Summer Recap: What is a Mobile Wallet?

7 min read

In our increasingly digitalised society, almost every day-to-day activity you can think of can be performed or planned via smartphone. Listening to your favourite album, communicating with friends, watching movies, playing games, shopping for groceries, clothing & gifts; banking, property purchases, catching up on current affairs and even finding love can all be done at the tap of a button from your phone. Like it or not, digital technology via smartphone is here to stay, and with it comes convenience.

So what do we mean when we use the term ‘mobile wallet’? A mobile wallet is an app on your smartphone which stores your money, and from which you can make instant, easy and safe transactions seven days a week, night or day. With a mobile wallet, you can leave home with just your phone and make purchases, pay friends back, split bills and request payment for outstanding debts instantly.

Around the world, mobile wallet technology is rapidly surpassing traditional forms of banking. As an example, the two leading mobile wallet providers in the US have more than 60 million users each – more consumer accounts than leading bank JPMorgan. A mobile wallet is simple and convenient to use; payments can be made instantly from mobile to mobile without the need to share bank account details or endure traditional online banking delays.

In today’s Covid world, mobile wallets allow for contactless payments, avoiding the need to handle cash or touch payment terminals. In fact, for small business owners, payment terminals can be eliminated altogether, saving costly rental fees. Merchant fees are typically far lower (Dosh for Business, for example, incurs a daily maximum fee of 1.5%, a fraction of the cost of the average PayWave or credit card transaction). For those wanting to go cash free, a mobile wallet enables an alternative way to be paid, even if outdoors at a market or music festival.

Dosh, New Zealand’s first mobile wallet, is here. Kiwis can now pay & request payment to & from mates easily, safely and best of all, instantly. Now, Kiwis can enjoy a better way to pay each other; from social occasions, markets & festivals to TradeMe & marketplace purchases.

The Dosh team is here to help, so please get in touch with any questions about your Dosh mobile wallet.