Wednesday, April 27, 2016 |
Do you know about Mobile Wallets? Start ups based on Mobile Wallets, the likes of Paytm with over 20 Million active users are big and growing fast. Often you could come across offers like “Use Paytm wallet and get 5% additional discount on BigBasket.com” or use Ola Money to get attractive discounts on taxi fares. These are all indications of this latest payment trend. With the rapid growth in popularity of this revolutionary mode of payment, we at Complete Web Graphics (CWG), web development company Kolkata, India in this blog will try to create awareness about Mobile Wallets.
What are M-Wallets?
A Mobile wallet is the digital equivalent of a physical wallet in which one stores cash. It is one’s electronic prepaid account, which can be used for purchasing anything starting from buying movie tickets, recharging your mobile phone to buying groceries. Of course adding money to the mobile wallet requires the use of the more traditional methods like credit cards, debit cards or internet banking. However a study shows that 15% of internet users in India use M- Wallets to make online payments. A staggering 135 million is the total number of Mobile Wallet users in India present. To give you an idea just consider this, at a 68% Compounded Annualized growth of mobile payments in India have grown from $86 million in 2011 to $1.15 Billion in 2016.
What Mobile Wallet Users could do with Mobile Wallets?
Recharging mobile phone with DTH Connection.
Pay Utility Bills like electricity gas, internet and more.
Shop across establishments both online & offline like buying movie, airline or bus tickets, book hotel rooms and holiday packages.
Transfer money to and from one to another account.
Advantages Of Using Mobile Wallets:
Mobile Wallets help the buyer with buyer protection. This means the customer’s order gets fulfilled, else the money gets refunded. As a merchant or online seller it means a higher credibility and trust factor which is the key for getting higher conversions.
Instant Refunds and cash backs on cancelled orders. Often if a payment is made vide credit or debit cards or via internet banking, in case of any cancellation of the order the settlement takes time and causes much inconvenience to the customers. With Mobile Wallets the refunds are processed instantly in case of cancellations. Thus the customer can do online shopping in a hassle free manner with mobile wallets. Therefore as a seller the mobile wallet payment mode ensures better shopping experience which is so critical in the present competitive scenario.
Discounts and Loyalty: Mobile Wallets use software that stores various discount information, loyalty points, which eliminates the customer’s requirement to remember which card to use where to get maximum benefit. Further it offers a better opportunity for e-commerce companies to offers discounts and benefits. It also becomes easier for these companies to settle funds with mobile wallet companies. Besides with payments via mobile wallets the need of the trouble of going through cash on delivery is reducing.
As is clear now the use of mobile wallets is continuously growing at a rapid rate, so as an owner of ecommerce portal or otherwise it is important that you have a tie up with mobile wallets to provide maximum convenience and deliver a superior user experience to the online user.
Complete Web Graphics (CWG) is a Mobile App Development Company. It also offers services in CMS Development, IOS app development, Magento Development and many other services.