This is a Guest Post by Rahul Kothari, Business Head PayU Biz.
Today’s mobile-savvy generation that thrives on technology for everything; starting from shopping for online grocery ordering to apparels, shoes, baby products, ordering cabs to paying bills etc., are forever hooked on to their smart phones to fulfill the basic needs of life. With such evolution in the buying and selling landscape, their money has also gone mobile today. Consequently, every industry connoisseur in the mobile payment segment currently wants its fair share of the pie in the cashless ecosystem.
A research from Gartner estimates that mobile payments will top $720 billion a year by 2017, up from $235 billion last year. The upside remains enormous: Humans made $15 trillion worth of retail transactions in 2013. Corresponding to the industry prospects, there are dozens of branded wallet solutions on offer today, global and Indian, from tech companies, telecom players, and banks. We took stock of different features in such mobile wallets that caught our attention and that could enable a mobile wallet to stand out in the crowd.
Faster check out services
Consumers appreciate mobile wallets that enable faster checkouts. In recent times, it has been observed and established that businesses offering a seamless payment experience have a tendency of picking up faster in the market. Buyers tend to lose interest in the purchase if the payment process is too complicated. Accepting payments from customers isn’t as easy as clicking a switch and watching the money flow in, however it is not necessary that it be complicated either.
Cardholder data securities
Following this feature, another aspect that contributes to the growing kinship towards mobile wallets is the security it provides to the consumers. The mobile wallet companies should also keep in mind that being the mediator between the users and merchants make them responsible for securely storing cardholder data and complying with the country’s rules and regulations, including the PCI Security Standards. Mobile wallets mostly fulfill this requirement as the consumers are not required to enter card details every time. Security is paramount to these transactions in order to retain customer loyalty and avoid a reputation for fraud.
Instant rewards and cash points
Owing to the ease of transaction it offers, Mobile Wallets not only boost brand productivity and efficiency but also drive new channels of generating revenue and a competitive edge. Apart from bringing in mobility, it also helps in extending special offers and coupons, increasing sales and in-store traffic, acquiring and retaining customers through instant rewards and cash points.
A mobile wallet covering various industries helps customers make payments using the same mobile wallet account. The wider the acceptability, the broader the usage, therefore, to be one of the hot favourites, a mobile wallet has to exhibit this feature.
Harnessing the mobility aspect of Mobile wallets, it should be able to get the consumers their refunds instantly. Unlike in other modes of payment, where refunds to bank accounts take a minimum of 3-4 days, money in wallets should get refunded immediately.
Mobile Wallets offering buyer’s protection will be considered the hottest wallet, especially the ones protecting buyers from checkout to delivery. Offering services like refunds for incorrect orders, protecting users from being charged for services and products that they didn’t purchase and offering resolution support will make the wallets the most preferred mode of payment.
Split- Payment option
The latest development in the digital payment space is the launch of the social multi-purpose wallet that simplifies the process of sending or requesting money and gifts. In fact, such payment solutions have cutting-edge features that allow splitting bills online, social gifting, recharges and other bill payment facilities as well.
One stop destination for all utility payments
A Mobile Wallet should come in handy for all utility payments right from e-tailing to offline payments; users should be able to perform most of their daily transactions.
With a whopping 89% of consumers carrying at least one merchant loyalty program card in their wallet, the challenge for tech-savvy retailers is – seamlessly tying together both loyalty credit accrual and loyalty credit redemption as part of a payment transaction for a mobile wallet.
A mobile wallet should be able to give virtual receipts, wirelessly printed or emailed to customers. Not only does this enable a faster checkout process but retailers and consumers alike can keep better track of their receipts and streamline future returns or exchanges.
Payment is an important cog in the wheel of any experience, a mobile wallet helps make the experience seamless for both customers and drivers saving time and effort involved in the transaction. Given the accelerating competition, enhancing its virtues will be the deciding factor to race ahead when it comes to user adoption.
Disclaimer: This is a guest post. The statements, opinions and data contained in these publications are solely those of the individual authors and contributors and not of iamwire and the editor(s).