Data Processing via e-Wallet-Future of Transactions
Mobile technology is booming by leaps and bounds. The fusion of internet and premium mobile technology is changing the outdated pattern of sales as well as purchase. In 2014, 1,593.3 million mobile usersare there in the world. Prediction indicates that this count will surpass 2,659.4 million in 2019. Internet, mobile apps and e-wallets are playing exponential role in inviting transactional revolution. PayTM, PayUMoney, Mobikwik, BHIM and many more electronic wallets have been discovered for bringing convenience in making transactions.
Data processing has also become a walkover with such wallets. The software requires registration. During this registration, the user has to supply his personal as well as banking details. Thereby, it secures consumers’ sensitive personal data. The user uses it for making various kinds of payments & fund transfers, for example, to pay electricity bills and buy accessories etc. Therefore, its merchants hold information that helps in determining consumers’ behaviour and shopping patterns. This is why most of the e-Commerce companies collate with e-Wallet merchants.