How are e-commerce buyers using mobile wallets

What are mobile wallets?

Mobile wallets make use of technology you already own — your smart-phone, for example — to allow you to make any sort of payments quickly and securely without having to worry to locate your credit or debit card. All you have to do is upload all of your credit and debit card information to a digital account. The app then links this account directly to your smart-phones by downloading the relevant corresponding mobile wallet app.

Consumers are gradually moving to the online buying space. You like something, click buy and you have it. It's all about convenience. Transferring funds using a mobile wallet is simple and secure. You can deposit or receive money via a virtual wallet – all through your smart-phone. This trend, albeit relatively new has its set of benefits. A mobile-enabled environment provides many benefits for players across the ecosystem:

- The extra charges of the mobile wallet fund transfer are less when compared to charges in a traditional fund transfer.

- Mobile wallets also encourage the confluence of mobile network service providers and of financial institutions.

- They also persuade network service providers/operators to introduce more innovative modules in the mobile financial market.

Having a shopping experience that is consumer-centric will enable brands and companies to remain competitive in this ever-changing environment. Lastly, a mobile-enabled environment also gives consumer-facing brands a way to break the noise and stand out.

E-commerce buyers are using mobile wallets because firstly, mobile is always available. You can forget your wallet you rarely forget your smart-phone. Secondly, it is transforming predictable consumer journeys into dizzying twists and turns. Mobiles are one of the most used mediums when it comes to consumers researching about a brand or searching for something.

Your smart-phone is a bridge between the physical world and the online world. Moreover, consumers have the choice to use these devices either in store or on the go to help them find the desired product or help them comparison shop.

Increasingly, businesses of all types have to cater to their consumers anytime, anywhere. The  interactive experience of today’s mobile-enabled world is giving way to millions of these connections for the first time and driving a more highly personalized real-world experience. This makes having a mobile strategy critical for businesses across a number of different categories. As a result of all these benefits and most importantly the ease of use and convenience, consumers are gradually adopting this new fad. It's convenient and easy and something that is sure to stay in the long haul.