Where is Mobile Payment Going?

The increasing popularity of mobile digital wallet applications means that it can be difficult to decide on the right solution for your company (or even as an individual). As a business, security, ease of use and customer satisfaction should be at the forefront of your mind when selecting the right application for your needs. The best digital wallet solution for your organisation should meet all the following criteria:

Payments In Physical Stores

A digital wallet isn’t much use on the high street unless it can be used to pay for items via contactless technology in-store. Customers want convenience, and what could be more convenient than the ability to pay for items via a simple tap of a smartphone or watch?

Know Your Customer (KYC) Protocols

KYC is the process of client verification which assesses the suitability of the customer while highlighting any potentially fraudulent intentions. Small companies can never be too careful, and with robust KYC controls in place, you’re ensuring that adequate fraud protection is in place.

Prepaid Mobile Top-Up

It’s important to remember that funding methods in the digital era are constantly changing. A digital wallet that can be funded via prepaid mobile top-up offers convenience to global customers and others who simply don’t hold a traditional bank account – the more inclusive you are, the more transactions you’ll make.


E-money is the broad term given to assets of monetary value which can be used to digitally make payments to persons other than the e-money issuer. The transfer of e-money doesn’t necessarily involve bank accounts – which again, is great for those customers without traditional bank accounts.

P2P Money Transfers

All worthwhile mobile wallet apps should allow for the seamless transferral of money between two individuals, without delay or cost. After all, what good is transferring money to someone if they can’t access it for days on end? Choose a service that operates in real-time, around the world.

Account Management

Customer service and dedicated account management can help you to look after your money. Just as a normal bank has a manager who can offer you advice, so too should you be able to rely on the expertise of your mobile wallet account manager.

Bill Payment

Paying your utility bills and other outgoings is important – so ensure that your mobile wallet app is capable of interacting with your creditors’ accounts.

Digital Payments

In a digital world, your mobile app should be able to make digital payments in a variety of ways. There’s no standard definition of a “digital payment”, although there are numerous means of making them. Make sure your mobile wallet can interact with other services.

Host Card Emulation

HCE is when a device (such as a smartphone) is permitted to emulate a debit or credit card on an NFC device (contactless payment) without having to rely on access to the secure elements of the card. It’s useful for making card payments without physically having the card on your person.

P2P Payments Via A Prepaid Top-Up

The ability to offer P2P payments by whichever means is most convenient is a priority for mobile wallet users.


Registering for a mobile wallet app should be straightforward and without delay. Ideally, you should be able to give your digital wallet provider pre-saved details from your phone to save time.

Debit And Credit Cards

Before signing up to a mobile wallet service, find out whether they provide a debit card as standard. Some do for free, while others charge a fee to manufacture and deliver your card. Some providers may charge for ATM withdrawals. Be certain to do your research and thoroughly read all terms and conditions before committing to a service.

Straight from the editor's desk