Mozido teams with Telekom Germany to launch MyWallet 2.0
Mozido, a leading provider of payment solutions, has announced that it will be working with Telekom Germany to launch a new mobile wallet platform, called MyWallet 2.0. The mobile wallet is coming from Deutsche Telekom and will support mobile payments and include advertising and loyalty features. The mobile commerce space in Europe is growing quickly, with more consumers using their smartphones and tablets to purchase products. This has lead to an aggressive rise in the demand for mobile wallet services.
Mobile wallets are beginning to play a powerful role in the retail market in Europe
Mobile wallets function in much the same way traditional physical wallets do. These platforms are designed to store financial information, as well as data provided by retailers, banks, and other organizations. Consumers can use wallet apps to keep track of loyalty programs, as well, making it easier for them to acquire the rewards associated with these programs. Mozido believes that mobile wallets are playing a major role in the continued growth of online shopping.
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Platform will allow consumers to use their mobile devices to pay for products in physical stores through the power of NFC
MyWallet 2.0 will allow consumers to pay merchants with their NFC-enabled mobile device. They can also use the platform to pay with credit and debit cards that have been registered to the MyWallet application. Consumers will also be able to participate in customer engagement campaigns and redeem offers coming from retailers and other organizations involved in mobile commerce. The platform could prove particularly popular to those that are interested in using their smartphones to make purchases.
Some retailers have yet to embrace NFC technology
The platform is based on NFC technology, which is used to transmit digital information over short distances. Retailers will need to have NFC-enabled point-of-sale systems in order to accept mobile payments made through the platform. Many retailers have avoided purchasing these systems due to their relatively high cost. As a result, they may be missing out on major opportunities that exist within the mobile commerce market.