Applications Supporting Wallets

Besides the digital wallets discussed above, there are applications that work as an enabler for using wallets. There are FinTechs that have developed these enabler applications separately or as part of the standard wallet. Some of the enabler appli-cations provided by a wallet service are:

  • A password manager utility along with a digital wallet. Usually most of the sensitive data stored in the wallet is related to bank/credit card accounts. Therefore it is an important utility that works with the digital wallet solution.
  • Wallet providers also enable their merchants end-to-end by equipping them with solutions for gifts, loyalty, POS, data analytics, etc. These solu-tions can be integrated into wallet services or are available as stand-alone solutions.
  • Utilities that help manage gift cards and their spending along with a standard digital wallet.
  • Some of the wallets help store loyalty cards and manage associated loyalty information coupled with offers and promotions.
  • Utilities that help find out the best deals and offers from businesses. They also provide a way to store these offers and other important data while working as a wallet as well.
  • Some of the mobile apps enable looking for a restaurant, menu and even ordering food at the same time while having their own digital wallets to facilitate payments immediately after ordering.
  • Some of the wallets offered by cab companies have a provision to store money with them by transferring from a credit/debit card and then using it to pay for the ride instantly from their app directly. This again is a similar example of a wallet as well as being a cab booking app.
  • Utility applications with associated hardware help simulate the physical card on a mobile app. The customer therefore ends up using a single card for all the loyalty/debit/credit cards and activate the one that is relevant for the transaction.
  1. Some of the wallets have an associated electronic account that is similar to a bank account. The account can be used by customers to store and spend money in it besides providing a digital wallet.
  • There are other applications that are not necessarily a wallet but provide a data management platform to companies to make most of the information from their wallet platforms.
  • Applications that help digitize all kinds of cards besides the wallet like loyalty cards, bus travel cards, etc.
  • Applications that help sell, buy or send and receive money using social plat-forms like Twitter, Instagram, etc. You can post a buy/sell proposition on these portals and then use a standard wallet to make the transactions.

Post Author: newfintech

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