Why Should You Integrate Wallet System Into Your Taxi Booking App?

With the introduction of fast-evolving technologies and wide usage of smartphones, digital and mobile wallets are gradually becoming the new mode of tap-and-go consumerism, making the payment system convenient, swift, fast and secure. Ranging from buying grocery to booking movie tickets and from paying utility bills to booking a cab, everything has now become more seamless than ever with the use of digital wallets. Especially to stand ahead of the curve and retain customers, nowadays many cab service providers use mobile wallets in taxi apps where customers can pre-load money and use that to pay for the service while traveling. Undoubtedly, the addition of wallet option to taxi apps has brought a great sense of relief to both the customers and drivers. They can quickly settle payments without the hassle of tendering exact change. There is certainly a wide range of benefits one can have from the integration of mobile wallets in a taxi booking app. But before diving into that discussion, let’s have a look at how the digital and mobile wallet system has evolved. This will give you a profound idea about why wallet system alone is replacing the traditional payment methods.

The Evolution of Digital and Mobile Wallets

As the e-commerce industry is rapidly growing, an increasing number of app publishers have started integrating mobile wallets in their existing apps to facilitate seamless payments. A research says, depending upon the ecosystem, wallet providers can generate revenue by taking a commission on sales made through the wallet. “With the growth rate of mobile and online commerce, the plethora of smartphones, and the variety of approaches being taken to deliver a digital wallet, it’s clear that the space is going to grow rapidly in virtually every corner of the globe”. According to a report, post-2016 demonetization, mobile wallet companies witnessed a huge growth in business. The total transaction with mobile wallets touched Rs. 8353 crore approximately in 2017.
The evolutionary path for digital and mobile wallets has immense possibilities of growth and profit in the near future. Together with widespread internet access, increased bandwidth and the smart devices that can capitalize on that bandwidth to proffer new customer experience, the possibility of improvement in wallet development and customer engagement increases. By using hybrid tools, digital wallets and mobile wallets have merged together and this trend is well taken especially by taxi booking apps. Mobile wallets and taxi-hailing apps are aligned with each other and make the payment settlement process hassle-free for both the ride operators and users.
Now that you have already been aware of how digital wallet works and its rapid growth in today’s world, let’s discuss why you should choose mobile e-wallet for a taxi-hailing app. It offers abundant benefits once it’s integrated into an app. 
Originally Posted at TaxiPulse 

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