Millennial’s Payment Mantra — Fast. Easy. Integrative.
29 Dec 2016
Remember when people stood in line for hours to pay their bills? Now, all they need is one button and a couple of seconds. Clearly, the payment system has undergone a metamorphosis. From bartering goods and services to using virtual currency and mobile wallets, the transformation has been nothing short of magic. In fact, it demands an in-depth analysis into the catalyst driving the digital payment landscape these days — mobile wallets.
Mobile wallets — or m-wallets as they are commonly known — are increasingly becoming a part of our digitally connected world. Primarily used for mobile recharges and bill payments, they are funded through credit/debit cards or via netbanking. With India’s growing working population, Ernst and Young predicts that mobile wallets are going to witness a 60x growth in payment transactions by 2020.
How Mobile Wallets work:
This brings us to the next pertinent question, who are the primary users of mobile wallets? Not surprisingly, it’s the tech-savvy, experimentative, and multi-tasking millennials. These youngsters are constantly on the lookout for tools and gadgets that can help make their lives easier, simpler, and more productive. This is precisely why m-wallets are striking a perfect chord with the millennials.
Research also suggests that millennials prefer mobile wallets that not only provide payment functionalities, but also offer non-payment advantages. Some of these include alerts and notifications to spending limits, integrated discount coupons and loyalty cards, and secure transactions. This is where Wibmo’s expertise comes into play. Being India’s first shared mobile payment ecosystem, Wibmo’s mobile wallet provides users diversified features such as e-Commerce security and one-step payment services so that users can shop, transfer money, and pay bills seamlessly.
So why are the millennials betting big on mobile wallets?
With m-wallets fast-changing the digital payment landscape, we pride ourselves in enhanced data security and privacy. And for good reason. We offer solutions that are engaging, flexible, and creative — the very same characteristics can be used to define the millennials as well. We think it’s safe to say that mobile wallets and millennials are a perfect match made in heaven. Don’t you agree?