Basics of Digital Wallets

Currently all traditional transactions are being facilitated by automatic teller machines (ATMs) and shared banking networks, debit and credit card systems, electronic money and stored value applications, and electronic bill presentment and payment systems. Digital wallet payments is a natural evolution e-payment platform that will facilitate digital transactions & e-commerce. A wallet payment or digital wallet payment may be defined, for approval purposes, as all the payments where a mobile device via a mobile application will be used to initiate, authorize and confirm an exchange of financial value. These transactions will be conducted via Mobile devices may include mobile phones, Smart watches, PDAs, wireless tablets and any other device that connect to mobile telecommunication network and make it possible for payments to be made.

Digital Wallet Product Introduction

Some of the basic digital wallet features as being utilized in the industry are:

  • Remittances Services -Domestic/ International / BVS supported
  • Mobile Accounts – L0, L1, L2 Account Opening/ Loyalty & Rewards / Debit Cards / Customer
  • Payments – Utility / Mobile top ups/ Ticketing / Loan repayments/ Micro Insurance / Digital Credit
  • Agent and Merchant Network – AC Opening / ATC Collection / OTC Payments / G2P/ P2P/ Agent App/ Cash in / Cash Out
  • Retail Purchases – QR / OTP

Amongst the many benefits of the few & prominent are efficiency, speed, economy, improved TAT, satisfactory customer service and transition to paperless environment. Hence as an overall bank’s strategy to shift the customer life cycle to an entire digital channel with as less manual interventions, reduction in human errors, enhanced speed and ensure regulatory & audit compliance.

If you’d like to learn how Digital payment can help you understand your customers through on-demand human insight, visit us at FirstPristine.