Mobile Wallet Integration: A Wellspring of Prospects and Hardships

Abstract

Purpose: With the increase of customer base for mobile wallets in India, there is also a significant increase in the rise of competition, and this brings many private m-wallet companies into the market. These apps are continuously trying to adjust themselves into the changing environment. In the pathof growing better and better, these companies are also facing threats and gains opportunities as well. This paper has critically analysed these various threats and opportunities being faced by these wallet companies. In this paper, study have identified threats or vulnerabilities for mobile wallets application. Mobile wallet is the combination of hardware and software. So every new invention in hardware and software can be considered as a threat or an opportunity as well. Now digital economy has entered into every aspects of life whether it is mobile payments or real time traffic apps. Many countries are looking the digital economy has a major source for creating jobs, improvement or productivity and a driven factor for the economy.

Design/Methodology/Approach: A mobile wallets payment is a very big platform for latest technology which helps financial institution in India and also to increase consumer base. The reduction of security issues and many other threats will automatically magnify the adoption of mobile wallets. There is a crucial need to make people aware about the mobile wallets services which are comfortable, easier, confidential and safe instrument.

Finding: This paper highlighted the major threats of mobile wallets are frauds, consumer mindset, accessibility etc, and the opportunities are increased interest for consumer, demonetisation, expanding smart phone user base etc. Originality/Value: This paper will benefit all users of mobile wallets.

Paper Type: Theme Based Paper.