With increase of urbanization, The daily requirements of people are also increasing along with options of availability. Every Store and every bank offers there unique card discounts to attract people. Struggling with the amount of cards and the weight of wallet , Mobile wallets was introduced.As it came up as a new technology everyone in the tech market like Google, Apple, Samsung and PayPal wants to capture this. As Apple pay and Samsung are only restricted to their phone users, Android and PayPal are widely spread. Coming out of the tech competitors, there are other type of wallets available like Capitol One Wallet which is specific to some bank brands, Star bucks or Walmart which are specific to stores.The usage of these handy wallets is not dependent to only users but the vendors also play a very important part. The users are concerned about the security issues, therefore something that seems new to them is difficult for them to adapt.But for vendors ,they have to bear the initial cost of installing the contact less point of sale (POS ) equipment.Either way, the popularity of mobile wallet is increasing day by day and it is expected to get 22% more users by next six months.
References:
http://www.toptenreviews.com/business/payment-processing/best-mobile-wallets/
https://thefinancialbrand.com/55074/mobile-wallet-payments-digital-banking-report/
It will be interesting to see how consumer use of mobile wallets increases in upcoming years with increasing digitization. While vendors would have to front the initial cost of the new technology, the resulting decreased processing costs would hopefully offset the initial investment.
Mobile wallets indeed enhance the performance of traditional bank cards. Not only due to its easiness to use, mobile wallets become increasingly popular also because some of their special features. Companies should make their own mobile wallet more unique so that they can be distinguished from others, and avoid being beaten by their competitors.