Monthly Archives: February 2021

Mobile Wallets: Enabling a Digital Future

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Mobile Wallets: Enabling a Digital Future

The business-consumer relationship is rapidly becoming digital. Using e-commerce platforms and AI-powered solutions, businesses are transforming their ways to meet the needs of their customers. An important part of the financial sector that is rife with innovation is payment. Mobile technologies like smartphones, tablets etc., offer convenient digital solutions for both customer and company to make virtual payments using a mobile wallet. 

What is a Mobile Wallet?

The mobile wallet is an application that can be installed on a smartphone and stores all user information regarding debit/credit cards, coupons, or reward cards on the mobile device. This info can then be accessed using a Personal Identification Number (PIN), QR code set by the user or by linking an image of the owner with the wallet. 

Consumers can then use this info to make payments at a merchant site by using a technology called Near Field Communication (NFC), which uses radio frequencies to communicate with electronic devices. The mobile wallet transfers the payment info to the merchant Point-of-Service (POS) terminal by waving or holding an NFC-enabled mobile device over the store’s NFC reader. 

Is Apple Pay a mobile wallet?

Apple Pay, Samsung Pay, and Android Pay are examples of mobile wallets that can be installed on a smartphone or other hand-held devices. 

Should I have more than one mobile wallet?

With the usage of mobile wallets having increased over the past few years, it is highly beneficial to keep more than one mobile wallet as merchant sites may or may not accept a particular payment method. For e.g., Paytm accepting merchants may not agree to transact via Google Pay, and vice-versa. This causes unnecessary inconveniences while making in-store purchases and hence, many users prefer to keep multiple mobile wallets on their hand-held or wearable devices. 

TraQiQ offers digital solutions to help large corporations across the world serve their customers better. Its robust mobile wallet enables users to manage and control finances through a convergent platform where they can virtually store and use financial assets. It also offers solutions that payment service providers need to launch and scale their businesses. 

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TraQiQ, Inc. is a Global Technology company with a suite of products designed to identify customers, facilitate payments, and fulfill transactions.

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Fostering Growth with Data Eco-Systems

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Fostering Growth with Data Eco-Systems

In these uncertain times of COVID-19, organizations must co-operate with each other to battle this crisis that has gripped the entire world. Public and private organizations must be ready with their data eco-systems and be prepared to share this space with their partners. This could be beneficial not just for the present but also provide a blueprint for the future and help avert such disasters. 

Before companies can reap the benefits of a data eco-system, they need to have a clear picture of how it will add value to their organization. There are 3 main ways companies can add value to their business with the help of a data eco-system: 

  • Growth: It enables companies to pursue new business opportunities.
  • Productivity: It helps organizations to optimize operational efficiency by sharing insights that can improve product design and processes.
  • Risk Reduction: Data Eco-systems pools in data from various companies which makes risk analysis easier.

How to fast-track the creation of data ecosystems?

Eco-systems can address and serve multiple business needs of an organization. Some of these are: 

  • Eliminating friction which could affect flow or supply chain behavior.
  • Add value to companies by providing insights into business segments.
  • Building partnerships that could disrupt market behavior and solve overall business needs.

How can TraQiQ help?

TraQiQ offers a range of business intelligence and analytics solutions that can help you see beyond raw data. Our experts work with a variety of third-party tools to help with data preparation, mining, management, and visualization. 

TraQiQ can help in building the right dashboards for AI-based decision-making tools or build real-time systems that monitor data feeds. Insights from this data can be used to improve customer experience, resulting in better business operations, and providing the right target audience for marketing initiatives. 

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Digital Transformation: Moving the Entire Company’s Operations to the Cloud

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Digital Transformation: Moving the Entire Company’s Operations to the Cloud

One of the main pillars of achieving digital transformation has been undoubtedly through ‘The Cloud’. With emerging technologies set to take over business operations around the world, Cloud tech is at the forefront of this transformation.

Nowadays, enterprises depend heavily on the effective use of technology to facilitate their business operations. Digital transformation cannot happen overnight but requires concerted efforts over a period and the aim is to identify business opportunities, increase operational efficiency and make company product and services easily accessible to the customer through technology.

Cloud services are key to achieving a user-friendly interface for all customers. It has laid the foundation for design of business frameworks and for expediting company operations. A cloud-based digital transformation strategy can be beneficial in the following ways: 

  • Reduced cost.
  • High scalability.
  • Provides faster execution options and enables informed decision making.
  • Offers replacement for redundant and heavy back-office applications.
  • Flexible to changes as per business needs.
  • The ability to handle large volumes of data.
  • Using cloud to incorporate emerging tech like AI, IoT etc.
  • Provide winning digital customer experiences.

The cloud has much to offer but transitioning to cloud Tech must be meticulously planned and well executed. If not, it could cause major disruptions in company operations and their day-to-day activity. Executives should focus on how they can derive maximum benefit from this tech to help facilitate progress for their business. 

Digital transformation is for the future of business, and hence a business-driven strategy should be given priority rather than IT-centric concerns. The company should focus on how transformation to cloud will drive success for its business and how they can use their strategy as a formula for success. 

A well planned and executed transition to cloud-based solutions can help provide a significant competitive advantage. With tools like TraQiQ’s document digitization platform (TraQData), innovative AI solutions etc., TraQiQ can help you create an effective strategy for your organization’s migration to cloud-based services and solutions. 

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Will Online Ordering Replace Home Cooking?

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Will Online Ordering Replace Home Cooking?

With the coronavirus lockdown keeping restaurants closed and would-be diners at home, takeaway food options are booming in India, and there are signs that the shift toward home-delivered food is here to stay. However, do not fire your cook yet? We all need a job during these crisis-driven times! 

Ordering food online has become so popular and inexpensive that it may soon edge out cooking at home as the preferred way to get a meal on the table. When time is factored in, a meal ordered online could close in or beat the cost of home-cooked food. 

Four factors that point in this direction are mentioned below: 

  • Increased ease of delivery: Apps like Uber Eats, Zomato, etc. are making online food delivery affordable, convenient, and efficient.
  • More personalization offered in ordering food online: Consumers can decide on cuisines that they would prefer on any given day-the options are limitless.
  • An influx of virtual restaurants: Cloud kitchens or commercial cooking facilities that have no physical dining space and cater only to deliver orders placed online are projected to become a $2 billion industry in India by 2024-that is up from $400 million in 2019.
  • Improved data usage by eateries: Improved data analytics help restaurants to analyze and convert data points into meaningful insights, which can help improve menus, staff training, restaurant policies, and even marketing campaigns.

As lives get busier, one of the first daily tasks that tend to take a hit is making home-cooked meals from scratch. Online ordering is growing rapidly as apps like Uber Eats make it possible to order from restaurants that previously did not offer delivery. Calling online food delivery, a “megatrend” is an understatement, as it can be an important part of our subsistence and sustenance. 

TraQiQ offers the Last mile delivery (software) product called TraQSuite which enables a complete distribution engine. It is designed to manage thousands of task workers across multiple geographies to deliver products and services to the users. The mobile apps enable data sharing, validation and measure customer satisfaction. 

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Work From Home Initiatives Take Centre Stage During COVID-19

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Work From Home Initiatives Take Centre Stage During COVID-19

With most organizations grappling with harsh COVID-19 lockdowns, the work from home option is playing a major role in ensuring that services continue uninterrupted. With rapid advancements in connectivity over the past 5 years, technology has ensured that ordinary workflow is not obstructed. 

With lockdown restrictions gradually being eased, most employees are looking forward to getting back to their offices, however, many multinational corporations like Google, Facebook etc. still have their finger on the safety button allowing employees to work from home for most of 2021. Even mid-capped and smaller companies are enjoying this flexibility and keeping their operational options open. 

Many online platforms like Zoom, Webex and Microsoft Teams have gained prominence, and even old-age applications like Skype have seen a resurgence during these times. These applications have made communication easier, more secure, and easily available to employees. 

Work from Home is widely considered to be a containment option to prevent the spread of COVID-19. Although the virus caught most companies off-guard, they responded with tact and speed and the WFH initiative has proven to be highly productive and resulted in lower operational costs. It has also given much insight into the world of remote working and how technology can be used to leverage the smooth functioning of multinationals during a crisis. 

Organizations have seen a major boost in morale with employees enjoying flexible schedules, custom working environments, etc. Productivity has increased with fewer office distractions and increased focus on the job at hand. Time and money saved on commuting is another reason for employees to rejoice. Staying indoors also means more time with loved ones or simply getting some quiet time for yourself. 

One could always argue that the grass is always greener on the other side, but with cases rising every day, 2021 may not see companies rushing to return to pre-COVID work models. 

During these uncertain times, TraQiQ offers premier AI-powered solutions for the world’s top e-commerce retailers which identifies digital transformation strategies needed by companies to serve their customers better, and trends which could have an impact on their business. 

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Mobile Wallets: Market Forecast and Competitive Landscape for Asia-Pacific (2020-25)

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  • info@traqiq.com
  • 14205 SE 36th St., Suite 100 Bellevue, WA 98006
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Mobile Wallets: Market Forecast and Competitive Landscape for Asia-Pacific (2020-25)

Overview:

Mobile wallets offer convenient solutions to users for making their payments online, thereby driving sales for businesses. It allows users to carry their debit/credit/reward cards, and coupons on their smartphones, tablets, or other hand-held and wearable electronic devices. The mobile wallet market has evolved because of advancements in mobile phone technology and is expected to grow exponentially over the next few years. 

Asia-Pacific to Witness the Fastest Market Growth

As per a report by Google, Temasek and Bain & Company, the Southeast Asia digital payment industry is projecting an increase of their gross transaction value from 600 billion USD in 2020 to 1.1 trillion USD by 2025, with mobile wallets expecting to touch a share of 114 billion USD by 2025. 

In December 2019, Ant Financial partnered with several local vendors in Southeast Asia and collaborated with eMonkey to capture market share in the region. According to Forbes, Indonesia is one of the first countries of the world with 95% of internet users reported as mobile users. Visa is partnering with Tencent to establish a payment system for Visa cardholders in China via WeChat. Additionally, initiatives like Digital India are enabling growth in this region. 

Competitive Landscape:

The mobile wallet market is highly competitive with companies leveraging strategic collaborative initiatives and acquisitions aimed at increasing their market share, and for greater profitability. A few of the major players are mentioned below: 

  • Apple Inc.
  • Google LLC
  • Tencent
  • PayPal
  • Samsung Electronics

TraQiQ offers digital solutions to help large corporations across the world serve their customers better. TraQiQ’s cutting edge FinTech and AI-driven solutions have been deployed with leading multi-national customers around the world and are helping to increase customer loyalty, improve profitability and drive efficient financial transactions. 

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