The growth of prepaid mobile wallets in India has given people a tool to limit their risks when making payments over unsecured networks, the India Times reports.
Consider this. You are travelling and a bill payment is due. The mobile network is weak and you are unsure about how secure the hotel wi-fi is. Reach out for the virtual wallet. Even if the Internet connection is not fraud-proof, the risk will be limited to the balance in the wallet.
“Prepaid mobile wallets is handy even for those with access to debit and credit cards due to security reasons,” says Naveen Surya, MD, ITZCash, a Mumbai-based prepaid payment services provider.
Security has always been one of the drivers of prepaid adoption. This shows how mobile technology can be used to expand that security from in person card payments to online payments through the mobile device. As open-loop mobile payments develop in around the world, there will likely be implementations similar to the ones described in the article for secure payments and managing budgets.
Overview by Ben Jackson, Director, Prepaid Advisory Service at Mercator Advisory Service
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