MOBILE WALLETS

CONVENIENCE VS. SECURITY

What is a Mobile
Wallet ? is a digital tool that allows
A mobile wallet
users to store payment information and other
financial details securely on their mobile
devices. This encompasses credit and debit
card details, bank account information,
loyalty cards, and even digital currencies.
The primary objective is to facilitate
electronic transactions without the need for
physical cards or
cash.

Popular examples include Apple Pay,

Google Pay, and Samsung Pay.
Types of mobile wallet
There are primarily three types of mobile wallets, each serving a
distinct purpose:

1. Open wallets
An open wallet is used directly by a bank or through a third party. Open
wallets allow customers to use the funds in the mobile wallet for making
payments for transactions or withdrawing the funds deposited to the account
in cash. An example of an open mobile wallet is PayPal, which allows users to
make payments for in-store and online purchases and still withdraw the funds
in cash.
2. closed Wallet :-
Closed wallets are linked to specific merchants, and users can
only use the funds to make payments for transactions initiated
with the specific merchant. Users cannot use the money to make
payments for transactions with other merchants and third-party
service providers or withdraw the funds in cash. An example of
a closed wallet is Amazon Pay.

3. semi – closed wallet :-

Semi-closed mobile wallets allow users to use the funds in the
wallet to make payments for transactions with multiple
merchants, as long as there is an existing contract between the
merchant and the mobile wallet company.
Users can also withdraw the funds into a bank account. However,
semi-closed wallets do not allow users to withdraw funds in cash.
Benefits of mobile wallets :-

● 1. Secured access : One of the benefits of a mobile wallet is its secured

access. Before making a payment, the user is required to unlock the mobile device
using a password or fingerprint.

● 2. Accessible and convenient : Mobile wallets are also quickly accessible

and convenient, making it easier for users to make payments.

● Speed : Transaction are quicker compared to traditional methods

● Convenience : No need to carry physical cash or cards.

● Offeís a nd R e w a í ds: Many mobile wallets offer discounts, cashbacks,

and loyalty points.
Convenience of Mobile
Wallets
. :-
The meteoric rise of mobile wallets can be attributed
largely to the unparalleled convenience they offer. In this
section, we’ll delve into the various facets of this
convenience, highlighting why mobile wallets have
become an indispensable tool for many.
How do you balance convenience and security when
using mobile wallet for payments?
Mobile wallets are apps that store your payment information on your smartphone,
allowing you to pay online or offline with a tap or a scan. They offer
convenience, speed, and rewards, but they also pose some security risks. How do
you balance convenience and security when using mobile wallet for online or
offline payments? Here are some tips to help you.

1 Choose a reputable mobile wallet

app
2. Protect your smartphone

3. Monitor your transactions

4. Limit your payment information

5. Use common sense

CONCLUSION :-
mobile wallets in india is growing day by day but
payment banks & upi are other payment system
which will eat up the market share of wallets and more
people will turn into such system soon .
hence these mobile wallets need to bring some
changes in their apps so that it can be used more
easily like upi apps and should
also give more focus on discounts, offers & loyalty
programs in oder to attract existing and new
customer. Digital wallets are becoming an increasingly
popular payment option for consumers. They offer
convenience, security, and speed, making them a
desirable alternative to traditional payment methods.