The extensive market of Android App development, along with iPhone app development has allowed for service providers to introduce numerous utilities. However, not all these utilities are free, with some requiring a payment at the time of installation while the others having in-app purchases. Also, the inception of services based on the ‘Uber for X’ business model require users to make a payment every time they avail and service. While this can be tedious and tiring if one has to pay through cash each time in the case of ‘Uber for X’ models, Credit and Debit cards also don’t help the cause as they can be time-consuming and would require some infrastructure as well. Therefore, to counter this problem, innovative Mobile Wallets, and Digital Payment platforms were introduced.
You order a cab, complete your ride, and step out, without having to pay through cash or worrying about the limit on your Credit or Debit card. A few years ago this scenario would have come across unimaginable to most users and service providers, but today, with Mobile Wallets and Digital Payment platforms like PayTm, users can easily avail multiple services without having to wrestle with their wallets for currency denominations. Today, as we move online for almost everything, these mobile wallets come in handy as they allow users to complete their purchases with ease, have their subscriptions renewed each week or month without swiping their cards again and again, and most importantly, can rely on a single platform to complete all their purchases. Mobile Wallets and Digital Payment platforms have not just changed physical transactions, they have eliminated them, and replaced it with a far easier process, thus helping everyone who is a part of the transaction.
When these Mobile Wallets and Digital Payment platforms were first launched, the challenge lay in getting consumers to use these. Therefore, companies started with numerous promotional offers, cashback, and prizes to lure users to install these platforms. The strategy did work in the long run, and its success is evident by the number of people who choose to make payments through Mobile Wallets and Digital Payment Platforms.
What is the future of these platforms? Well, to begin with, they are only going to expand in the next few years. From cab services to online music subscriptions, every company has tied up with multiple mobile wallets and digital payment platforms to assist users with their payment. This has not only ushered a revolution in terms of the transaction, but also helped saved infrastructure in the form of machines that was earlier wasted for cards. Given the way businesses are moving to mobile platforms, one can expect mobile wallets to become one of the key services under the startup industry.
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