Over a period of time, the adoption of smart phones or mobile technology has increased with a great pace. Therefore, sooner or later it will begin to impact that how a consumer will make payments. To know more about this, you must understand about mobile wallet technology as it can stresmline the proces of online payments. Generally, mobile wallets utilizenear field communication (NFC) chips fixed inside cell phones and tablets to transmit payment information.
When an individual uses mobile wallet to pay for the bills, he simply needs to open the application, enter the pin and select the payment account. Many a times, customers also get special discounts and other rewards and it adds to the advantage of using mobile wallet.
There are number of benefits of using mobile wallets as it:
- Offers less charges as compared to traditional fund transfers
- Encourages the convergence of mobile network
- Motivates service provides to bring innovative modules in mobile market
- Eliminated the need to handle cash everytime
- Provides more security than any other method
Mobikwik is a preeminentmobile wallet that serves as a single platform for making online paymentsfor online recharge (such as Airtel recharge), electricity bills, along with other grocery payments by creatingan online prepaid account for a customer, helping him save money for future use.
According to current market situation, Mobikwik claims to be the largest mobile wallet in India as it successfully turnsuser’s wallet into fully fledged saving account. It simply implies that the customers can also earn some interest on their deposits.
Mobikwik facilitates 3 Lakh transactions in a day. Most recently, it is found that Mobikwik wallets also help you in paying bills in some of the famous restaurants namely café coffee day, ultimately reducing the use of cash and plastic money. Thus, it is has the largestbase of digital wallet users who trust the secure methods of the company. Owing to the secure online bill payment platform offered by Mobikwik, it is attracting attention of many first-time internet users as well. The key feature of using Mobikwik is that you can upload bulk money in mobile wallet once and can use the same at multiple places based on your needs with a convenience of single click.
The payment tool offered by the company automatically updates the information and also indicates the reward points gained by the user at the end of the purchase. It also provides theflexibility to choose any bank, credit cards or debit cards. The consumer can also collect favorable rate of interest and redeemable coupons after using themobile wallet. With the increase in demand, Mobikwik is planning to extend its resources across various channels including SMS, Apps, or web itself.With current turnover of around 1 billion rupees, Mobikwik intends to reach out to 945 million internet users of the country. After collection of significant amount of funds, the company will allocate the money in innovation of product development team and marketing up certain operations.
