Mobile Payments and Mobile Wallets have taken the digital payment system to a whole new level. While both are used for making digital payments seamlessly, there are some distinct differences between these two technologies. Here is what you need to know about Mobile Payments vs. Mobile wallets:
Mobile Payments refer to any electronic transaction of money which happens over a mobile device. The most popular form of Mobile Payments is carrier billing, where the user’s phone bill is used to pay for goods or services acquired through his/her smartphone. Other examples include contactless payments using NFC technology, app-based payments and remote payments such as those made with Paypal.
On the other hand, Mobile Wallets are a form of virtual wallet that store payment information such as credit/debit cards, loyalty programs and other related data. By using a mobile wallet, users can pay for goods or services without having to enter their card details every time they shop. Although Mobile Payments do not require physical wallets, Mobile Wallets are designed to make payments simpler and more secure.
In conclusion, Mobile Payments and Mobile Wallets are both digital payment solutions that help users make seamless digital payments conveniently. While Mobile Payments involve electronic transactions of money over a mobile device, Mobile Wallets store data such as cards and loyalty programs to simplify the checkout process. Both technologies are being increasingly used across the world to make digital payments easier and more secure.
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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.
