A group of friends partying to celebrate promotion of their friend. After partying, when they see the bill, all get baffled with the amount and decide to help their friend by paying by splitting the amount.
Person A: Take this cash
Person B: I don’t have cash with me, will pay you tomorrow
Person C: Where will you accept money on Facebook or what’s app?
Person D: Send on Facebook
With Mobile Wallets this scenario won’t be a surprise sometime this year. This service will see high usage among millennial who go out for meals with their friends and split bills or send small gifts like coffee or doughnuts to one another. Also you don’t require bank account no to use his service, which people often forget.
Year 2015 has been already referred as year of mobile wallet i.e. payment using mobile phones or smart phones. Initially Google started out as Checkout for merchant payments, a concept of payment gateway, which was later revamped to Google wallet and made available on android apps store. In last six months most top league brands have ventured in mobile wallets like PayPal, Snapchat, Google, Apple Pay, Oxyigen, ICICI Bank, Vodafone, Airtel, etc. With mobile wallet customers will no longer need to leave social networks to do banking, as they can accomplish the tasks on-line.
How do mobile wallets work? A mobile wallet is similar to virtual form of money, it can be loaded with smaller amounts of cash or money transfer using internet banking. As per RBI, maximum of Rs. 50,000 can be loaded and a maximum of Rs. 5,000 can be spent in one transaction. The best part is you don’t require to open a bank account for mobile wallet.
Leading social networks have already incorporated deep learning systems in the social media portals to understand behavioural economics of users. Which will help them offer better solutions for advertisers for targeted advertising. For example, it would be easy for Insurance companies to target customers looking to save taxes and would also help to analyse their credit scores and financial health. Also most eCommerce portals have launched applications for smart phones which helps them to understand economics at POS and also analytics which governs this. In case if any outlet doesn’t accept payments via mobile wallet, the customer can transfer payment to their master / visa card which can be used to payments, this can happen in real time.
In future we will see more brands investing in building social media marketing and socialCRM as social portals will also manage transactions. Brands for long had been experimenting with advertising, public relations, events, etc campaigns with the sole aim to derive ROI and social media with mobile wallet is bound to solve this problem.