There is a significant role of NFC and mobile wallet technology in mobile payment market. Let's discuss how adoption of this technology will benefit us and what the future will hold for us.
There are many players in mobile payment market who have different perspectives but do acknowledge that long term viability is possible through creating alliances and partnerships. The future holds bright for the mobile payment technology as we are going to see the replacement of cards by mobile phones sooner than expected.
But if there are questions of how and who would the technology benefit the most, the top five beneficiaries of the technology would be mobile operators, banks, technology companies, consumers and merchants, amongst them the consumers would top the list. They will generally benefit because the technology provides them ease and convenience to pay for and save on the products they want. Next the merchants who get more ways to offer coupons and loyalty programs to customers.
Following are the ways how NFC and mobile wallet technology would benefit us:
By bridging the gap between online and offline commerce
Through Smartphones, NFC and mobile wallet technology also bridge the gap between offline and online commerce and allow merchants to offer coupons and loyalty programs saving money as well as time. The technology enhances the physical store front with tailored digital experiences for both the worlds.
By reducing fraud
NFC technology facilitates secure contactless payments and can reduce fraudulent financial activities significantly. This is because the consumers NFC payments take place on chip level and PIN network as normal credit and debit card transactions. There is a payment limit on single transactions also.
By enhancing user's experience
Enhanced services such as paying bills, purchasing products, and transferring money through a mobile device that make consumer's lives easier and more convenient, always adds value and benefit to their experience, saving users both time and money. Mobile wallets, for example, enable consumers to control of their financial situation and minimize the risks and uncertainties of handling money, motivating them to utilize an operator's mobile service.
By motivating consumers discover the convenience of technology
Since the world of mobile commerce is evolving there is a big subscriber base, operators can reach new customers and motivate more consumers to discover the convenience of mobile payment solutions and increase the customer relationship. Next the operators can offer services that customers want to use on a regular basis.
Additionally, this technology has also pleased leading Smartphone manufacturers such as Apple and BlackBerry. Mobile phone manufacturers are also likely to enhance the capability of platforms and OS of mobile handsets in a significant way.
Next generation mWallet products are uniquely positioned in the market to assure the merchants, operators and financial institutions to offer their customers the convenience and benefits of the NFC and mobile wallet technology.
Shashi K Singh is a social media manager with vast experience, now working for Next Generation mWallet products and services provider, an emerging leader in the space of mobile financial services & mobile wallet Payment Solutions.
Click here http://www.xpwallet.com/AboutUs.html for details for Next Generation mWallet products and services.
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