5 reasons why Wibmo is the go-to choice in mobile payments

5 reasons why Wibmo is the go-to choice in mobile payments
25 Nov 2016

With so many options for every product and service out in the market, consumers are spoilt for choice. Each brand is increasingly looking to create an elusive ‘wow’ factor that makes them look better than the rest. And this is more so true when it comes to technical excellence.

While we all have a fair idea of what a mobile wallet is, how many of us are aware of how these virtual wallets actually work and how they make our lives easier? We’ll break it down for you. A mobile wallet is similar to a physical wallet but with added convenience. This allows you to preload a certain amount of money into your wallet and spend it at online and select offline merchants, listed with the service provider.

Wibmo, however, is more than just your conventional mobile wallet. With a variety of unique features, Wibmo has been able to set itself apart from other players through:

Wibmo is an Open Loop Wallet

Wibmo is an Open Loop Wallet

From a usage viewpoint, there are two main kinds of mobile wallets — Open Loop Wallets and Closed Loop Wallets. Closed Loop Wallets enable consumers to load money and spend it on a specific service and nothing else. For example, the Vodafone wallet fulfills the purpose of mobile recharges only. This means that you’re going to end up having multiple mobile wallets, one for each merchant or service of interest. On the other hand, Open Loop Wallets give you the added benefit of convenience across merchants. With Wibmo, you can manage all your online and select offline expenditures through one, consolidated mobile wallet. Just link your bank card to the Wibmo wallet and pay directly using the wallet.

Robust 2FA Security

Robust 2FA Security

Many are of the opinion that using mobile wallets comes with its fair share of security hassles. However, with technological advancements, this predicament has been combatted. 2FA (Two-factor Authentication) is a method of confirming a user’s claimed identity by utilizing a combination of two different components. On Wibmo, this authentication is a combination of what you have (e.g. a credit card) and what you know (e.g. the static password or OTP), making it significantly harder for others to access your money. Wibmo goes one step further by incorporating device fingerprinting with 2FA, enabling one-step payment at partner merchants with increased security.

One-step payment at partner merchants

One-step payment at partner merchants

As is the case with most transactions, paying online can get quite cumbersome. From entering 16-digit card numbers to static passwords and OTPs, it’s easy to see why online payments are annoying. However, with Wibmo’s hassle-free one-step payments, you have the security of 2FA coupled with the convenience of paying with one easy step! We constantly work on incorporating new merchants into our program, thus ensuring that we have an ever-growing network of online and offline merchants.

Prepaid card service

Prepaid card service

This one’s for all the shopping addicts who can’t seem to curb their spending. With a Wibmo prepaid card, you have the option of loading a specific amount of money into your prepaid account — so that when you shop online you have a finite amount of money to spend. The Wibmo prepaid card ensures that you don’t open up your entire savings or a full line of credit to your online transactions, thus putting a cap on your expenditure. The prepaid card service can be used to assist a variety of functions — from stipend delegation of corporate employees, to the monthly pocket money of your kids!

Ability to lock your Wibmo prepaid card for extra security
Ability to lock your Wibmo prepaid card for extra security

What if we told you that we can add another layer of security to your transactions? With Wibmo, for the first time, you can ‘lock’ your prepaid card via the Wibmo app. Once locked, your card cannot be used to make online purchases by anyone. The only way to unlock your card is by typing in your Wibmo password, ensuring that the only one who uses your Wibmo wallet, is you.

Wibmo is pioneering a drive amongst mobile wallet providers to step up security, while simplifying transactions. Wibmo has managed to stand out in a sea of mobile wallets for its remarkable features, so stay tuned for more!

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