The increase in the use of mobile devices is quite evident and there is nothing more to the emphasis on the trend again and again. It is done and has become the part of our life activity now. We shall consider the major game changer for the mobile use which is nothing but the Mobile payment. Earlier, people were finding it difficult or tiresome to recharge their phone. They have to walk out from their work premises or make a call with the store owner and wait for the currency update. There are times where people would miss a call because of shortage in currency amount owing to time lapse in recharging.
The scenario has changed to an extent that people have almost forgotten that once they were facing mobile recharge issue. The real-time analytics report of Nielsen Informate Mobile Insights reveals that the time spent on mobile payment apps has increased to 1.5x times with users spending 1.5 hours on an average per month. Moreover, the Indian consumers are using it more as compared to other consumers.
The mobile wallet app (Digital wallet App) is the payment service wherein the customers are able to pay for a wide range of products and services online and offline as well instead of net banking. The digital wallet uses the Near Field Communication (NFC) at the payment terminal. It facilitates the customers to make a hassle-free payment without the need of credit card or data entry on every transaction. And, the payment process is fast, convenient, and secure with advanced encryption technologies.
E-payments and the mobile wallets are gaining wider acceptance in a way that the Reserve Bank of India is working towards making India a cashless economy with accountability and transparency in each transaction. The mobile wallets have made the daily transactions like booking a movie ticket, taxi, groceries, food, snacks, apparels, electric bills, bank transactions, and, etc., effortless and more comfortable. The mobile payment penetration is not restricted to metro cities alone but has evenly spread to the remote areas of the small towns.
The integration of these wallets in the e-commerce apps has created the buzz in the e-commerce industry. The Paytm, PayU, Freecharge, Mobikwik, Citrus, and, etc., are some of the popular Indian mobile wallet companies.
A recent report from TechSci Research forecast that the mobile wallet market in India will reach $6.6 billion by 2020. And, the global investors are investing millions of dollars in these ventures. The current scenario like the level of penetration, government’s move towards cashless economy makes anyone look forward to a virtual wallet zone.