How Would NFC And Mobile Wallet Technology Benefit Us?

There is a significant role of NFC and mobile wallet technology in mobile payment market. Let's discuss how adoption of this technology will benefit us and what the future will hold for us.

There are many players in mobile payment market who have different perspectives but do acknowledge that long term viability is possible through creating alliances and partnerships. The future holds bright for the mobile payment technology as we are going to see the replacement of cards by mobile phones sooner than expected.

But if there are questions of how and who would the technology benefit the most, the top five beneficiaries of the technology would be mobile operators, banks, technology companies, consumers and merchants, amongst them the consumers would top the list. They will generally benefit because the technology provides them ease and convenience to pay for and save on the products they want. Next the merchants who get more ways to offer coupons and loyalty programs to customers.

Following are the ways how NFC and mobile wallet technology would benefit us:

By bridging the gap between online and offline commerce

Through Smartphones, NFC and mobile wallet technology also bridge the gap between offline and online commerce and allow merchants to offer coupons and loyalty programs saving money as well as time. The technology enhances the physical store front with tailored digital experiences for both the worlds.

By reducing fraud

NFC technology facilitates secure contactless payments and can reduce fraudulent financial activities significantly. This is because the consumers NFC payments take place on chip level and PIN network as normal credit and debit card transactions. There is a payment limit on single transactions also.

By enhancing user's experience

Enhanced services such as paying bills, purchasing products, and transferring money through a mobile device that make consumer's lives easier and more convenient, always adds value and benefit to their experience, saving users both time and money. Mobile wallets, for example, enable consumers to control of their financial situation and minimize the risks and uncertainties of handling money, motivating them to utilize an operator's mobile service.

By motivating consumers discover the convenience of technology

Since the world of mobile commerce is evolving there is a big subscriber base, operators can reach new customers and motivate more consumers to discover the convenience of mobile payment solutions and increase the customer relationship. Next the operators can offer services that customers want to use on a regular basis.

Additionally, this technology has also pleased leading Smartphone manufacturers such as Apple and BlackBerry. Mobile phone manufacturers are also likely to enhance the capability of platforms and OS of mobile handsets in a significant way.

Next generation mWallet products are uniquely positioned in the market to assure the merchants, operators and financial institutions to offer their customers the convenience and benefits of the NFC and mobile wallet technology.

Shashi K Singh is a social media manager with vast experience, now working for Next Generation mWallet products and services provider, an emerging leader in the space of mobile financial services & mobile wallet Payment Solutions.

Click here http://www.xpwallet.com/AboutUs.html for details for Next Generation mWallet products and services.

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How To Choose The Best Mobile Wallet Solution Provider

Choosing the right mobile wallet solution for your business is challenging. There are quite a lot of payment solution providers in the world who promise to offer the quality services at an affordable rate. So how do you choose the best mobile wallet solution provider for your business? How do you know which provider is reputable and which one is questionable?

Choosing a provider to process your mobile payments is one of the most important decisions you will make as a business owner. In case you choose a wrong service provider and pay high rates and fees, you probably will receive low quality service and be stuck with a payment solution that does not fulfill your business requirements. So choose the right provider and obtain a competitive advantage.

It is important to remember that choosing a payment solution provider is a key decision as it affects your business revenue growth. The checklist below will enable you put the right questions before your service provider and make well-informed decisions.

Choosing a mobile wallet solution provider checklist:

# 1. Ensure your POS terminal or mobile payment application conforms to PCI DSS compliance standards

# 2. Ensure your mobile wallet solution provider provide professional customer service

# 3. Ensure your mobile wallet solution provider can provide professional technical support

# 4. Choose a provider that provides products with easy-to-use payment-processing services

# 5. Choose a provider that provides the highest security for their mobile payment applications and processing payments

# 6. Beware of hidden costs and ensure your mobile wallet solution provider disclose all fees in writing

# 7. Flexibility and security are essential, so ensure that the mobile payment applications you are considering offer both

Some other points to remember:

• Is personal data held in safe hands? After the customer's data is processed it should be encrypted.

• Can the customer disable the device or payment application if it is lost or stolen so that unauthorized payment processing can be prevented?

• Also ensure regular transaction activity is monitored because the normal transaction activity is directly prone to suspicious activity.

Once you have completed your upfront research and formalities, ensuring their solutions meet your requirements, you should look forward to negotiating and finalizing a deal.

As the mobile phone applications market is ever-changing where practices are continually being revised. Featuring in the most current news is the best way to make sure your mobile payment services are widely available and prominent.

Finally, when searching for the best mobile wallet solution provider you can use your favorite search engine to lookup.

Shashi K Singh is a social media manager with vast experience, now working for xpWallet - Next Generation mWallet products and services provider, an emerging leader in the space of mobile financial services & mobile wallet Payment Solutions.

Click here for details for Next Generation mWallet solution provider.

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Mobile Wallet Expanding Digital Payment Experience

The way we pay for our purchases has evolved time and again. Earlier we would pay through cash or check, then the credit and debit card emerged as the most preferred payment options. Now, the world is witnessing another advanced wireless technology in the form of digital payments. The Mobile Wallet also called the Digital Wallet is an application in mobile devices which allows consumers to make payments via wireless technology, without cash or a credit or debit card.

Mobile wallets have been around us for a long time, and the ubiquitous technology also has its acceptance in several different parts of the world. Though, it is yet to be adopted by the entire world. Here are some ways how a mobile wallet is expanding the digital experience of the consumers:

- To use mobile phone as a payment system

- To store all of the plastic money inside a mobile phone

- To store numerous loyalty cards in the mobile phone

It is remarkable that the mobile wallet users are getting the absolute convenience through the mobile wallet, but security is the main fear that compels them to doubt for a while if they should fully rely upon it for all their financial transactions. There is no denying the fact that the service providers must assure their customers a strong sense of security, and then only there will be a wide acceptance by the mobile communication world.

Another significant thing is that using a mobile phone as a mobile wallet is arguably much safer than carrying a leather wallet. With security features like remote locking, data encryption, memory protection and passwords keeping information are quite safe on the mobile device.

However, the other side of this mobile phone technology cannot be ignored. Though, it is advance, modern and based on the latest technology, users still have to follow the same old traditional approach to cancel their card if they lost their phone.

In conclusion, the latest advancement in mobile phone technology has the immense potential to end the era of the leather wallet, allowing users to have almost every card or money that they would ever need in the palm of their hand.

Next generation mWallet has everything to ensure an enhanced and comprehensive digital experience and replace your leather wallet with a mobile wallet. Next generation mWallet has designed its products not only to bring more customers on board, but also to make them feel valued with the services provided.

However, it is yet to be seen how the world adopts the digital payment experience and which mobile wallet delivers the best digital experience.

Shashi K Singh is a social media manager with vast experience, now working for xpWallet - Next Generation mWallet products and services provider, an emerging leader in the space of mobile financial services and mobile wallet Payment Solutions.

Click here for details for Next Generation mWallet products and services.

View the original article here

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