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Embracing the Mobile Wallet

Mobile wallets are on the rise across the globe. While many individuals prefer to opt for the plastic cards, a large group has embraced the mobile wallet to the fullest extent. 

The mobile wallet is where you have all your plastic cards on your phone. Instead of carrying a wallet, you just need your smartphone. Nearly 60 percent of consumers are willing to make purchases on their mobile wallets. Smartphone companies have been enabling this by providing features that easily integrate the wallet into the phone.

So let’s look in greater detail at the mobile wallet.

Benefits

There are many benefits to the mobile wallet. Each of these benefits draws the consumer to use their mobile wallet.

Exchange: If you are an avid traveller, the mobile wallet is one of the most convenient tools. This is due to the fact that your phone can get the conversion rates immediately and you’ll be able to pay with the local currency without the excessive conversion rates.

Flexibility: We can all admit that we have multiple cards in our wallets. From Mastercards, to Visa’s to Debits, we all have at least one. With the mobile app, you can easily choose the card you want to make the payment on. Instead of scrounging through your wallet, it can be done with the click of a button.

Convenience: Having everything in one place makes it instantly more convenient. Mobile wallets allow you to have your payment options readily available. In recent years, you have been able to get your rewards cards as well.

Safety

The mobile wallet is a more safe, secure, and trusted option. While carrying your wallet seems safe, there is risk associated with it. Society has welcomed the mobile wallet, and has adopted it into their lives.

While the mobile wallet is more safe, it is smart to carry some tangible form of a wallet. This can be a little cash, or a card. This is due to the fact that not all vendors have integrated the mobile wallet into their payment systems.

Global Trajectory 

We have made the shift from cash to card, and a new shift has come. Soon the mobile wallet will replace the card. This means all vendors will accept your mobile wallet. Mobile purchases have increased in popularity, and will continue to do so over the next 5 years. This payment option is the future, so embrace it!

If you want to discuss what this means for app development, reach out. Vog is excited to be apart of Texas app development and wants to help turn your idea into a business.