Mobile Wallet

Mobile Wallet

A mobile wallet offers a digital method for storing payment cards, including credit cards, debit cards, and gift cards. 

Mobile wallets take the place of having an actual, physical card in one’s possession. They allow the customer to make a purchase using their mobile device instead. 

In a time when mobile devices can be used as everything from cameras to computers, it should not be surprising to learn that they can also be used to make payments. 

What are the Benefits of Mobile Wallets? 

Mobile wallets offer a lot of benefits to consumers and to business owners. For example: 

• They’re convenient - People don’t like carrying around a lot of cards in their wallets anymore. In the past, a person might have one to five cards with them, including their driver’s licenses. But today, it’s common for people to have loyalty cards, multiple credit cards, membership cards, and more. All of these can be stored in a mobile wallet for quick and easy access. 
• They’re healthier - A mobile wallet is a way to make a touchless payment, which means the customer never has to worry about contracting germs. 
• They’re safer - Fraud and identity theft are serious issues. Swiping a card leaves the user vulnerable to hackers. But every mobile wallet transaction is encrypted, so the card numbers and account numbers are never shared with the business. There are also ways to add additional security by using face recognition or fingerprint scanning. 
• They’re quick - Businesses like mobile wallets because they cut down on the time customers stand in line. That means more sales and happier customers. 

Types of Mobile Wallet Apps

There are many mobile wallet apps for people to choose from. They include: 

• Apple Pay
• Google Pay
• Samsung Pay
• Venmo
• PayPal OneTouch
• Zelle Pay
• Quickbooks Go Payment
• Circle Pay
• Square Cash
• Xoom
• Veem
• Adyen
• LevelUp
• CashApp
• Lightspeed Retail
• Visa Checkout

How do Mobile Wallets Work? 

Using a mobile wallet is very easy. As long as a business has a contactless payment symbol on their credit card terminal, they can take mobile wallet payments.  

In most cases, all a customer does is follow these steps: 

• Open the mobile wallet app on their device. 
• Choose a card to use.
• Hold the device a few inches above the payment reader. 

Are Mobile Wallets Here to Stay? 

It is estimated that there are 422 million cell phone subscriptions in the United States alone. That number is going up every year. 

Top experts believe that it won’t be long before mobile wallet payments outnumber credit card payments. That means having this functionality will soon be critical for businesses that want to remain competitive.