Mobile Wallets in 2018

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Mobile Wallets in 2018

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Tired of carrying a bunch of credit and debit cards in your wallet and pockets? Mobile wallets are the perfect solution to this trouble. Mobile wallets are different than the digital wallets, the primary difference being that the latter can be used on a variety of devices like desktops, laptops or any mobile devices but the mobile wallets can be used via an app on your mobile device.

The different mobile payment wallets developed by companies not only manage the debit and credit card transactions but also can track additional features like customer loyalty programmes and gift cards. Many newer features are being added constantly to remove the use of plastic money that needs to be carried at all times.

Security Concerns

The question of security always presides while using these gateways but the modern wallets let you make the payments in a manner which would be more secure than using your debit and credit cards. The apps use various encryption technologies which make them absolutely secure and convenient. Some of the prominent mobile wallets in 2018 are:

Gyft– This platform lets the users buy, send, manage and even redeem gift cards from a wide variety of retailers using just your mobile phones. It was launched in 2012 and was acquired by First Data Corporation (FDC) which is a global payment technology company.

Venmo – This company came into being after the founders lost their wallets and thus popped the idea of a way to send money using their mobile devices. The app was released in 2010 and Paypal now owns it through a host of acquisitions. They charge a nominal fee from the users to make payments from the users’ phones.

eWallet – This app is not free, unlike others but it gives the users the ability to encrypt and store financial data and account numbers. It gives access to all this data by using just one password or touch ID. This being a paid app, comes with various features which keep the users’ security needs as its priority.

There are a variety of mobile wallets worldwide and newer ones are coming up very often. Gradually the cards will give way to mobile wallets and the mobiles will be used for every kind of purchase. Matrix Media Solutions provides specialized services in creating similar apps and app of all other kinds.

June 08, 2018

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