Research by Mahindra Comviva, a global leader in providing mobility solutions and the Aite Group indicates that mobile retail commerce is currently a boom market – growing at 44 per cent. More specifically, experts are saying that digital wallets will lead the mobile ecommerce as it ensures a safer transaction compared to other means of commerce. Speaking on the issue, Ron Van Wezel, who is the Aite Group Senior Analyst, mentioned that using digital wallets allow consumers and businesses to trade without any limitation of specific sales channels. He explained that digital wallets provides extra security and is very much convenient as it can be used online and offline.
Mahindra Comviva and Aite Group launched a study which looks at the growth and uptake of digital wallet services worldwide and also focusing on the e-commerce sector. The study report, which is tagged as the whitepaper and focuses on the impact of digital wallets in e-commerce. Additionally, the whitepaper looks at the different stages of growth that has been witnessed by the sector of mobile wallets and also methodologies adopted by various mobile wallet participants such as banks, original equipment manufacturers (OEMs), mobile network operators (MNOs), merchants, and third-party providers, and further discusses the future opportunities for these participants.
Some opportunities currently existing the industries opportunities for financial institutions to improve and deepen their customer relationships. The development and growth of majority of al wallet technologies will be driven by the desire to reduce friction in the transaction to minimize cart abandonment and optimize customer satisfaction.
Adding up to the growth of the digital marketing sector, Ron Van Wezel mentioned that “The reduced friction in the checkout process leads to much better conversion rates for merchants, helping them to increase sales. With a combination of widespread internet access and increased bandwidth, innovators can deliver a new customer experience which is driving the explosion in wallet development. Successful digital wallet providers will be those that offer consumers ease of use, peace of mind, and the ability to transact anytime and anywhere.”