What is the Future of Digital Wallets?

Global mobility solutions provider Mahindra Comviva teamed up with Ovum Consulting to produce a whitepaper on the significant growth and uptake of digital wallet services in both developed and developing parts of the world during the last year and a half, according to a Comviva release.

The whitepaper highlights why such services are on the rise, and the benefits they offer to consumers as well as the ecosystem of operators, banks, and merchants. It also shows partnership trends among operators, as well as the potential for digital wallet services to generate new review opportunities and help with customer service enhancement.

“The potential for digital commerce and payments is extremely promising. However, the true value of digital wallet goes beyond the transaction,” Srinivas Nidugondi, Senior Vice President and Head, Mobile Financial Solutions, Mahindra Comviva, said in the release. “As the customer progresses through a transaction, service providers for instance, can leverage customer location and transaction data to “listen and respond” to customer’s needs in real-time– e.g. deliver personalized offers.”

Nidugondi later added that, in order to meet the needs of the customer, an open platform that seamlessly integrates with payment networks, payment terminals, loyalty and personalization platforms is necessary.

“This drives acceptance at merchant locations, as well as allows consumers greater accessibility to more third-party services, such as price comparisons, offers and deals, accelerating consumer adoption,” he said.

The whitepaper also indicates that digital wallet service providers should also address issues like security and the possible misuse of personal data – certain security credentials should therefore be transparent to customers.

To download the white paper, please click here.