How Mobile Wallet Technology Works?

The new and more convenient way to make your everyday purchases is by using Near Field Communication. This feature is enabled on many smartphones and allows customers to pay for items by simply tapping or scanning their phone at checkout. What makes this technology so convenient is that it eliminates the wallet as we know it. You no longer have to carry cash, credit cards, or a checkbook because you can link all these payment methods to your mobile wallet and easily choose which one to use at checkout. It is very clear that the major credit card processing companies are pushing to make this the primary method of payment in the near future.

Advanced Security Features

This technology adds another layer of security to credit/debit cards and bank accounts. Ordinarily, a lost credit/debit card could still possibly be used by someone without them presenting a PIN, signature, or identification. Mobile wallets have these added security benefits:

  • A PIN is always required to make a purchase
  • The screen of the smartphone must be open to enable NFC access. Someone who doesn’t know the phone’s screen unlock password or pattern wouldn’t have access to the mobile wallet.
  • Sensitive financial information is stored in the NFC’s secure and protected memory chipset

Additional Features

The major mobile wallet providers also allow customers to add loyalty programs and gift cards to their wallet using their respective apps, and merchants can allow users to signup for programs, purchase gift cards, and purchase coupons directly through the app. This will not only increase exposure to your business, but is also almost guaranteed to increase sales.

Businesses with merchant accounts should view these added benefits as a way to avoid customer complaints, disputes, and chargebacks. Checkout times would also be dramatically reduced, thus making your customer’s experience more enjoyable. Adding a highly trafficked avenue as a means of distributing your loyalty programs, gift cards, and coupons is a sure way to build your brand. You would also be at the forefront of revolutionizing the credit card processing industry. You can start by adding mobile wallet compatibility to your merchant accounts. It is a very simple and inexpensive process.

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