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What is a Mobile Wallet?

This is the first question people ask when I mention mobile wallets. A mobile wallet is simply all of the contents of your wallet stored within your mobile device – this includes your traditional payment solutions (debit/credit cards), vouchers, loyalty cards, tickets and even membership cards, which can all be digitalised and easily accessed on your smartphone.

Card payments rapidly replaced the cheque book and the number of cash transactions within the UK is in decline from 21bn in 2012 to a predicted 14bn in 2022 (Payments Council).

However, with smartphone penetration in the UK expected to reach 75% in 2014 (IAB), mobile wallets will soon replace the need for carrying anything other than your mobile device.…

Mobile wallet payments

Mobile Wallet Benefits

The obvious advantage of this technology to the consumer is ease – it will allow consumers to instantly pay bills and purchase goods in seconds via their mobile device, rather than logging into their account and entering their banking details. The only device people will ever need to perform tasks such as those noted below will be their smartphone:

  • Purchase goods
  • Get online
  • Send emails & texts
  • Access social media
  • And possibly on the rare occasion – make a phone call

However, businesses of all sizes will be the biggest benefactors from mobile wallets. The benefits of becoming a virtually cash free environment will remove the chore of daily banking, it will allow both online and offline business to become 24/7 operations with goods being purchased out of hours from static QR Codes in shop windows, magazines or even adverts in bus stops. It will speed up the turnaround time at the checkout; dramatically reducing the time we wait around, in a world where waiting just isn’t a viable option.

TfL’s recent decision to stop accepting cash on their buses only bolsters the fact that traditional payment methods have quickly become prehistoric and that the new age of convenient payment solutions is already with us, making the smartphone an increasingly integral part of our everyday lives.

Oxygen8 can provide a range of innovative payment and mobile wallet solutions designed to engage with customers and monetise your business. With our e-Money licence, Oxygen8 can also provide payment services without the need of a traditional bank.

During a FREE consultation with one of our specialists, we can ascertain which of our payment solutions will add most value to your businesses and empower you with the future of customer transactions, today!

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