Mobile wallets were initially advantageous because they avoided sharing card information, had a higher success rate due to fewer typos, and allowed cashless transactions when point of sale terminals were less common. However, technological advances have eliminated these advantages. Data theft is now almost impossible, errors are minimal with saved card details on phones and laptops, and most shops now accept card payments. Mobile wallets also have limitations like transaction amount caps, lack of interest earned, and non-universal acceptance. With the Unified Payments Interface and advancement of card transaction technology, mobile wallets are now an obsolete concept unless they implement revolutionary changes.

1. Why mobile wallet is not next big revolution
in payment!!
Mobile wallet started around two decades back with four advantage over
normal cards transaction.
1. It will not share any cards information with merchants hence mobile
wallets are safe and elude stealing of data from thieves.
2. Success rate of payment used to be very low due to typo error in feeding
of cards information and lack of technological advancement.
3. Due to lack of point of sale (POS) terminal, making cashless transaction
was difficult.
4. Mobile wallet is simple to use!
Present Scenario
1. With technological advancement and stickiness of regulatory bodies
(mainly PCI-DSS), stealing data is next to impossible.
2. With given option of saving card details and handy uses of laptop and
mobile phone, chances of typo errors are very minute.
3. POS is ubiquitous in information age. Most of the shops have provision to
make card payment. It is more accessible than wallet.
4. How can a mobile wallet be simple? It is neither source nor destination.

2. Mobile wallet solution (3 step process)
Card Payment solution (2 step process)

3. Disadvantage of Mobile wallet
1. There is limit on amount of transaction a person makes through mobile
wallet. Currently, you cannot make any transaction more than ten
thousand.
2. Mobile wallets are not saving bank account. You do not get any interest for
keeping money in mobile wallet. Hence, it is not wise to keep large sum of
money in wallet.
3. Mobile wallet is not universal payment. Every merchant does not accept
mobile wallet but most do accept card payment.
What used to be great about mobile wallet is now, obsolete concept. No
matter how much Paytm try to push, it is not sustainable in long run if does
not make any revolutionary changes in present system.

4. With advent of Unified Payment Interface (UPI), it makes mobile wallet
even more irrelevant.
Mobile wallet was just a shortcut to avoid card payment which was great 10
years back. Now, we do not need such shortcut anymore with advancement
in technology.