Millennial smart technology users expect businesses to understand and pamper them. For financial institutions, telecom operators and retailers, this means creation of immersive and integrated digital experiences that are individually relevant, context-aware, easy to consume and rich in range. An innovative payment methodology which can embrace all aspects of this engagement – be it security, multi services payment, consistent user experience – becomes a key component.
The methods of payment have evolved from time-to-time. We all have surely come a long way from those good old days when we carried around physical wallets the size of a giant hamster with hard cash for payments. Then came along those plastic cards – those pocket-sized demons named credit / debit cards that tempt you to shop as a hobby. And now is the time for the world of digital payments and mobile e-wallets, which has transformed and revolutionized the payment industry, once again.
Saying this would not be an exaggeration that the increased adoption of smart devices and other mobile technologies has made virtual payments through e-wallets possible, convenient and as needed, secure.
The global mobile payments market is expected to grow to $721.4 billion by 2017. With the increasing trend of instant purchases, wallets provided by merchants, banks, telecom providers have also paced up. In order to match up to the fast changing dynamics wallet facility are now offered by telcos to purchase multiple services including data services beyond the me-too e-commerce and NFC in-store app based purchases.
Wi-Fi networks market boom has been the platform of choice for launching new services, operators are looking for innovative e-wallet for Wi-Fi services. With top up availability through web portals and apps, operators can enable users with multiple services payments including recharge, renewal, subscription to applications, purchases through loyalty based promos and coupons. To make it more personalized, operators may opt to offer notifications for each transaction over wallet. Considering security as main aspect, user can top up the wallet with credit/debit cards, vouchers etc. and can also manage, analyze, view the dynamic wallet activities.
Benefits for customers
- Offers convenience. No need to carry hard cash or plastic cards to purchase
- A common platform to offer multiple services from a single wallet
- Secured transactions for users to recharge, pay bill or renew services
- Boost in service continuity
Benefits for operators
- An additional communication channel to interact with the end users
- Hassle free payment options improves sales
- It enables implementation of loyalty systems, vouchers, etc.
- Reduces churn and drives increased revenue opportunities with a single wallet
Elitecore was first to have introduced an e-wallet feature especially for Wi-Fi services termed as Elitecore Wi-Fi Wallet for operators; gaining first mover advantage in the Wi-Fi e-wallet gamut. With credible solution providers and wide spread access, Wi-Fi Wallet are set to become an extremely popular and convenient way to transact services and business. Seems, this wallet is clearly well poised to take over your traditional wallet in times to come!
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