Understanding Mobile Wallet

How often do we forget a coupon, debit card, or our I.D. at home? Or have you ever just lost them all together? Besides the panic, it’s quite annoying as well. When this happens, we’re often left wondering where in our daily routine did we mess up and lose our belongings.

It’s in these situations that mobile wallet was created to save the day.

What is Mobile Wallet?

The mobile wallet is a digital form of storing payment information right on your phone, tablet, or smartwatch. This provides a convenient way to complete offline and online transactions.  Most wallet options can also store coupons, loyalty cards, event tickets, and flight boarding passes.

The mobile wallet is an app that most smartphones will already have installed or you can download one of the other options. A few popular options are:

  • Apple Wallet
  • Android Pay Apps
  • Google Wallet
  • PayPal Cash Wallet
  • Stocard – Rewards Cards Wallet

All options will vary on capabilities, but Apple Wallet or Android Pay will both have the capability to store payment and non-payment material.

How to use Mobile Wallet?

  1. Download your preferred app to your smartphone.
  2. Input you credit card information.
  3. When checking out at participating merchants, simply access your mobile wallet on your phone and scan at register.

How does Mobile Wallet work?

“Once the app is installed and the user inputs his payment information, the wallet stores this information by linking a personal identification format like a number or key, QR code or an image of the owner to each card that is stored. When a user makes a payment at a merchant, the mobile app uses a technology called Near-Field Communication (NFC) which uses radio frequencies to communicate between devices. NFC uses the personal identification format created for the user to communicate the payment information to the merchant’s POS (Point-of-Service) terminal. The information transfer is usually triggered when the user waves or holds his NFC-enabled mobile device over the store’s NFC reader. “ – Investopedia

Business Solutions with Mobile Wallet

Businesses can leverage a digital system easily through the iOS and Android phone with mobile wallet passes. Building and promoting a business app can be time consuming and costly. Building a mobile wallet pass within mobile wallet can reduce the time and budget hurdles a app entails. Passes can provide digital solutions for loyalty cards, tickets, coupons, gift cards, geofenced messages and promotions, as well as notifications.

One of the most popular pass solutions through mobile wallet passes is the convenience for your customers to store your business’s loyalty cards or coupons within their mobile wallet. The pass can also allow the capability to alert consumers of rewards and level upgrades within loyalty programs.

Where to create a Mobile Wallet pass: