The Mobile Wallet: Shaping the Market for Alternative Payments and Money Movement

Advances in mobile and digital technology have seen new and modern developments change the way we do things. Shopping and making payments for services will never be the same again. More and more people, as well as businesses, are beginning to accept and adopt modern payment methods that make business and commerce safer, available to a greater number of people, while adding an alternative form of payment.

A good example of these modern payment methods is the mobile wallet. This is a wallet that is contained in the mobile phone of an individual and can be used to make payments for goods and services. It works in a simple yet effective and secure way. An individual who owns a mobile phone will either download the mobile wallet application, or use the provided application that is contained on their sim card. They will then register for the application using an identification document. After this process is complete, they can deposit funds into the wallet by depositing actual funds with an account operated by the service provider. When payments are made from this digital wallet, funds are deducted from the actual account registered under the user’s credentials.

Mobile money can be used when shopping online. The funds can be used at stores online as well as in making regular payments such as utility bills payments, grocery Online Ordering shopping and a host of other stores and online applications. Having the chance to use mobile money as a form of payment is a good and welcome alternative. Users of these applications will have the convenience of paying for goods and services whenever they want to. This process of using a mobile wallet also saves people the time and effort that is associated with other forms of payment. For example, making online payments is made easier and doesn’t require the use of credit cards.

Some of the places where these forms of payment find useful applications is in third world countries. In these nations, most forms of payment are not developed. Many people do not use other payment forms such as debit or credit cards. The majority of people use cash as the main form of payment. This is quite risky as the money can get stolen or lost. Cash payments also require long processes such as queuing at the bank and queuing at the store, as well as making ATM withdrawals.

In these parts of the world, most people own or operate a mobile phone, so it is a welcome addition to the other existing options. Other people in other nations as well, such as advanced nations in Europe and the USA, have welcomed the advent of mobile payments. It is an alternative they can use when shopping online or even physically in stores.

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