The mobile wallet or else digital wallet is a mobile application that has stored the data of one or more credit cards, can be connected to one or more bank accounts and store reward points and coupons.
The mobile wallet will be able to make payments online and in physical stores as well as to transfer money from your digital wallet to an account and the reverse. Also most applications keep private the details of your account, as the bank account or credit card information is not shared directly with sellers. For example, Paypal to keep your data safe, appears as the buyer in your payments, assumes the role of intermediary ensuring in this way the security of your data, without losing coupons and reward points by this process. Also mobile wallet give you the possibility for payments in physical stores through NFC technology (near-field communication) using RF enables smartphone and other devices to exchange information which is necessary to complete the transactions.
The mobile wallet is the evolution of mobile banking, since the actions we can realize through mobile banking apps is to transfer money between accounts, deposit money and monitor the liquidity of our account. The mobile wallet introduced something which couldn't be done through mobile banking applications, now we can use our mobile phone as "digital" credit card in physical stores passing our smartphone over the corresponding POS and complete the purchase. There are many companies which offer mobile wallet applications some of the most popular are Apple pay, Android pay and Samsung pay. It is estimated that the mobile wallet will replace the use of credit card in the future as it has the following advantages:
- There are no financial charges equivalent to those found by using a credit card, unless the payment is made using the credit card when the burden will be similar to that agreed between you and the bank you are client.
- Increase the security of your transactions as the mobile wallet you will never have to give your smartphone to a cashier or type in your account password (PIN).
- The transactions are faster, convenient and automated.
The operation of mobile wallet is not yet sufficiently widespread is a trend that will occupy us very actively in the coming years. The mobile wallet applications for their success based on freedom, flexibility, security and the anonymity they provide to clients which will significantly change the way we will realize our markets. This is an important tool for online shopping as one of the safest payment methods.
In 2016, millions of Starbucks customers used mobile wallet applications, since in peak hours customers can make their order and pay through the application without having to wait in line. Amazon and Walmart have followed this trend. first through the Amazon Go stores will make shopping faster and more automated, since entering the store and mobile wallet application of the Amazon "passing" your smartphone over a sweeping machine automatically connect to the store's database. After you finish your shopping, when leaving the store a special mechanism scans (scan) products purchased and simultaneously the data and the information is transferred to the user's smartphone, where you can make the payment automatically through the application. The technology used in the Amazon stores Go is a variation of the NFC technology mentioned earlier.
After you finish your shopping, when leaving the store a special mechanism scans (scan) products purchased and simultaneously the data and the information is transferred to the user's smartphone, where you can make the payment automatically through the application.
Walmart has its own mobile wallet application (walmart pay) but aims to expand the trading network of moving in cooperation with other companies that provide mobile wallet applications wanting to provide more ways of trading to its clients. So far has announced its collaboration the Chase Pay and already is negotiating for cooperation with other companies.
Already, large companies in the retail and not only, have dealt very active and has entered the mobile wallet on available payment methods and make business decisions based on this trading method.
Indicatively we present some of the best known providers of mobile wallet applications worldwide:
- Chase Pay
- Capital One Wallet
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