Mobile wallets and mobile payments are both convenient payment solutions for consumers, but which one is the best choice for you? Let’s take a look at the differences between them to help you decide.
A mobile wallet is an app that stores all of your credit cards and debit cards on your phone. With this type of wallet, you can pay for items in store or online without ever having to reach into your pocket. All you need to do is open the app, select the card of your choice, and confirm the transaction. Mobile wallets are also an easy way to keep track of all your purchases as they come with simple-to-follow tracking features such as purchase histories, transaction receipts, and spending reports.
Mobile payments are similar to mobile wallets in that they allow you to make payments without the need for physical cards or cash. However, the main difference is that mobile payments use a technology called near field communication (NFC) which enables users to touch their phone on an NFC reader at checkout instead of swiping their cards. Mobile payments are a great way to speed up the checkout process, as they eliminate the need for you to type in your card details or sign anything.
As you can see, both mobile wallets and mobile payments offer convenience, but it’s important to understand which one best suits your needs before making a decision. If you’re looking for a more comprehensive solution, then a mobile wallet is the way to go. If speed and ease of use are your priority, then mobile payments could be the right choice. Whichever option you choose, make sure to take into account security features such as encryption and fraud protection in order to keep your personal information safe. With the right combination of features, you can be sure to make payments quickly and securely without any hassle.
If you are thinking of starting a new business or already running a business and want to accept payments digitally then you must require a mobile merchant account for accepting payments through customer's mobile wallets.
Read in brief about mobile merchant accounts on 5 Star Processing.
CIOs and CTOs from different industries believe that blockchain certainly has the potential to enhance and optimize business processes and operations.
Using blockchain, they are looking to create faster and cheaper global trading gateways with no dependence on intermediaries.Remodelling Traditional Banking with Stellar and Ripple BlockchainAt the core of this new banking revolution, there are two prominent blockchain platforms, Ripple and Stellar.These two blockchain platforms are bridging the gap between DLTs (distributed ledger technologies) and the existing financial architecture.Promoted as the “future of finance and banking,” Ripple and Stellar are creating blockchain based financial systems to address the problems the industry faces today.Ripple’s Roadmap: Revolutionizing the traditional banking system with decentralizationWhen Ripple was launched in 2013, its goal was to develop scalable, low-cost, and fast financial transactions processing solutions for banks globally.
Surprisingly, after only one year of its launch, the blockchain startup bagged Fidor Bank as its first client.
The Munich-based bank employed Ripple’s payment processing system for its regional and international customers.
It has asked to revamp domestic and international payments through xCurrent, a Ripple blockchain-based cost-effective, and transparent remittance settlement solution.In November 2018, Ripple came into partnership with one of the prominent banks in Brazil called Bradesco.
The partnership also brings on the table the Brazil-Japan cross-border payment corridor, with industry giants like Mitsubishi and MUFG entering the pact.In October this year, 60 Japanese banks controlling over 80% of banking assets in the country agreed upon using Ripple’s Money Tap mobile app.Ripple is being tagged as the blockchain technology that is gradually taking over SWIFT and VISA.
User experience shapes the products and services we use daily and can make or break the success of a business or brand.
In the digital world, where everything is shifting online.
But we have already moved a step ahead of it.
Rather than using traditional bank applications, we are now shifting to digital wallets, UPIs, card payments, and much more such ways where making payments is just a click away.
Banks have to raise their bid, and only creating a delightful user experience can do that.Importance of UX in BankingEverything is digitalThe majority of the financial transactions these days are placed via some form of digital payment, be it through credit card, debit card, mobile wallets, net banking, or UPI.
The need for efficiently designed financial solutions is higher than it has ever been.
PayPal merchant account is a kind of platform that is specially made for merchants to accept payments from customers.
It also benefits small business owners and entrepreneurs to accept payments through various modes such as debit cards, credit cards, and mobile wallets.
Learn more here in brief.
