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Fremont: Smartphones have become a symbol of lifestyle, with people using it to access their mails, connect with their peers, look up for information, and to make payments. With companies bringing in newer features to enhance the process of making mobile payments, there are some features, which are necessarily missing.
One of the most important aspects, which influence our purchases, is the peers. Their reviews and opinions are what shapes our decision to buy products, with the increase in the popularity of mobile payment apps, we don't feel the need to ask our peers about what they feel. We can just scan the product, check for the online reviews, pricing, and buy the product. We buy things at the spur of the moment, rather than thinking on what to buy, as the options are just a click away.
Though mobile apps help us to get information based on the location, the coupons which can be used to redeem specific offers are generally location-specific, i.e., you can use them only at a particular location. Also, many locations might not accept mobile coupons, making it tough for the consumers. Thus, making the availability of mobile coupons across destinations and platforms, will enhance the experience of using mobile payment apps.
Mobile wallet developers have their own portals where customers can get details of the products and pricing, but the problem is that the customer has to go through the entire list, and enter the details onto the preferred vendor's portal. A one-click payment would not only make the mobile wallet seamless, but also leverage the business.
The consumers generally conduct a poll on what their peers think about a potential purchase, especially if it's a high-end, expensive product. The social media has enhanced the process, as the consumers just have to post a link for the product, and ask their peers of what they think about it. The problem with mobile wallet is that they don't integrate these polls into the app, which makes it tough for the consumers to get the relevant information.
When it comes to security, the mobile wallets are still trying their best to ensure a fool proof payment. Many of the apps available might not be verified, which puts the customer at a grave risk of disclosing their vital information to hackers. Also, the rise in the use of mobile wallet tends to increase the customer's debts. They cause the customers to spend more than what they would if they carried cash. They make the customers more comfortable being on a spending spree that they face a shock at the end of the month, when the bills arrive.
In short, though mobile wallets are transforming the way we shop and spend, there are many features which make it lose out to the traditional payment methods. Though, the developers are trying their best to bridge this gap, only time can tell how much momentum the mobile wallet gain.
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