With the customary advancements in communication technology, the interpersonal communications have transformed in many dimensions. Likewise, the various developments in payment methods have also created some profound changes in people's day-to-day financial transactions. This is the reason why the latest mobile wallet technology is all set to replace the conventional wallet trend and harness the power of mobile phone technology.
The growth in mobile phone technology is in parallel with the growing popularity of Smartphones and tablets. As mobile payments are becoming an essential part in everyone's everyday lives, it is certain that it will also penetrate in other areas like commerce. If people argue that mobile commerce is a long way to catch on with regular users, they must believe in the fact that the mobile commerce has already generated billions of dollars. Very soon, mobile wallet will be leading the world for almost all the financial transactions.
Nearly 2.5 billion people in the world who have no access to banking services use a mobile phone. That is there the companies have a window of opportunities. Mobile payment solution will be a significant help to connect these people and enable them to enjoy banking like services. All the business entities including telecom companies, banking and finance institutions, merchants and retailers, and mobile payments service providers are geared up to harness the power of mobile phone technology.
A mobile wallet can store everything such as money, cards, loyalty coupons, transaction slips, etc. and enables the users to access a wide variety of financial services. In various findings, the mobile wallets have shown strong growth, suggesting that people are moving away from card payments and towards mobile payments. This is also apparent by the fact that, a large section of mobile users now prefers mobile payments.
Though, Smartphones having mobile wallet feature offer many payment options such as NFC payments and web-based payments, but the fact that even a basic cell phone is capable of performing SMS-based payments. Mobile phone technology allows users in remote or rural areas to use their phones as their local branch to get access to the cash they have in their mobile's store-value account, and transact anytime and anywhere.
In fact, mobile payment revolution is in its early stage and only around 100 mobile payment solution systems are operating in the world. Few of them, however, are claiming to have the built mass users in their countries. Some experts are saying that soon, mobile wallet technology will be bigger than all the existing mobile phone technology. If that prediction comes true it is much beneficial than ever to go mobile and harness the power of mobile phone technology.
Thus, when looking to harness the significant potential of mobile phone technology, 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.
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