A Study on Mobile Wallet Services Technology in Digital Marketing with Special References to Chennai City

Abstract

In the upgraded digital world, mobile phones or smart phones plays an important role. Smart phones are not only used as communication devices, but also to be used as social tool, entertainment tool, internet access tool, and even payment tool. Due to technological development, mobile users nowadays use their smartphones to make money transactions or payment by using applications installed in the phone. A mobile wallet or digital wallet can be defined as virtual cashless services which can replace hard cash notes. It is a virtual wallet which stores the accounting and payment information secured. Mobile wallet is a downloading app in smartphones or mobile devices which stores the accounting and payment information for a smooth cashless transactions and it also keeps the payment information secured. Mobile wallet is formed when smartphones function as a leather wallet or physical wallet. Mobile wallet can have digital coupons, digital receipts, etc in the smartphones. As the transactions are made easily and quickly, it saves time and burden of individual users. Apart from the payment process it helps the individual users to store their coupons, receipt’s, bills, business cards in their smartphone or mobile device. Mobile wallet payment services not only provide payment services but also provide offers and rewards to an individual user. For examples, cash back, coupons, discounts, etc.  Mobile wallet or digital wallet payment service providers are competing fiercely to provide attractive offers and unrealistic discounts.