Mobile Wallets Revolutionise the Way We Pay

Mobile wallets can be found on most Apple and Android devices. They can be connected to various traditional payment methods like credit cards or directly to bank accounts, which enables users to fund wallets and make payments. Mobile wallets can offer a more convenient alternative to using bank accounts and cards, especially for those who are already invested in mobile wallet technology.

Using Mobile Wallets

Mobile wallets are digital wallets that are installed on mobile devices like cell phones. They are commonly used to make contactless payments in stores and can be used to pay for good and gaming online. Recently, mobile wallets have become popular for use on iGaming platforms, as well, although crypto casinos are making a real revolution there. For instance, Google Pay casino sites grant convenient access to a wide variety of games that can be funded through Google Pay; plus, they offer generous bonuses and faster payments than some more traditional online and offline casinos.

But there’s much more to mobile wallets than e-commerce and (i)Gaming.

In-App Ordering

Because most people have mobile wallets on their phones already, they are convenient for in-app purchasing. Clicking a link to buy or subscribe will automatically encourage the user to use their mobile wallet and ask for biometric confirmation. It means that the individual doesn’t have to enter separate card details or bank details and transactions can be completed in very little time. In-app ordering can also refer to the use of mobile wallet funds to buy from a store app or to use a restaurant or bar ordering app. Users can order and pay for drinks and food at their table, and have their order delivered directly.

Ordering Online

Similarly, the likes of Google Pay have become popular as an option when shopping online. It provides the same functional convenience and negates the need to have to enter card details. The user can determine which payment method is used to fund the wallet, with most using wallet balance first before then taking money from a bank card or credit card. Users do not need to submit payment details to every website they buy from and can enjoy biometric authentication and other features offered by the app.

Rapid Checkouts

Some physical businesses offer priority check-in or priority purchase lines for those who use mobile wallet apps. The apps are quick and relatively simple for everybody to use, especially compared to paying cash or using a credit card. Users might find they get priority treatment in certain stores. The use of mobile wallets has further expanded to incorporate event tickets and more, and this can also speed up check-in processes at gigs, restaurants, and even hotels.

Pay Without Having To Go To The Cash Machine

It is becoming increasingly easy to send money from one mobile wallet to another, especially using NFC technology. iPhone’s Tap To Pay service enables businesses to accept contactless payment using nothing more than their mobile phones. This means that even small businesses and sole traders can accept payment in this way, so, for example, your local plumber doesn’t have to wait around while you head to the cash machine, and you don’t need to leave the house to arrange payment.

Improved Security

Mobile wallets are designed to be secure. To access the wallet, users must be able to access their phone and offer biometric authentication or another form of authentication. Most mobile wallets include multiple-factor authentication features, which makes it even more difficult for unauthorized third parties to gain unwarranted access to funds.

The Benefits Of Mobile Wallets

Mobile wallets offer various benefits over other payment methods:

• Secure – Not only are mobile wallets designed to be secure but they offer additional security layers including 2FA and biometric authentication, making them secure payment options.
• Convenient – With a mobile wallet, there’s no need to even carry bank cards or memorize payment details. Most payments can be made with a simple tap or swipe of the phone, while online payments require little more than a fingerprint or facial scan.
• Data Reporting – Mobile wallets come with data reporting features. Users can track their expenditures and wallet funding over time; essential for people who like to keep track of finances.
• Rapid Transactions – It can take several days to deposit and withdraw funds using some traditional payment methods. Mobile wallet payments are effectively instant, arriving in the recipient’s wallet in a matter of seconds, minimizing delay.  
• Retailer Bonuses – A lot of retailers appreciate the use of mobile wallets, too, and some will offer bonuses and incentives to pay using these methods. Casinos, ecommerce stores, and gaming sites are some of the business types known to offer these incentives.

Conclusion

Mobile wallets are convenient, which is why there are now an estimated 3.7 billion mobile wallet users in the world. They offer rapid payment solutions and, through their use of additional security protocols like 2FA and biometric authentication, they are very secure payment alternatives for the time being and for the fintech future alike.