Rising Trend: What is Mobile Wallet?
A mobile wallet is a fast and secure payment method that virtualizes the credit card, eliminates the need to physically carry the cards, places the payment instrument on the mobile phone. While mobile wallets are designed specifically with mobile devices in mind, many online wallets also have desktop compatibility. The emergence of mobile wallets has occured especially with the widespread use of cryptocurrency.
For example, let's say you are shopping in a virtual store and you want to pay in BTC (bitcoin) or a different cryptocurrency. In this case, you can make direct payments, convert and transfer your money through the mobile wallet application on your mobile phone.
How it works?
First of all, you must download the mobile wallet application of your smartphone from the application store. In order to log into the system in this application, your valid credential, banking or card information are required. In the next step, you can start using the cards you have designated (valid and approved), and make contactless payments anywhere..
How is Security Provided?
Approximately two hundred million debit and credit cards are used in our country. Recently developed hacker applications and the circulation of so much card information increase the risk of fraud. Mobile wallets eliminate the major fraud risks. The security of transfers is increased with crypto encryption methods such as several-step security confirmation systems, user face or fingerprint recognition. Thus, even if your phone is lost or stolen, it becomes almost impossible for malicious people to transact from your mobile wallet.
What are the most commonly used Mobile Wallets in Turkey and globally?
- BKM Express is the mobile wallet of the interbank card center. In terms of security, it provides control with TC ID No matching. It confirms your wallet with your ID number. Unless they know all the information of the card, no one other than you can transact and access your wallet content.
- Troy is one of the mobile wallet payment applications frequently used in Turkey and continues to increase its share of the market each year.
- Google Pay allows you to make your payments quickly and securely digitally. With Google Pay, you can pay in hundreds of different apps and stores without disclosing your payment information. The app also includes the Google Pay Send feature, which offers a money transfer option.
- Apple Pay is a mobile payment application specially designed for iPhone, iPad and Apple Watch that allows you to pay in restaurants and stores with an advanced contactless system. Funds can be transferred from your credit or debit card to your Apple Pay account.
- Although PayPal is unfortunately not available in our country, it is one of the most distinguished brands of Fintech. Paypal's mobile app is used by about 173 million people in 203 countries and supports 26 currencies. Paypal mobile app is very easy to use and is compatible with almost all credit and debit cards issued by different banks.
Bonus: NakitCoins is a digital wallet application developed by AppLogist, used for crypto coins. Users can transfer bitcoin or all other cryptocurrencies through the application. NakitCoins application also has a main office that serves as a currency exchange office in Istanbul Gümüşsuyu.
To sum up, thanks to the developing technologies, many transactions such as money transfers, bill payment transactions, mobile payments over the internet, donations and purchases can be made with mobile wallets. In addition, mobile wallets are on the rise for entrepreneurs, along with technologies that eliminate security concerns. It seems that the world of payment technologies will continue to offer an important playing field for new entrepreneurs and investers.