Mobile wallet – Mobile payment processing is not new as they have a lot of apps in the mobile phone that are easy for users to buy any products or services online. Add-on-attachments are also provided that can change our smartphones into the portable point of sale (POS) terminal. With the help of POS, you can receive payments via mobile credit card as long as you have the Wi-Fi or data connection.

Mobile Payment mobile wallet
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Mobile Payment

In the world of digital innovation, it is not surprising that money and credit cards will be replaced with digital money that are stored in the mobile wallet as shown by the recent trend. Even some country these days want to do any transaction in a cashless way, such as Sweden.

Today, almost all products and services can be bought online via laptops or smartphones. People all around the world enjoy this kind of way as their smartphones linked to their bank account with online payment processor such as PayPal, for international transactions and MOLPay and iPay88 for Southeast Asian region. These days they don’t need to go out to buy items anymore.

Take an example of digital wallets. How do they work?

It is sometimes called as electronic/e-wallets, virtual wallets, digital wallets or anything that allows any kind of financial transactions. These mobile help customers to do payment transaction for the things that we buy online with just a few clicks on our smartphones.

As for today, there are a lot of options regarding of mobile wallet available in the market. They have a few of clear advantages of why we should go cashless rather than bring the money around. It is safe to carry money around, especially when we have to make a lot of payments. They also record all the transaction well, so we can keep track where we have spent our money.

Mobile payment processing – The Examples of Mobile Wallet

There are so many options available in the market, so it may be hard for the people whose just new to this world to choose the best options for them. Here are a few examples apps of mobile wallets that are actually supported by almost mobile devices:

E-payments services

It is referring to services provided by e-commerce to help us buy things online on our electronic device. Big names of these services are Apple Pay, Samsung Pay and PayPal.

Hybrid Wallets

Wirex is a fintech service that allows digital currencies to combine traditional cash currencies in the same platform. The concept is kind of similar with banking account where people can use Visa and MasterCard with bitcoin wallets.

Messaging application wallets

Even WeChat later have joined Telegram and Messenger that allow users to transfer money to someone else and also pay for products and services. As messaging apps are still too new, they have some problem where only have certain places allowed the apps to functions. For an example, payments via WeChat can only be done in selected stores in China only. But messaging apps wallet still has a lot of time to do some improvement.

Should Merchants Start Accepting Mobile Payments in the Store?

Speed, level of security and convenience are a few reasons why people seem really eager with mobile payment processing. Merchant will get the benefits, too.

As a merchant, the benefits are:

  • Able to manage inventories and supplies through online.
  • Increase the payment environment.
  • Get advantage of superior integration

Mobile payment processing – Conclusion

There are a lot of mobile wallets available in the market where online media already used the term “mobile wallet war” to show the fight between financial service providers to prove that they are the best. Only time will tell us the best financial service providers in this fight.

Article by Nurin Abdul Ghani