With advancement in technology, things around us have changed drastically. Technology caters to man’s comfort and convenience. In today’s market, mobile is neither something to be addressed in the future, nor is it a fad. Mobile financial services are happening right now and have already influenced many different aspects of the consumer’s everyday life. The mobile wallet will extend this influence, delivering more services and financial capabilities, and also driving additional value into consumers’ hands. With the help of our smartphone, we can do everything. Be it ordering food or groceries, booking a cab or movie tickets, etc.
With the introduction of Mobile Wallet, it has become extremely convenient for a person to make cashless transactions. And although a number of companies have cropped up in India, offering consumers this product called ‘mobile wallet’, there is still a lack of awareness among people about the concept and its utility.
During this session I will talk about variety of strategic options for banks and financial institutions relative to mobile wallet technology. Sooner banks will acknowledge that their once exclusive relationships with customers are under threat, the faster they can take steps to adapt their operations and equip themselves with the knowledge and services they need to defend their ground against the competition.
I will also talk on how the mobile wallet will transform the consumer’s shopping experience and describes the new role that banks and financial institutions can play in its delivery. I will describe three groups of services that are expected to drive mobile wallet adoption (payments, own value added services, and value added services from third parties) and maps these against three models for wallet ownership Own Wallet, Joint Venture Wallet and Third Party Wallet.
I will conclude that the strength of above mentioned strategic options is dependent on a variety of factors and each has validity when it is matched appropriately.