The increasing use of mobile and internet is fueling the growth of mobile payment technology. Mobile payment transactions are expected to cross 3.5 trillion euros by 2023. Irrespective of their size, almost all businesses around the globe have started accepting mobile payments. For the commercial transactions, the increasing usage of Mobile Payment Technology have not only changed the way we purchase but also where we purchase.
What are Mobile Payments
Mobile payments are normally associated with digital wallets or e-wallets. The real meaning of mobile payment is quite similar to this. Mobile payment is a broad umbrella term which includes payments or transfer of funds via mobile devices using digital wallet applications, banking mobile apps, and online payments. Whereas, e-wallets are smartphone applications that can store and manage virtual money and can also facilitate payments for the online/offline services via wallet money as well as banks accounts and cards. Nowadays, e-wallets also provide the users with services like travel tickets booking, movie tickets, mobile recharges, etc.