Mobile wallet or e-wallet is one of the very convenient method of payment across India. Since its introduction, people have totally stopped carrying cash in their pockets. There is no more worry about money getting lost or stolen and one can buy pin to pen by using the wallet. In spite of being so convenient, why do you think e-wallet is not globalized? Does you country have this facility?
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discuss Mobile wallet why not popular worldwide?
- Thread starter Dr. A
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A thread covering the latest news on trends, groundbreaking technologies, and digital innovations reshaping the tech landscape.
Apsara
Captain Cackle
Mobile wallets are actually quite popular in my country, and I use a few myself for convenience, especially for quick payments and online shopping. However, global adoption varies due to factors like limited smartphone access, lack of digital infrastructure, security concerns, and cultural reliance on cash in some regions.
Mobile wallets are very popular in most countries of the world. The thing is that it is not possible for one to have a global mobile wallet. That's because of currency disparity among countries and financial regulations differences. Each country has their mobile wallets and they are quite popular.
It's possible as long as one wallet or service has a payment processor behind it, like American Express, VISA, Mastercard, etc., which it could channel the funds through. However, the processing fees of those companies may hurt the already low bottom line of local wallet services by adding additional fees and hurting their customer base.
So, I wouldn't say that it's impossible, but it would drastically affect the cost of doing business when you have to tack on an additional 1.5-2.5% processing fee to handle cross-border transactions.
Mobile wallets are not that popular truly. The global adoption of mobile wallets are greatly influenced by factors like security and individual preferences. However, I believe some people still prefer cash due to trust issues.
