Who Will Benefit from Mobile Wallets?

Added 7 months ago     By Jenine Jay Bufi



Financial Technology continues to make its mark in the lives of consumers. FinTech is defined by Investopedia as “any technological innovation in the financial sector” that includes “advances in financial education, retail banking, investment and crypto-currencies”. It now reaches the unbanked sector which is one of the main purposes of Fintech.

Other than the unbanked sector, Fintech has also reached students and families separated by distance. One of the innovations of financial technology are mobile wallets. The digital or mobile wallet (sometimes called an e-wallet) is an app that can function within a smartphone and aims to replace carrying cash or checks. It also stores all your credit and debit cards for you. Having a mobile wallet can make you feel secure because you can keep your credit cards (which contain some of your personal information) at a very safe place.

Mobile wallets will soon start a cashless society but who will greatly benefit from these mobile wallets?

 

  1. Parents

Parents can greatly benefit from mobile wallets because they can be busy during the day. Homemakers can be preoccupied with their kids and household chores therefore going out to pay bills can sometimes be a hassle. Parents who have mobile wallets can easily pay bills with just a few taps.

 

  1. Students

There are some students whose parents are in a different country. Paying their own tuition may be a part of their monthly routine. Some students will go to a remittance center or a bank to get the funds and pay their tuition. With mobile wallets, parents can send funds to their daughters/sons and let their children pay their tuition – they can either pay it thru the app or cash the funds out.

 

  1. Busy People

Working people tend to forget their bills or pay their bills a bit late. With a mobile wallet, they can easily pay bills or merchants using the app. No need to commute, or wait on long lines.

 

Mobile wallets can benefit consumers because it simplifies transactions. People don’t need to search their bag for certain amounts of cash. They can easily pay with their smartphone.

As a rapidly growing innovation of Fintech, mobile wallet will surely change how the world does its payment.

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