Mobile Wallet Definition

By Phillip Parker

Last Updated: February 26, 2014

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

Use of this video does not constitute an endorsement of any kind by CardPaymentOptions.com.

About The Author

Phillip Parker

Phillip Parker is an independent card payment expert specializing U.S. and Canadian point-of-sale, e-commerce, and mobile payment acceptance. He has nearly two decades of experience in credit card processing as a journalist and consultant. Phillip is the creator of this website and has written over 1,500 articles covering numerous payment acceptance topics. He has also published critical reviews about most merchant services providers currently in operation.

Expert Guidance

Phillip has consulted businesses of all sizes from mom-and-pop shops processing $10K per month to enterprise level organizations processing in excess of $300MM annually. His specialties include:

– Merchant Account Statement Auditing

– Rate & Fee Negotiation

– Processor & POS Selection

– Software Integrations

– Risk Assessment

– Fraud Prevention

– General Processing Advice

Schedule a Consultation Here

Phillip’s Top Picks

Phillip has researched and reviewed over 1,000 merchant services providers over the last 15 years. He also owns multiple businesses that accept credit card payments. If you are looking for an ethical credit card processor that doesn’t hide fees or lock you into expensive contracts, see Phillip’s merchant account picks here.

In The Media

In addition his contributions on CPO, Phillip has also been quoted in several major publications such as The Los Angeles Times, INC Magazine, Miami Herald, Computer World, and numerous others. If you would like to interview Phillip for your story or podcast, please reach out here.

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