Tag: mobile wallets

Device maker partners with Visa and TranServ to launch new mobile wallet

Micromax, a developer of mobile devices, has partnered with Visa and TranServ to push mobile commerce among consumers. The company will be integrating a new mobile wallet, which will be powered by solutions designed by Visa and TranServ. The new wallet will allow consumers to use their smartphones to make payments online and in physical stores. Micromax has begun to focus heavily on mobile payments in order to ensure that its overall service strategy is beneficial for consumers.

Payments are now very important for companies in the mobile space

According to Micromax, payments have become a very important part of the mobile space. The demand for mobile payment support has grown significantly among consumers. If companies cannot offer such support, they may risk falling behind their competitors that are launching new services to consumers. Through its partnership with Visa and TranServ, Micromax believes that it will be able to provide consumers with a unique service that will be well received and capable of meeting the needs of its customers.

Mobile wallet will allow consumers to pay for products with their mobile devices

Micromax customers using the new mobile wallet can pay for products using their mVisa cards to make payments. Currently, the majority of these transactions are likely to be made online, as relatively few retailers have invested in the technology needed to support mobile payments in physical stores. IN the future, this is likely to change due to the increasingly important role that mobile commerce is playing in the retail space.

Micromax will have to ensure the security and convenience of its mobile wallet in order to find success

The mobile wallet from Micromax may be well received among consumers if the service proves to be secure and convenient. With the aid of Visa, security may not be an issue due to the company’s tokenization technology. This replaces consumer financial information with digital tokens that can be used to authorize a payment. Ensuring that the mobile wallet is easy to use will be one of Micromax’s major priorities if it wants to find success in the mobile commerce space.

Mobile wallets are electronic accounts that enable people to manage their bank accounts through their cell phones. Their working is based on the NFC technology. They are considered a revolutionary trend in the Digital Payments industry. One can make bill payments and online purchases, while on the go. Increased adoption of smartphones, tablets, and other mobile technologies has transformed the ways in which customers make payments. Java-enabled and internet-based phones were used sparingly before the advent of smartphones because their usage was limited to SMS and calling options. Carrier charges were high during that time, which had led to reduced usage of mobile wallet services. In recent times, high competition in the Telecom market and an increase in adoption of smartphones and value-added services have propelled overall market growth considerably.

Global Mobile Wallet Market 2016 report has Forecasted Compound Annual Growth Rate (CAGR) in 36.8% value for particular period, that will help user to take decision based on futuristic chart. Report also includes key players in global Mobile Wallet market.

The market report, titled Mobile Wallet Market 2016, is an analytical research done by QY Market Research study based on the Mobile Wallet market, which analyzes the competitive framework of the Mobile Wallet industry worldwide. This report “Worldwide Mobile Wallet Market 2016” build by the usage of efficient methodical tools such SWOT analysis, the Mobile Wallet industrial 2016 study offers a comprehensive evaluation worldwide Mobile Wallet market.

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About the Report

The latest report highlights the fact that mobile wallets eliminate the need to carry physical wallets while on the go. Mobile wallets ensure more security than cards or carrying cash, especially when traveling, and also offer many other benefits like remote locking, data encryption, memory protection and password control.

“With mobile wallets, the cash is stored on the mobile device, which bypasses the bank in the transaction and reduces the transaction failure rate significantly,”.

The Mobile Wallet market size is estimated in terms of revenue (US$) and production volume in this report. Whereas the Mobile Wallet market key segments and the geographical distribution across the globe is also deeply analyzed. Various Mobile Wallet market dynamics such as growth drivers, restrictions, and the future prospects of each segment have been discussed in detail. Based on that, the Mobile Wallet market report determines the future status of the market globally.

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Covered in this Report

This report covers the present scenario and the growth prospects of the Global Mobile Wallet market for the period 2015-2019. To calculate the market size, the report considers the total revenue generated from retail transactions. These transactions include mobile commerce transactions, mobile ticketing and purchase of mobile coupons, money transfer, and micropayments.

Global Mobile Wallet Market 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. It also covers the market landscape and lists growth prospects. The report includes a discussion of the key vendors operating in this market.

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Furthermore, the report emphasizes the increased awareness about mobile wallets among consumers, which is expected to help sustain market projections through the forecast period. The average consumer is becoming savvier with regards to NFC, and other technology necessary for mobile wallet-based transactions.

“Increased awareness and the overall convenience of the technology is expected to increase the adoption of m-commerce, thus leading overall growth in the Global Mobile Wallet Market in the coming years,”

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