Mahindra Comviva, a well-known company in the mobile payments market, together with Ovum Consulting, presented a study of the rapid growth and penetration of e-wallets in both economically developed and developing countries of the world over the past year and a half.
The document explains why digital wallet services are rapidly gaining popularity around the world, and also identifies the benefits for both users and other participants in the payment ecosystem, such as banks, processors and merchants. The study also shows trends in partnerships between different providers and the potential of e-wallets to create new consumer experiences.
“The potential for e-commerce and payments is huge. However, the true value of a digital wallet goes beyond the transaction, ”writes Srinivas Nidugondi, senior vice president and head of mobile finance solutions at Mahindra Comviva. “In the course of a consumer’s transaction, service providers, for example, can use the user's location and order data to provide a personalized offer to better meet their growing needs.”
The representative of Mahindra Comviva also added that in order to fully meet the needs of the user, it is necessary to create an open platform that can be integrated contactlessly with payment networks, payment terminals, loyalty programs and personalized platforms.
“This will allow a large number of outlets to accept payments from e-wallets, and will give users the opportunity to access price comparison services, special offers and loyalty programs, all of which will increase the level of consumption of goods and services,” Nidugondi said.
The study also says e-wallet providers should pay more attention to the security of customers' transactions and personal data. Therefore, according to the company, some data should be made transparent to users.
As a reminder, in March this year, Mahindra Comviva launched its digital wallet in India.
The document explains why digital wallet services are rapidly gaining popularity around the world, and also identifies the benefits for both users and other participants in the payment ecosystem, such as banks, processors and merchants. The study also shows trends in partnerships between different providers and the potential of e-wallets to create new consumer experiences.
“The potential for e-commerce and payments is huge. However, the true value of a digital wallet goes beyond the transaction, ”writes Srinivas Nidugondi, senior vice president and head of mobile finance solutions at Mahindra Comviva. “In the course of a consumer’s transaction, service providers, for example, can use the user's location and order data to provide a personalized offer to better meet their growing needs.”
The representative of Mahindra Comviva also added that in order to fully meet the needs of the user, it is necessary to create an open platform that can be integrated contactlessly with payment networks, payment terminals, loyalty programs and personalized platforms.
“This will allow a large number of outlets to accept payments from e-wallets, and will give users the opportunity to access price comparison services, special offers and loyalty programs, all of which will increase the level of consumption of goods and services,” Nidugondi said.
The study also says e-wallet providers should pay more attention to the security of customers' transactions and personal data. Therefore, according to the company, some data should be made transparent to users.
As a reminder, in March this year, Mahindra Comviva launched its digital wallet in India.
