CONVENIENCE

Mobile wallets are quickly accessible and convenient, making it easier for users to make payments on in-store purchases; instead of carrying physical wallets and cash to stores. Once you add your credit card information to the mobile wallet, you can use the funds to pay bills and make purchases. Not only are mobile wallets a great place to load your debit and credit cards, but you can also keep other important documents such as insurance cards, boarding passes, hotel reservations, event tickets, gift cards, coupons, loyalty rewards cards, etc. They’re all organized and easily accessible via your smartphone or smartwatch.

SAFETY

Mobile Wallets are a form of contactless payment that has become increasingly popular during the pandemic. After loading an eligible payment card into your payment-enabled phone or wearable device, you can complete transactions by tapping your device over a contactless-enabled payment reader. A contactless payment is just that-contactless; therefore, it doesn’t require physical contact between the buyer’s smart device or credit card and the point of sale. 

SECURITY

Mobile wallets provide a convenient, safer way to pay online or in-store. Your payment app (Apple Pay, Google Pay, and Samsung Pay) assigns each credit and debit card a virtual number associated only with the mobile wallet and device. When you complete a transaction using your mobile wallet, rather than the retailer receiving a 16-digit card number, they receive a randomly generated token that is technically useless after the transaction is complete. You can’t use your mobile wallet for payment without your authentication, adding an extra layer of protection for both customers and retailers.

For more information on keeping your Mobile Wallet safe, visit our blog: 6 Steps to Keep Your Mobile Wallet Safe