What is a Mobile Wallet?

Nowadays, it seems as though our mobile devices can do everything for us – and this includes making payments. A smartphone can go as far as replacing our traditional credit cards and even cash. So, what is a mobile wallet? A mobile wallet is essentially a digital version of the wallet you own now, containing information about your credit cards, debit cards, store loyalty cards, personal identification cards and more. Customers simply download an app, then add their details into the mobile wallet. Downloadable mobile wallet apps may be available from consumer banks, technology companies, specific retailers and rewards programs.

Mobile wallets store all of this important information securely, and can be used in place of physical cards at the point of sale. Customers can access the payment information they need via a password or fingerprint to complete their transaction. The transaction data is then transferred to mobile wallet-ready payment terminal by holding the mobile device close to the payment terminal.

So, why should mobile wallets be part of your payment processing plan? We’ll look at some of the advantages of this popular technology and how it can impact your business.

What is a Mobile Wallet? For Small Business Owners

As a small business owner, it’s important to start thinking about accepting mobile payments. Many of the world’s largest corporations like Amazon, Google, PayPal and Apple are rapidly innovating when it comes to mobile wallet technology.

Your business can benefit from mobile wallet technology in many ways. One of the greatest advantages of this payment method is its ability to reduce fraud. It is much more difficult to steal data from the customer’s phone than it is to steal or duplicate a physical card or cash. In fact, many mobile wallet applications do not actually store your credit card data – they assign an encrypted code to your credit card number so it can be stored securely. In this way, mobile wallets protect both you and your customers from fraudulent transactions.

Additionally, choosing to accept mobile wallet payments can speed up the checkout process which will no longer require swiping cards or entering PINs. Speedier transactions can improve customer satisfaction overall and allow your staff to work more efficiently.

At MALAQY, we offer NFC (near field communications) ready terminals as part of our affordable merchant services so your business can be prepared for the rise in mobile wallet transactions. If you’d like to learn more about how you can be prepared to accept all the forms of payment your customers want to use, contact us today!

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