To be precise, mobile wallets are meant to make transactions easier for consumers- be it during travel or from the comfort of home itself. Apart from offering hassle-free transaction facilities at reasonable expenses, this avant-garde technology makes sure that the consumers are able to get along their accounts with no trouble at all. In the last few years, significant surge in the usage of smartphones has given way to new-fangled opportunities within the sphere. Nowadays it has almost become a trend for people to use their mobile devices for shopping online and making payments seamlessly.
According to Allied Market Research, the global mobile wallet market is expected to register a significant CAGR from 2021 to 2030. The fact that mobile wallets offer online bill payment options safely and securely has driven the market growth in more than one way. At the same time, the user-friendly interface has amplified the number of customers that are preferring mobile wallet so that they can manage their regular payments without any hassle.
Especially, with mobile wallets technology on board, the fintech organizations also get an opportunity to tie up with consumers in rural extents. This, in turn, has helped the market flourish and get through its end user at a comparatively lower cost. In the last few years, different modules of mobile wallet have been developed to perk up the essential security measures, which has supplemented the market growth yet more.
There’s no doubt in the fact that people tend to expect simpler and faster payment options to fit their lifestyle. And, there definitely cannot be a better option than that of mobile wallets. Showcasing the convenience offered by mobile wallets to the consumers, government bodies across the world can go a long way in conquering and bridling the hesitancy of incorporating a novel technology, specifically for something as vital as reimbursing bills.
However, governments should certainly get the most out of their marketing opportunities such as newsletters, billing testimonials, and web pages to edify citizens. Simultaneously, governments should also be a bit specific on the security quotas and must visibly illustrate how they are protecting sensitive data and making sure that mobile wallet payments are as secured as conventional payment methods. The marketing and education stations should also be fully utilized to magnify on the safeguards, mainly around the biometrics pertained to the usage of smartphone.
Covid-19 Impact
Here, it’s worth stating that the growth of the mobile wallet market has experienced a sharp ascent during the covid-19 pandemic. Since the outbreak, individuals have started preferring mobile wallet modules such as GPay, Paytm, Freecharge, Amazon Pay etc. even more so as to cater to the norms of social distancing and avoid unnecessary physical contact with people. As per RBI data, in the month of April, 2020, the transactions made through mobile wallet in India has almost been double in comparison to March, 2020.
