Online Wallets : The India 's Largest Electronic Commerce Firm Essay

Mobile payments are defined as payment services operated under financial regulation and performed from or via a mobile device, namely a cell phone. The use of mobile payment is a substitute for traditional forms of payments. The idea to use non-coin-based currency systems has been developing for years yet it is only now becoming popular. Nowadays, most phones are produced from three or four companies due to economies of scale. This has meant that having five or six mobile payment apps is feasible and profitable due to network effects. If there were a hundred mobile payment apps, less people would use them because it is likely that no two people will have the same app, and thus it cannot be used for

The most important payment app is Applepay, which is famous and well-known throughout the world. Applepay not only shows its simpler payment, but is also makes consumers account become higher security. From the interviewing , people also hold the good view on Applepay because Applepay truly bring more advantages and convenience to them. Then trend that outweigh people are choosing Applepay is soaring. It is a fact that Applepay definitely enhances people lives quality.

- Customers can get online or use smartphone application to manage account, pay bills, etc. from anywhere in the world.

More and more people before deciding to purchase goods used to check offers via smartphones or tablets. The world 's total number of sales of such devices exceeded the number of desktops.[1] Technological development and high availability of new solutions contributed to the increase in customer expectations to its relations with the bank. The ability to use the money anywhere, anytime in an easy and convenient way for customers has become natural. Mobile payments is big innovation which has some a lot of good coins but it has some threats and limitations about which I will consider and analyze in my literature review.

How does a generic digital wallet work? What typical features does a digital wallet offer to users? (2 mark)

A step further from using internet and near field communication (NFC) for authentication, reliability and convenience using mobile UID’s. One such system platform is PayTM. Using PayTM ’s flexibility in using different modes of payments to highlight benefits of using such a common interfacing technology. Keeping that in mind, business model of PayTM as a reference a common digital wallet interface is a possibility for future use. Within the model the wallet stores the amount in currency units which is used to make payments/purchases online and offline. The amount is credited using the Credit, Debit card, fund transfer or Kiosk payments. Using wallet acts an extra layer for information security, ending need for a payment gateway during the actual transaction as the buffer memory of the mobile device itself stores the information which updates periodically as and when the device connects to the internet, matching transactions with online cloud server. With the wide array of options for connecting to the internet including public, dedicated wifi and data connection it is simple, affordable and much more achievable goal.

In January 2014, SmoothPay was first launched in Toronto, Ontario offering mobile payments with integrated functions such as customizable loyalty programs and solutions. In addition, this company’s network has reached over 5,000 users and 100 merchants in their well connected partnerships and community in less than two years. Despite this achievement, only a low percentage of consumers are using their smartphones to make their daily purchases across Canada creating difficulty in further promoting SmoothPay’s business. However, SmoothPay has focused in highly populated areas, such as universities. Therefore, this strategic decision has increased some brand awareness. Since this product let consumers to easily connect with their payment accounts, such as Visa, MasterCard, and PayPal, many have benefited from using SmoothPay’s quick and

Flipkart.com, first Internet Company to a billion dollars valuesof the country, is certainly in a perpetual state of excitement. With 2,500 people, daily sales touch a crore. Flipkart has become synonymous with retail online books and large-scale e-commerce in India. And the key to business success lies in its model of payment on delivery that has overcome the reluctance of the average Indian consumer and builds trust.

For many years, people have been waiting in anticipation for the opportunity to use mobile payment as the everyday way to pay for merchandise. As of late this anticipation has grown because on of the largest producers of smartphones are integrated the technology to do so in its newest phone release the iPhone 6 and iPhone 6 plus. Apple has one of the largest market shares of smartphone users standing at a market share of 41.3% in the three months ending in January 2015 according to Jason Hahn. With this release the mobile payment buzz truly took off. Since this release many companies had started offering pay stations that allow for this type of payment method to be accepted. As a result, it is not a surprise to anyone that many of the largest well known companies such as Visa, MasterCard, AT&T, and Verizon have increased their mobile application presence.

You know consumers want the convenience of using digital wallets. More and more people are turning to mobile payment options. Nearly three out of four people trust their “traditional card” providers over other options, according to Accenture Research. Their

Zoona is the leading low-cost mobile money provider in Zambia. The company’s core product is a mobile-based Zoona account. Transactions are processed through a network of Zoona entrepreneurs, enabling them to process money transfers, pay suppliers, and access working capital financing. These Zoona entrepreneurs provide members of the public the service’s end users with a quick and safe money transfer service, along with third-party cash-in-cash-out (CICO) services. The Zoona back and middle office teams are based in Cape Town South Africa, with operations teams working in Zambia, Mozambique and Malawi. The company is planning to expand into several new markets in the coming years. “(GSMA Mobile for Development, 2014)”

Cashcloud’s mobile eWallet application is available for Apple iOS and Google Android smartphones. Money transfers can be done in real time and without cost for private users. Money can be easily transferred using social networks like Facebook or Twitter. Cashcloud also allows customers to collect ‘cashcredits’, a virtual currency. Cashcredits can be collected by being part of the cashcloud scheme and via social media interactions and then swapped for real eMoney or used to make payments.

Online payment processing services perform transactions at a much greater speed than manual processing. As well as ensuring error-free computations and faster processing time. Which means

a) Ekster is a revolutionary product. According to me this product if launched, will be successful . Its all about the capturing the customer insights and acting on them. Most of the products these days are launched to reduce the human effort and this is why they are readily accepted by the consumers. A well-executed launch is the chance to grab customers ' attention and make a strong impression with the product. This wallet can be used to track the cards and phones even when it is on silent mode. According to Daniel Waldman, president of PR and marketing firm Evolve Communications "Product launches are tricky because, unlike other marketing efforts, you really only have one chance to get it right, There 's not a

The banking industry has seen an unprecedented growth, and the reason for this is due to the technological developments that provide many new platforms for traditional banking services (Sohail and Shaikh,2008) . Mobile banking applications consider the latest edition to get the financial transactions through Smartphone.