Gone are the days when you had to carry a fat, heavy wallet in your pocket. Mobile Wallets have rapidly become a preferred choice, especially for those who are constantly on the go. As mobile wallets have revolutionized the way we use our money. No matter what we buy, a payment wallet is handy in the modern day and age. Let's the emergence of mobile wallets, popularity, and important things to consider while creating a future-ready mobile wallet platform.

1. © Panamax Inc
How to Build a Future-Ready
Mobile Wallet Platform

2. © Panamax Inc
Relevance of Mobile Wallet
2
Gone are the days when you had to carry a fat, heavy
wallet in your pocket. Mobile Wallets have rapidly
become a preferred choice, especially for those who
are constantly on the go. With the widespread use
and launch of various mobile wallet platforms, one
can pay for almost any product or service and transfer
money with this technology. From paying for your
morning cup of coffee to booking tickets for your next
vacation, it makes it easy to get things done in both
big and small ways.
As mobile wallets have revolutionized the way we use
our money. No matter what we buy, a payment wallet
is handy in the modern day and age. This blog will
discuss the emergence of mobile wallets, popularity,
and important things to consider while creating a
future-ready mobile wallet platform.

3. © Panamax Inc
The Emergence of Mobile Wallets and the
Key Reasons Why it is Gaining Popularity
3
The covid-19 pandemic has changed the payment landscape
forever with mobile wallets. It has shifted towards contactless and
digital payment, driving the growth of the payment app globally.
Being a popular payment method, such as Google Pay, Apple Pay is
embraced across the globe by consumers and businesses to
generate revenue and increase transaction volume. Moreover,
flexibility, convenience, security, and ease to use are the key
reasons it is gaining popularity.
The digital payment industry is changing fast as new players push
to offer mobile money solutions to merchants and consumers. It
makes it easy to store your credit cards, rewards cards, gift cards,
and more in one place without carrying other physical cards.
Mobile payment solutions are growing in popularity, and the technology behind them continues to advance.
There are many reasons why people are moving away from traditional payment methods towards digital,
including faster checkouts and increased security with cards that never leave your pocket.

4. © Panamax Inc
What is a Mobile Wallet Platform?
4
A mobile wallet is an application installed on a mobile
device, such as a smartphone or tablet, that allows you to
store your money digitally without needing cash or a
physical wallet. It allows you to link information like credit
card numbers and bank account details, enabling you to use
these payment options to make online purchases, pay bills,
and even send and receive money. You can also track your
monthly expenditure and recharge your DTH, mobile, and
data packs. These types of wallets offer consumers ease and
convenience.
It is categorized into four main segments: open, closed,
semi-closed, and semi-open wallets. Each has different
functions, such as

5. © Panamax Inc
5
• Open mobile wallets are issued by banks for purchasing
goods and services and transferring and withdrawing
money. Examples of mobile money wallets are PayPal and
Vodafone M-Pesa.
• Semi-open mobile wallet is a digital wallet that allows
users to store and use their financial assets for transactions
within a closed network of merchants or service providers.
• Semi-closed mobile wallets let you make payments to
merchants. For example, you can receive money in semi-
closed wallets in your bank account but cannot withdraw it
as cash. Examples of wallets are Paytm, Freecharge, and
Mobikwik.
• Closed mobile wallet is designed for use within a specific
closed network of merchants or service providers. Unlike
semi-open or semi-closed mobile wallets, closed wallets do
not allow users to withdraw cash or transfer funds to other
users outside the network.

6. © Panamax Inc
Reasons Why Businesses Should Have
a Mobile Wallet Platform
6
As we have understood what payment application is,
let’s see how it has impacted the business world.
How their utilities are changing the landscape of
payments, and how it helps businesses to manage
and organize funds.

7. © Panamax Inc
7
It helps customers go cashless and cardless, as there is no
need to carry money. There is no chance of losing the card
or cash while traveling, and it is more convenient too.
Cashless Transactions at the Tap of the Button

8. © Panamax Inc
Safe and Seamless
8
It is becoming a fast and convenient payment mechanism with
growing times. It is simple to use, and there is no need to carry
cash or a card as one might have a chance of losing it. With low
transaction fees, it allows users to send and receive payments
quickly and instantly. A seamless payment experience can
improve the customer experience with virtual wallets by
providing more payment options, streamlining the payment
process, and providing a frictionless mobile experience. So, it's
wise to embrace payment wallet as it is secure because they
use only encrypted data to keep you worried about being
misused.

9. © Panamax Inc
Fast and Streamlined Payment
9
No matter what you want to purchase, be it groceries or
clothing, mobile wallet transactions are much faster than
credit cards or cash. You no longer have to wait for your card
to get swiped or count the amount in your pocket. With the
app, you only need to 'tap and pay.’ Moreover, you can make
online and offline payments with a single mobile wallet app.

10. © Panamax Inc
Multiple Payment Methods
10
Another valuable advantage is storing multiple card numbers
and detailed account info in one app and choosing whatever
payment mechanism one wants. Customers and store owners
add, edit, and select various subscription payment methods.
For example, the shopper can use a combination of any cards
such as credit, debit, gift, cash, and invoices. If any payment has
been rejected, the pending payment status is changed.

11. © Panamax Inc
Key Features to Consider While Creating a
Future-Ready Mobile Wallet Platform
11
Nowadays, users like the young generation want to
experience the best when it comes to their financial lives.
They are keen to use smartphones for a faster payment
process. This is why customers seek cutting-edge, highly
secure financial solutions. Let’s have a look at the
features to be considered:

12. © Panamax Inc
Increase Security
12
It is considered a more secure option rather than debit and
credit cards because of their powerful encryption. It can be
secured with plenty of robust technologies, such as passwords,
tokenization, biometrics, security questions, point-to-point
encryption, out-of-band authentication, and one-time
password (OTP) via SMS.

13. © Panamax Inc
Addition and Optimization of New Services
13
One can manage day-to-day business transactions and track
progress with mobile money solutions. With a dashboard, you
can monitor your business performance and ensure it meets
your expectations. You can also optimize your business by
analyzing data regularly to find ways to improve it further. It
will help you simultaneously optimize your business
operations and reduce unnecessary complications.
Similarly, personal financial management or personal finance
is managing your money to meet your personal goals and
save for the future. This includes how much money you have
and what to do with it, managing debt and creating an
emergency fund, saving for retirement, and how to prepare
for unexpected expenses such as car repairs or medical costs.
It can also help you how to leave when you can no longer
work.

14. © Panamax Inc
Decentralized ID (DID) Integration
14
Integrating decentralized identity solutions gives users more
control over their personal data and a single identity point
for multiple services. By allowing users to store their digital
identities and credentials securely on a mobile wallet, the
service becomes a quick and easy way to access services
without storing multiple passwords or usernames.

15. © Panamax Inc
Merchant Payments via Contactless Technologies
(NFC or QR Code Scanning)
15
Contactless payments are becoming increasingly popular,
especially with the advent of mobile devices. NFC (Near Field
Communication) and QR code technology provide users a
secure payment between POS devices and smartphones.
NFC (Near Field Communication) is a contactless remote
technology that works within a close distance (up to 10 cm).
QR code is short for Quick Response code and is similar to a
barcode. The user can quickly scan the QR code via the
camera on a smartphone. The smartphone interprets the
barcode, and a related application or website opens.

16. © Panamax Inc
Summing Up
16
Mobile wallet platforms are advancing technological innovation
to create what consumers want regarding apps and platforms
that offer convenience and security with their purchases. It is a
way to enhance convenience, security, and experience on the go.
For businesses, they help streamline processes while also
increasing sales. They also provide user-friendly mobile wallet
solutions that can be adopted anytime and anywhere.
MobiFin is a digital wallet solutions provider with extensive
industry knowledge and experience. For over a decade, we have
enabled businesses worldwide to keep up with technological
advancements and enter new markets seamlessly.

17. © Panamax Inc
Headquarters
Panamax Inc.
100 Quentin Roosevelt Blvd
Suite 503 Garden City
New York - 11530
USA
Contact No.
+1 718 713 8417
Email
info@panamaxil.com
Website
www.panamaxil.com
Thank You