Blog | E-Commerce

The Era of Cashless Economy

The Era of Cashless Economy Surges in India and Across the World

It is the era of Cashless payment today. We hardly find people carrying cold hard cash. Even if they carry, it could be just a few hundreds and not more than that, for nobody wants their wallet thick and heavy anymore. Plus, it is secure to make a purchase with payment cards or through mobile payment system and track them too online. It is the time to swap the system with your smartphone now.

The trend of digital money today is reflecting all over the world forecasts the replacement of physical cash. There are certain countries which are actively trying to remove hard cash as in Sweden. The mobile wallets (otherwise called as the digital wallets or the virtual wallets) or the mobile applications which enable financial transactions are already in the hands of Generation Z and millennials.

Mobile wallets have made the payment simpler with just a few taps. It is just a matter of following the instructions, scan a code or enter the mobile number or enter a code number with the amount, which gets deducted from your account to the receiver’s wallet in no time.

Today, we find different types of mobile wallet options in the market. Let us see some of the mobile wallets currently available in the market as a mark of the digital world.

E-payment services: It refers to the service provided by the e-commerce payment system like online payment, mobile apps of banks, Google wallet, Apple Pay, PayPal, Samsung Pay, and more.

Loyalty and Coupon wallets: It helps the holder to link all the loyalty card accounts under one roof and use them as required. This saves the heaviness of carrying a dozen cards when set to shop. For eg. Starbucks mobile wallet.

Peer-to-peer payment wallets: Imagine, you joined a party last night with friends and paid the group’s bill. The next day you are able to make a request on payment through this app and they can transfer the amount to the said account.

Cryptocurrency wallets: The cryptocurrencies like Bitcoin, Altcoins, and, etc., work as the regular wallets carrying the value equivalent at the time of payment. As the value of bitcoin keeps changing, it is necessary to time the purchase.

Hybrid wallets: It is a wallet that supports both the digital and cash currency on the same platform. The account is funded with both the cash and digital currency and gives freedom to the persons who wish to use the both on the same platform.

Remittance wallet: It is somewhat similar to peer-to-peer payment wallets which help the receiver to collect the money, acts as a money-saving tool for the people sending money to bankless countries.

There are a lot of mobile wallets in the market provided by various service providers with an intent to share the market at its highest degree. Safe and secure transactions are the concern for cashless payment today.

To know more details about the surge of the cashless payment system and its development for your e-commerce or m-commerce, get in touch with the experts app developers at orange Mantra.

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