Mobile wallets are the next big thing to have come out since smartphones. But what is a mobile wallet and why is it such a big deal that Thailand’s famed Chatuchak Market decided to embrace it as their main mode of payment?
What is exactly is a mobile wallet?
Think of your real wallet. And then think of your wallet existing in your smartphone. That’s pretty much it. Mobile wallets are essentially a digitised version of the physical wallets that you carry. These allow you to make payments and purchase electronically. Mobile wallets can also be used as a storage device for other important things such as your driver’s license, loyalty cards, and even hotel key cards.
What can I use a mobile wallet for?
One of the many things that it can do very well is store payment information. This means that you can use a mobile wallet to shop online just like you use a credit card and buy from merchants that are listed with the mobile wallet. You can also pay bills and send money to your family and friends. Watch the video below to see the mobile wallet- Progresif Pay in action.
Why should you use a mobile wallet?
1. Mobile wallets are the next level when it comes to convenience.
You can use it to pay for goods and services with your smartphone, smartwatch or even your tablet.
2. Mobile wallets are more secure.
Fraudulent activities, like identity theft, are harder to initiate with mobile wallets because most smartphones come with fingerprint security or facial recognition. The high level of encryption on mobile wallets makes them safer than carrying a credit card and a lot safer than cash. They also use encrypted payment codes instead of your account numbers for transfers and payments.
How fast are mobile wallets growing?
Mobile wallets are growing really fast. Just have a look at the stats below, compiled by Statista to get a sense of how quickly they are becoming the norm.
How can you get your own mobile wallet?
We’ve made our very own mobile wallet called Progresif PAY and you can get it on Google Play or the Apple App Store. All you need is a Progresif line, your IC details and a quick trip to any Progresif stores to activate your Progresif PAY account. Watch this video to find out Progresif PAY features.