Mobile wallet payment solution

 Gone are the days when the core purpose of a wallet was to hold your cash and cards apart from stuff like a license or a random bill paper. With the advent of digital wallets, the physical wallet is now boiling down to being mainly a fashion accessory.

In case you are still wondering what a mobile wallet exactly is, a mobile wallet is a digital wallet on your mobile phone.  It simulates the regular wallet replacing the cash with digital money and physical cards with the card details. 

A Payment gateway is integrated with a mobile wallet to help a user load and send money to and from their wallet with the help of their credit or debit card or your digital bank account. To start using a digital wallet, you just have to register your account details in your e-wallet application which are securely stored and used for all transactions. So the next time you are at the grocery store or at the mall, instead of using your physical card to make purchases, you can simply scan a QR code at the counter with your phone camera, enter the amount and voila – your digital payment is done!

The Evolution of Mobile Wallets

Mobile wallets entered the market with basic offerings such as mobile recharge and bill payments and as a payment option on a few e-commerce portals. Today, mobile wallet solutions have evolved and can be used for various transactions such as to recharge mobile phone, pay utility bills, book a hotel, secure loans, buy movie tickets, travel on the metro or by a flight, and even buy & sell gold. Cheaper handsets and increasingly economical data plans have fuelled the growth of smartphone users in India leading to further usage of mobile wallets. To top it, digital wallets provide a simplified transaction experience while offering a host of other value-added services to the users. It is estimated that in the next 5 years, the Indian mobile wallet market is set to grow by 150% with transactions recording at some $4.4 billion.