What is EVONET

What is EVONET

What is EVONET?

EVONET is a first wallet based network that aiming building a brand new infra for payment transaction processing. it builds up everything based on mobile app and mobile internet technologies.

EVONET utlized the tokenization technologies to allow very user can use their favouriate app/wallet app in any locations around the world.

to understand what does EVONET offers to the market. we must introduce some basic concepts in advance.

what is a wallet app ?

A wallet app is a digital form of carrying your wallet. While a payment app allows you to use your smartphone to make payments, a wallet app does more than this bare minimum.

A wallet app replaces all things that reside in a wallet usually. This includes credit cards, cash, driving license, membership cards, etc. Rather than carrying them all physically with you wherever you go, the app stores all the required information digitally.

Therefore, you can perform various types of transaction with ease. They allow you to verify purchases at the point of sale in no time. When transacting through a wallet app, your credit card information is not displayed. Therefore, your data is kept secure from prying eyes, thereby reducing the chance of fraud.

What are the opportunities and challenges for a wallet integration?

The expansion and advances in the field of information technology led to rapid smartphone penetration. Moreover, the same is responsible for changing the way how people travel, what they eat and even the way they make payments.

The Digital Payment Solution will require one to develop a mobile app for the wallet as a crucial tool to aid mobile payments and ticketing services and even contactless cards.

The opportunities are endless when it comes to integrating wallet to mobile technology as such payment system is subject to indirect network externalities. This is true since both the parties involved – merchants and users have to adopt such technology.

It is heavily symbiotic in nature such that the merchants adopting the system depends on the adoption by the consumers and even vice versa. Such challenging is this ‘chicken and egg’ dilemma for mobile wallet service providers.

The major challenge is to have a critical customer base (the minimum number of early adopters) who are helpful enough to give timely feedback on mechanism and merchants’ investment is also returned.

Moreover, the need for ubiquitous service infrastructure is a must before plunging in mobile wallet economy.

There are certain opportunities too that has certain loyalty programs attached to it and even the way to dig deeper into the rural market.

But the highly beneficial way out for the ones looking to plunge into mobile banking that blends the Inventive Mobile Payment Application.

With banks going mobile, there is ample opportunity for banks to have their customers use mobile applications for the payments. Transferring from one account to the other won’t take much time if the banks start offering mobile wallets integrated with their customer’s accounts.

Such mobile wallet integration also works as a catalyst to boost up the cashless economy and cashless payment system. Having such inventive mobile wallet apps will have payments as well as the money transfer job is done easily.

Now the idea is scalable and mobile wallet also promotes remote deposit transactions that are gaining some fame.

Mobile wallets, just like QR code scanner can have the cheque barcode scanner and have it deposited just with a click of it and enter the amount to verify the same. Also, the picture is sent electronically to the bank as a part of two-step verification.

This is where efficiency and convenience come to play via technology in the payment and banking sector that also translates to elated customers thru exclusive/paid services to avail such facilities. Such happy customers also increase the chances of more users joining in the ecosystem in the long run.

Another challenge that the mobile wallet industry faces apart from the cost of developing an app targeted towards wallet is that of gaining the faith of customers and allowing them complete control over their wallet.

This includes ensuring a safe end to end transactions and having a privacy and data policy in place in the interest of consumers. Also, advertisements and marketing campaigns should revolve around security and privacy of users and informing them of how losing their mobile phones does not mean compromising on wallet security.

Why QR will wins ?

QR code considered to be a new approche to this payment market. there are some advantages in QR code payments

QR code is very simple and low-cost way to implement the payment compares to the legacy payment methodologies. it only requires very simple technologies - i.e. a QR code sticker or electronic pages

on the other hand, the QR code is a new way that can easily connect the online scenariois and offlines. just like many scenarios in China i.e. vending machine and IOT devices.

another advantage is by ultilizing this technologies with mobile app and mobile wallet. it can utilize the new two way authentication on payment processing. it will be more secure.

in a summary, the QR code is a new easy, low cost, more secure, user friendly and omni channel solution for payment and eCommerce.

What does EVONET do ?

EVONET considered to be the next generation of payment network. you can imange EVONET is a wallet aggregators that connect with multiple wallets.

it will setup a network with open apis that enable every mobile app can be used easily in many QR code context (online, offline, social commerce, IOT and many others.)

EVONET will help more wallets to expend their usages scenarios and coverages and also will help more acquirers and merchant to enhance their acceptance paymetn schemes.