Thursday, October 1, 2015

What is Mobile Wallet? How it works?


Mobile wallet provides you how you can boost up your business, and how you can improve your customer’s experience.
What is Mobile Wallet? MW is a solution for commercial transaction across domain and geography. Such as Osaifu Keitai, Smart Wallet, Softcard, Google Wallet, Passbook, MasterPass etc. Lots of solutions is available in market but still mobile wallets are n an early stage of market.
If we defined Mobile Wallet in One line, it is equivalent to the physical wallet (wallet in pocket) and which can be used for purchasing goods, cloths, services at any time and any location. It can be in form of ID or social security card, health card, payment card, tickets for transport, or movies or events, hotel bill, gift and coupons.

Why Mobile Wallet – Market is still doing experiments on solutions, and today’s world is not well defined with standardization process and implementation solutions for e-transactions.                                                       
How mobile Wallets Work
Equivalent money (of your wallet pocket value) stored in your mobile wallet, can be used in many different aspects. Mobile Wallet owner’s personal information is crucial to secured. In that prospective, the owner information might taken in form of number, card, password, or digital signature, thumb scan, eye reorganization or QR code or something else, to relate or link with owner personal data.

Now based on equivalent money available in mobile wallet, anyone can purchase equivalent worthy goods, services or anything.
Working as Mobile Application architect with Daemon software services, India, we have good practices and competency to build wallet services (Mobile wallet)
Top few points need to understand before moving to Mobile Wallet domain –
  1. Mobile wallet is the digital equivalent to a physical wallet
  2. Two groups of mobile wallet – Proximity & remote
  3. Based on required offer services, Umbrella wallets are loosely coupled with various services, while integrated wallets have all services fully integrated
  4. Mobile Wallet services are – payment, coupons, ticketing, access and identity
  5. Mobile wallet in daily life
  6. Mobile wallets will provide you essential customer data that can be analysed to the advantage and for business.

As a Mobility Architect in Daemon Software Services,  we are setting up new mobility practices for Mobile wallet, core banking solutions, international money transfer (remittance), mCommerce solutions.