One of the recent launches on the technology front includes a SIM based mobile wallet that has its accessibility through an application in the smart phone.
The added advantage is that it supports contactless payment on NFC-enabled phones, without having the need to have a bank account. The purchase mechanism is such that the customer can pay for the goods using mobile wallet by merely entering the mobile number while they purchase online or any point-of-sales device at participating stores. The lists of transaction possibilities include money transfer, top-up, invoice clearance, payment of utility bills.
Looking forward to its success, we hope that this innovative commercial platform shall open a door to new era in shopping in e-commerce including the leading brands and banks.