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Digital Wallet? But Real!

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7 February 2012

Comments

  • This is a significant development and as KyongSun Kong has rightly said, this will open up a huge market for Payments. Come to think of it – if I want to transfer $20 to my friend, I need to go the ATM, withdraw the money and drive down to my friend’s place and hand over the cash. Or write a check, which needs to go thru the clearing and settlement process. Instead, just a press of button on my smartphone, and there you go...This innovation is going to be a major success in the P2P payments space.

    What makes Hana N Wallet appealing is the fact that the payee need not have a bank account to redeem the cash. Per Innopay's World Payment Report of Sep 2011, worldwide there are fewer than one billion bank accounts and 4 billion cell phones. Hana Bank has hit it right and has chosen the right channel to penetrate. This will immensely benefit the people that do not have bank accounts and people that do not use credit cards. For banks, this will not only increase the customer base, but also increase their revenue. Money transfers can happen without engaging the network and thus cutting down heavily on the transaction fees.

    The key challenge however is going to be the security. Though Hana N Wallet has many advantages like convenience, ease of use, etc., one of the critical success factors for consumer adoption is going to be security. As Hana N Wallet requires just the six digit pin number to be keyed in at the ATM centers, anybody who hacks into the phone, can walk away with the money. But once convinced, it’s just a matter of time and almost every smart phone user will carry this wallet.