Mobile Wallet: An upcoming mode of business transactions

The growing importance of technology and mobile together has recently marked their presence felt in financial transactions in the recent times. The facility of speedy, secure and smart financial transactions is supported by the concept of “Mobile Wallet”. Mobile Wallet has assisted the needs of business owner and customer on a same go. The complexity of money transactions forces and also promotes the usage of mobile wallet in today's era. This paper aims to study the concept of mobile wallet and its growing importance in varied fields of businesses on a global platform, ranging from small business to large one, from wholesalers to retailers and even general public too. This paper introduces various vendors and service providers who introduced this concept and promoted these services for business and commercial advantage. It also explains the application and usage of wallet money endorsed by different companies and other users for various purposes. It also provides suggestive guidelines for the cautious usage of the mobile wallet that supports the functioning of financial transactions.