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Mobile Wallet Technology Essay

750 words - 3 pages

Among today’s latest advances in technology, mobile banking could possibly be the biggest and fastest breakthrough yet. Mobile wallets work by using communication chips inside smart phones, tablets, and other devices to transmit payments. When making a purchase, you simply open your app on your device, enter your customized PIN, and choose your account you wish to use. By the simple touch of your finger, you have transmitted your payment information! It is almost as if your device acts as a remote control to access your accounts. With more than 500 banks and credit unions utilizing mobile wallets and banking systems, it appears that the ever-evolving mobile wallet space is gaining success, ...view middle of the document...

Your payment method is much faster when depositing or accepting money via a virtual wallet. Additionally, the business has a more secure standing by handling less cash. You are still able to use any special offers, coupons, or customer reward programs, and businesses are able to utilize their customer management and marketing strategies in new ways with access to customer’s membership being much more easily accessible. Overall, this advanced technology is leaving users satisfied and happy. This allows for customer engagement to increase as membership offers become easier to diffuse and redeem. Additionally, “the charges of the mobile wallet fund transfer are less when compared to charges in a traditional fund transfer” (CHASE Paymentech). Mobile wallets have also motivated the service providers in bringing in more innovative components in the market.
With mobile banking, you are able to monitor your transactions, access your financial records at your convenience, observe deposits, and apply money transfers easier. With this being said, mobile banking increases security by staying within the customer. By using mobile banking, you are giving yourself the safety advantage because the more you monitor your account, the safer you are. “In fact, the bulk of identity fraud is discovered by people within their own accounts” (BBC Research). Fortunately, there has yet to be any major security breaches occur....

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