Mobile Wallet Definition

Merchant Account Mobile Wallet Explained:

What is a mobile wallet? A mobile wallet, also called a digital wallet or mobile wallet app, is a service that allows users to access electronic funds in their smartphones and pay for goods and services with these funds. By allowing users to store their credit card, debit card, gift card, or bank account data in their phones, wallet apps eliminate the need to carry around multiple physical cards. Additionally, users can use their phones to pay at participating locations by using wireless communication technology, be it RFID, NFC, Wi-Fi, or Bluetooth, which eliminates the need to swipe a card through potentially temperamental equipment or wait for a printed receipt.

The competitive digital wallets market presents a challenge for merchants as they decide whether to adopt technology that can accept mobile wallet payments. Some mobile wallets require proprietary technology or are only able to communicate through one data transfer method. This may limit the number of customers for which a merchant can provide mobile checkout, and it also places the burden on the merchant to ensure that he or she chooses a reliable, secure service. Although mobile wallets carry with them many attractive features, including customer tracking, loyalty programs, and less of a requirement for physical equipment, they also sit at the cutting edge of a mobile payments landscape that is complicated and rapidly changing.

Google Wallet Video Explanation

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