Mahindra Comviva along with Ovum consulting has released a whitepaper. The paper tracks down the growth and adoption of wallet services in the developed and developing nations over the past 18 months. The paper analyses that why these services are gaining momentum and also the benefits offered to customers and the overall ecosystem of operators, banks and merchants. It also covers the and explains the growing trend amongst operators of inking partnerships and deploying white label platforms to enable merchant acquisition, transaction processing and functions pertaining to the role of trusted service manager.
Srinivas Nidugondi, Senior Vice President and Head, Mobile Financial Solutions, Mahindra Comviva said, “The potential for digital commerce and payments is extremely promising. However, the true value of digital wallet goes beyond the transaction. Digital wallets have the potential to generate an unprecedented amount of customer transactional data. Service providers can harness this information to design engaging, contextual experiences for each stage of the customer’s interaction on the path to purchase. As the customer progresses through a transaction, service providers for instance, can leverage customer location and transaction data to “listen and respond” to customer’s needs in real-time– e.g. deliver personalized offers”.
It further highlights that the service providers should take up digital services and address critical issues like security, possible misuse of personal data and lack of information pertaining to the same. The whitepaper also endorses that the security credentials should be made visible to the customers by taking up a simple approach.
Nidugondi further adds, “Realizing the benefits of a customer centric payments strategy requires an open platform that can seamlessly integrate with multiple systems. The underlying wallet delivery architecture must support an open services framework to integrate with payment networks, payment terminals, and loyalty and personalization platforms. This drives acceptance at merchant locations, as well as allows consumers greater accessibility to more third-party services, such as price comparisons, offers and deals, accelerating consumer adoption”.