If you still stuff your wallet with notes and coins and pray it closes, ‘retro’, ‘old school’, or how the strong-hearted ones will say, ‘vintage’, are all words that describe you. Credit and debit cards are on the borderline. In turn, it is contactless payments that are in the limelight today. It the UK alone, almost £2m is spent per month using contactless cards, and it became so popular in fact, that a year ago the cap was raised from £20 to £30. So what can overcome contactless payments in functionality, security and popularity among the masses?
An e-wallet, such as the one offered by SDK.finance, is essentially an online account used to stock and operate with currency. Digital wallets and mobile payments are digitising the traditional formula for card-like payment instruments, providing an essential gateway for customer retention and personalised contextualised services. In other words, e-wallets are the brainchild resulted from the brick-and-mortar stores takeover by online shopping platforms.
The mobile wallet solution comes with a number of key benefits, both for vendors and for the customers. Among payment-related functionalities count one-time and pre-paid credit cards for online shopping and the integration of alternative payment methods, such as the controversial Bitcoin.
To stay ahead of the technology curve, mobile wallet technology provides a series of key functionalities:
- With a steady rise of cyberattacks, the most notable one being the recent Yahoo breach that exposed the personal data of over 500 million users, security is paramount for any payments. The e-wallet software enabled a number of security measures, such as encryption for every transaction, zero liability protection and, in some cases, insurance for your purchases. Responsibly selecting a username, password and PIN is surely on the customers’ side, but as far as the technology goes, e-wallets were constructed with cybersecurity in mind.
- To live up to their potential, mobile payments also enable their users to link their rewards programme with their digital wallet, to facilitate the real-time reporting of the number of points accrued over loyalty programs. If you are a member of multiple rewards programs, remember to link all your cards to your digital wallet. Other perks include the optimisation of loyalty schemes, budgeting, ticket management, receipt management, and other services.
- Due to the nature of our lifestyle, mobile payment apps also play the role of an organiser, as part of their non-transactional functionalities. It can sync your calendar events, contacts, tasks, lists and personal information for your convenience.
Other functionalities include optimised online shopping experience, when entering credit card details for every transaction is a no-no, and the use of near-field communication (NFC) for speed and convenience. Users are also able to pay friends and family through electronically transferred funds or schedule bill payments.
For more information on e-wallet business models, check our digital wallet engine page.
SDK.finance has a proven track record of providing financial services companies with the core banking functionality that they need, using its secure, robust, and configurable API platform as a one-stop-shop solution.
Contact us to learn more about our banking solutions. We are open to talk about how SDK.finance can be useful for your business.