Mobile wallets and digital payments are transforming the way we shop, transfer money, pay merchants, and carry out our day-to-day financial transactions. Additionally, they provide users with the best digital financial services experience, which is simple, swift, seamless, and secure.
Mobile wallet services have leapfrogged financial inclusion, especially across the Middle East and Africa region, and become a preferred payment option for not just the unbanked but the banked. Telecom operators, financial service providers, and businesses continue to leverage mobile wallets to offer fast, secure, and personalized financial services as well as a more convenient means of making and receiving payments at all times.
Indeed, the transformational impact of digital payments during festive seasons and special occasions cannot be overemphasized. This is evident with this year’s Ramadan and Eid as it reveals novel experiences for users while they shop, book travel tickets, and send gifts to loved ones and society.
The Eid shopping goes digital: Ramadan is characterized by huge crowds at various markets and shopping malls as shoppers are seen thronging these locations to buy festive clothes and gifts for family and friends. The spirit of Eid shopping hasn’t changed for years, but what has changed is the way to pay. Shoppers are switching from cash to mobile wallets, just tapping their mobile phones on merchants’ NFC POS or scanning a QR Code to make payments swiftly and seamlessly. All the hassle of carrying cash, counting notes, and waiting for change is gone.
Additionally, e-commerce also sees a sales boom during the festive season, with Millennials and Gen-Z opting for online shopping and paying digitally from their mobile wallet. Besides the ease and convenience, an important reason for choosing mobile wallets are the discounts and cashback consumers receive on making digital payments.
For mobile wallet providers, Eid is an opportunity to boost their users and transactional experience. Hence, most mobile wallet providers across the Middle East, like Mobily Pay in Saudi Arabia, e&amp;amp; Money in UAE, and Easypaisa in Pakistan offer enticing promotions, discounts, and cashback during Ramadan to increase customer engagement and usage. To delight the consumers during the festive month, mobile wallet providers also leverage gamification techniques like transacting on the mobile wallet app and qualifying for the lucky draw, and spinning the wheel to win.
Book travel tickets in a zippy: Eid is a time when people get together with their families to celebrate. People travel back home to reunite and celebrate the season with their families. As a result, there is a high demand for air, train, and bus tickets, which can easily and conveniently be purchased using mobile wallets. Users can book tickets within a few clicks from the convenience of their home or office.
Spread happiness with Digital Eidi: One of the most anticipated traditions of Eid is Eidi, or Eidiyah, the money or gifts that elders of the family give to younger members. In 2020, when the COVID pandemic was at its peak, Digital Eidi was introduced by mobile wallet providers. The service allows senders to type a special Eid message and select a designed virtual envelope to personalize the Eidi message that is delivered with money or digital gift vouchers through mobile wallets. This has become a preferred channel for people who are unable to visit their families and give Eidi to family members.
Experience the joy of giving in a few clicks: Ramadan is the month of giving, and people spread happiness by donating to the underprivileged. Mobile wallets have made donations quick, easy, convenient, and secure. On the mobile wallet app, users can select a charitable organization from the available list, enter the donation amount, and confirm the transaction to help those in need and enjoy the true spirit of Ramadan. Users do not need to remember the long account details of the charitable organizations and do not have to worry about entering incorrect account details. As mobile wallet providers only show trusted charitable organizations on their apps, users are assured donations are secure and going to trusted organizations.
Mobile wallets and digital payment technology are making festive celebrations even better. Ericsson Wallet Platform powers many mobile wallets in the Middle East, South Asia, and Africa, such as Mobily Pay, Easypaisa, and MTN Mobile Money, enabling over 500 mobile financial use cases such as merchant payments, digital cards, ticket booking, gift transfers, and digital donations that make the lives of people better and brighter.
Source: Pro Pakistani