Since the beginning of this century, there has been a paradigm shift in various banking solutions thanks to the advancing technology. Not only have we seen but also experienced an unimaginable fast revolution in mobile financial services.
For most of us, we even have forgotten about the physical pocket wallet and opted for the digital mobile one since the latter is more secure and convenient for our lifestyle.
But what makes an outstanding mobile wallet?
Banking With Mobile POS System
This is the wireless device system that replaced the traditional cash register. It is common with small business owners. This is how it operates. In conjunction with mobile wallets, mobile POS systems act as a storage for credit or debit records for your customers or dealers. It also allows for payments between wallets further simplifying the banking process.
The perfect example of this is the iPad- based POS system Shopkeep.
It helps in reducing errors which could be done by written hand. This method also provides the business owner or retailer to get information about his or her consumers through emails and notifications.
Mobile POS banking is only on the rise with mobile wallets like Apple pay and Samsung pay getting on board. Mobile wallets will soon become standard on all smartphone devices and each will have access to a mobile POS system.
Provides a Backup Facility
A backup facility is a very essential property of a mobile wallet. It provides the user with the chance of storing records of payments and a chance of restoring this data in case of theft. Backup is normally automatically embedded in mobile wallet apps. This provides the user with safe assurance and a sense of security for his or her data.
Examples of back up stores include cloud storing options such as iCloud and Dropbox cloud. You may have a wallet that has a built-in email wallet storage option. You have an option to sync your data via a local Wi-Fi.
Chatbots are AI and neuro-linguistic programmed (NLP) softwares that simulate conversations with the users through mobile apps, websites or messaging apps. Mobile wallets with chatbots provide the consumer with a real-life shopping experience where they can take full control of their purchases.
Therefore, the user does not need to queue in long lines as they can do their banking at the comfort of their homes. They basically aid consumers when humans are not there. A mobile wallet operating with chatbots goes a long way in improving efficiency during payments.
They also provide a 24/7 hr system running at low cost and more accurate service. Their use has been on the rise and have become an aid in business transaction communication, keeping consumers and retailers closer.
Analytical Dashboards and Diagrams
Staying on top of your money is very essential for your business or personal financial growth. A Mobile Wallet should have features like analytical dashboards. graphs and diagrams. They provide users with the platform to view their loses and/or gains monthly, weekly or annually.
Using this information, the user can make informed business decisions. An efficient mobile wallet should also provide the user with reports on all his or her other bank accounts, expenses and income sources.