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Mobile Wallet Services Future Discussed by Yee Kok Siong

The trend of mobile wallets and mobile wallet services has been on the rise of late. It is not surprising to understand that the battle between so many mobile wallet service providers is getting intense by the day with the need to hit survival at the priority, of each company. In broad terms, it can be put that there is so much going around in the mobile wallet market that it has almost become the next go to option for payments both for consumers as well as higher end consumer adoption means but then the question lies in what the future actually holds for such wallet services.

Going Digital With Payments

For the uninitiated you have to understand that a mobile wallet refers to the fact that you're carrying a form of payment on a digital platform instead of a physical platform. Of course, there's the number of mobile transactions that have been increasing and growing at a rate. This also has no signs of slowing down soon.

As with the case of emerging technologies there is expected to be a proliferation where a higher number of brands would introduce mobile wallet services as a payment option for the market but then there is a lull or collapse phase expected as well.

While this slowing down might not come in for another 3 years or so that there will be a number of favorite picks by consumers as well as merchants, that will ultimately dictate the final leaders in the mobile wallet services market.

A large number of mobile wallet brands are studying behavior and consumer habits to understand what the future of the mobile wallet payments could hold. This is needed to drive in for the engagement for a sustainable ratio to come across. One major factor be stated is that with mobile wallets and services offering the same is gearing up for the race to the top, there will be a number of companies that could be slowing down. This would actually mean a lot of issues for existing payment options such as credit cards. One major change to expect in the future for this segment is that from loads of players in the segments, there could be boiling down to just few of them.

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