Mobile Wallet Is More Than Just A Wallet!
Mobile wallets could be regarded as an essential marketing platform for trading. These are substantial communication channels and can know and utilize the physical location of users using technologies such as the Global Positioning System (GPS). Another approach that marketers have exploited a lot is that of data that offers information to develop customized promotions and loyalty programs through targeted communication. What’s fascinating is that Mobile wallets will have the potential to interact with the ‘Internet of Things' in the coming years. What advanced security measures are needed?
In order to know about the growth of the digital payment market let us consider its hike in the Indian scenario. Earlier, most of the online transactions made were related to ticket booking or mobile recharging. However, with the global outbreak of the technology sector, India has obtained huge benefits. Infrastructure was set in place to support digital payments as people realized the potential in the region. Currently, India has many mobile wallets contesting market share.
The growth of the mobile wallet market is not just limited to India, but worldwide. Some of the major factors for market growth are:
● There has been a rapid penetration of smartphones, especially across the developing economies, along with the setting of telecom infrastructure, which has led to organizations in this space discovering opportunities frequently in respect of penetrating a region.
● Governments all over the world gave full support to these companies, which ultimately helped promote the growth of the market.
● Mobile wallet service providers, to increase the user base, provide various rewards to existing customers. It ultimately helps them in developing their market share to a considerable extent.
● As all demographic groups use smartphones to a large extent, people have realized that it is convenient to use this system which, in turn, increases the attractiveness of the market.
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