Though a large percentage of market shares might be uncertain over mobile wallet payment systems, the industry experts believe that mobile payments will definitely change the payment methods in the entire world. Thus all the major players in this new mobile payment world including the telecoms, technology and financial industries will unquestionably be experiencing a revolutionized role.
According to a survey report by Gartner forecast, 448 million mobile users will be transacting $617 billion worth of business by 2016. As per another survey conducted in 2010 by Forrester survey in the United States, 18 percent of respondents preferred mobile payments. In 2012 when the same survey was conducted, 30 percent of respondents were interested.
Let me introduce the top five mobile wallet payment applications that enable telcos, merchants and financial institutions to accelerate revenue growth and provide their customers a secure and seamless experience for all kinds of mobile payments:
Merchant Payments is a mobile payment infrastructure for merchants that provide them capability to allow their customers to make payment for all types of goods and services via mobile wallet. It allows consumers to pay for both in-stores as well as online purchases using Smartphone, NFC phone, and POS machine.
Utility Bill Payments
Utility bill mobile wallet payment application enables utility service providers to offer their customer instant payment services for utility bills. Mobile wallet users can receive, view and make instant payment for utility bills such as Electricity, Gas, Telephone, Water, and Internet bills through mobile phone over secure Internet, USSD & SMS or through the channel partners.
School Fee Payments
School Fee is a unique mobile wallet payment application especially for financial institutions, telcos and schools. The application enables users to pay fees directly to the bank account of the school or education establishment through a mobile phone.
Parking Fee Payments
Mobile Pay Parking is a mobile payment application that offers a cashless form of vehicle parking management. The application enables city councils and vehicle parking owners to offer convenient, trusted and secured parking system to both mobile wallet and non-mobile wallet users. It also allows its pay parking application users to throw away paper tickets, get rid of long waits and rushing for cash to pay for parking.
NFC (Near Field Communication) is a wireless communication technology. In mobile payment application, NFC enabled devices can make cashless payments and other transactions just with a simple tap. The application is useful for merchants, retailers, financial institutions, and mobile operators to boost their business and provide their customers fast and secure and convenient payment services.
According to me mobile wallet payment applications should get recognition for its adoptive and innovative functionality. Therefore, it is important for the application developers to build such application that can create win-win situation for merchants, operators and consumers.
I have listed a few impressive products of next generation mWallet here. Just give them a try!
Thus, when looking to well-to-do mobile payment applications, just click here http://www.xpwallet.com/AboutUs.html and discuss about the latest and unique mobile wallet products.
Shashi K Singh is a social media manager with vast experience, now working for xpWallet - Next Generation mWallet products and services provider, an emerging leader in the space of mobile financial services & mobile Payment Solutions.