With customers looking for integrated and seamless purchase journeys, irrespective of the mode, the lines between different forms of commerce namely in store purchase, e-commerce and mobile commerce are fast closing in. With data stacking heavily in favor of it, there is a strong case emerging for mobile commerce. As per industry estimates, globally, there are 5 billion active mobile phone accounts as against a mere 1.3 million active credit and debit card accounts. With financial services fast leveraging the explosive mobile growth, here is a handy guide to everything that you always wanted to know about Mobile Wallet Solutions and their benefits to customers and merchants alike

What is a mobile wallet?

Simply put, a mobile wallet is the digital equivalent of the physical wallet. Like a physical wallet, it stores valuables, only in a digitized form. What it needs though is effective security and permissions to access this material. These may take the form of a password, a QR code, an image or some such authentication code linked to the owner’s specific and sensitive personal information.

How a mobile wallet works: The technology

  • A Near Field Communication controller and antennae to enable mobile devices to send out account information to payment readers at points of sale
  • A secure smart card chip in the phone to store and access account information
  • An electronic wallet application that allows users to manage accounts
  • A trusted service manager that connects payment cards into mobile wallets securely

Advantages of a mobile wallet

For customers

  • The biggest advantage to customers is its convenience, with no need to carry cash or plastic money
  • The convenience also stems from the fact that it is a common payment method for both on line and offline payments
  • With a tap to pay method it makes purchases extremely easy
  • It allows for automatic redemption of offers
  • With the remotely lockable wallet feature, it gives a new meaning to security of transactions

For merchants

  • It gives way to an additional communication channel to merchants to interact with consumers.
  • With hassle free payment options, it enhances sales
  • It enables implementation of personalized loyalty programs. Businesses can create their own branded applications for customers.

With credible solution providers and wide spread access, Mobile Wallet Solutions are set to become an extremely popular and convenient way to transact business. The mobile wallet is clearly well perched to take over your traditional wallet in times to come!



Comviva is the global leader of mobility solutions catering to The Business of Tomorrows. The company is a subsidiary of Tech Mahindra and a part of the $17.8 billion Mahindra Group. Its extensive portfolio...