Mobile Wallets are the future.” In a lot of places, the future is already here.
This is especially true in developing countries where smartphones are offering users their first taste of the internet.
But there’s so much more to it than that.
Reasons Why Mobile Wallets Are Disrupting The Payments Industry:
Many people don’t have access to banks or credit / debit cards.
Dangerous conditions make people not want to carry cash in some countries.
Mobile Phone usage is exploding in developing countries.
Companies are bundling digital wallets with recharging of talk minutes and internet data.
- Special Offers
Some digital wallets give their users special partners offers like discount movie or bus tickets if they pay with a certain digital wallet or payment provider.
- Peer to Peer (P2P)
It’s cheap and easy to instantly transfer money between friends & family.
- Low Cost
It’s even low cost for businesses to accepts payments. They don’t need any special equipment. Just their normal smartphone.
- Exchange Rates
Many mobile wallets & payment providers handle exchange rates seamlessly for users.
See why Mobile Wallets & Payments are taking over phones with this Fintech infographic thanks to Coupon Hippo:
Source: Coupon Hippo