobile-wallets in India.
Numerous digital wallet providers have risen. Technological advancement has made everything possible under one touch.
The purpose of this paper is to examine the factors responsible for growing popularity of Mobile wallets in Digital marketing in India and sustainability challenges faced by this innovative product on account of gaps between expectations of the users and their satisfaction level with leading wallet brands in India.
Mobile commerce is expected to provide merchants with the ability to sell products and services to customers at any time from anywhere. This enables companies to create more contact points with customers and to bring products and services directly to customers (Coursaris & Hassanein, 2002).
The universal availability and purchase possibilities are estimated to bring impulsive purchases to bring new customers to the company and increase incomes. Extensive use of mobile devices in e-commerce has a role in this growth.
According to Ramezani (2008), mobile payment is defined as paying for goods or services with a mobile device such as a phone, Personal Digital Assistant (PDA), or other such devices. Thus mobile payment can be defined as the process of two parties exchanging financial value using a mobile device in return for goods and services (Ramezani, 2008).
Dependency on Technology: Mobile wallets rely on smartphones and internet connectivity. In areas with poor network coverage or during network outages, transactions may fail or be delayed.
Security Concerns: Despite advances in security, mobile wallets are still vulnerable to hacking, phishing, and malware attacks. If your phone is compromised, your financial information could be at risk.
Compatibility Issues: Not all merchants accept all types of mobile wallets. This lack of universal acceptance can limit where and how you can use your mobile wallet for payments.
Transaction Fees: Some mobile wallets charge fees for transactions, especially when transferring money to a bank account or when making cross-border payments. These fees can add up over time.
Mobile wallets, also known as digital wallets or e-wallets, have revolutionized the way consumers handle payments and manage their finances.
These digital tools allow users to store and manage payment information on their smartphones, making transactions more convenient, secure, and efficient.
With the integration of mobile wallets into the payment ecosystem, both consumers and merchants benefit from a streamlined and modernized payment experience.
A mobile wallet is a software application installed on a smartphone or tablet that stores payment information, including credit and debit card details, digital coupons, loyalty cards, and even identification documents.
Convenience: Mobile wallets allow users to make payments quickly and easily using their smartphones. It eliminates the need to carry physical cash or cards, making transactions more convenient, especially in situations where carrying a wallet or card might be impractical.
Speed: Payments via mobile wallets are typically faster than traditional methods. Users can simply tap their phones on NFC-enabled terminals or scan QR codes to complete transactions swiftly.
Accessibility: Mobile wallets are accessible 24/7 as long as there is an internet connection. This accessibility enables users to make payments anytime and anywhere, whether they are shopping online or in physical stores.
Security: Mobile wallets often incorporate advanced security features such as encryption, tokenization, biometric authentication (e.g., fingerprint or face recognition), and two-factor authentication. These measures help protect users' financial information from unauthorized access and fraud.
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