mWallet

Wallet is something we all know. Almost everybody has a wallet. But do you have any mWallet? The concept is still new to most people but it has been around for quite a while now; possibly about 4 or 5 years.

eWallet or rather mWallet has revolutionized the methods of  payment in contemporary times. Why am I saying that? 

An electronic wallet (eWallet/mWallet) is  a virtual wallet that is used to store our confidential information related to Bank Accounts, Credit Cards, Insurance Policies, Memberships, Passwords & more. In earlier days how many accounts we needed to store these details? How much hassle consumers had to through? But now, this new wallet is capable of providing an even more secure method with convenience as well.

So how does it ensure security and reliability of this data? To ensure this, any data saved in mWallet is encrypted using industry standard encryption method and password protected.

It provides a stored value account that enables consumers to make secure payments. In addition, it offers consumers to top-up their accounts using multiple channels: agents, bank accounts etc,. 

But is it all? The Mobile Operator also gains benefits from this method as well. For them, mWallet brings the benefit of offering a prepaid voucher solution without any production, distribution, and administration costs normally associated with physical prepaid voucher.

As the Operator can connect the customers to smarter, more practical services through this facility, they can reap the financial benefit and achieve customer delight easily.

Amazingly, the range of services that can be accessed through mWallet ranges from, making a mortgage payment to buying groceries, from paying a cab fare to buying a movie ticket, from booking a tropical island vacation or upgrading to business class to filing an expense report and it is as simple as pressing a few buttons on the mobile phone or other handheld device

An example for a normal procedure which takes place when using this service can be described as follows.

The subscriber provides the required information at a third party secure website to register for the service. mWallet Solution processes the registration and sends a message by mail (email or regular mail). This allows the user to download the solution to their mobile handset over the air. Once this mWallet Solution is activated, the subscriber can begin enrolling other associated services, such as bill payment, bank/financial transactions, debit and/or credit cards for shopping, coupon access and redemption, and any other type of transaction services.