In today’s digital world carrying our smartphone is almost cater our needs in daily life. One front which was not that much covered was the digital wallet. Though, sighting the immense scope of revenue generation and capturing the smartphone market.
The major mobile operating systems from Apple, Samsung, Android, and Microsoft came up with the digital payment system of their own. Till now digital wallet as an app is available for high-end smartphones, but soon we will see the installation on mid-level handsets too.
We will try to analyze how these digital wallets work and how helpful they are.
How Digital Wallet System Works?
This technology works with NFC or near field communication to make payment to end terminals with a tap to pay. To make payment, you need to held your phone against the registers at retailers and its MST technology do the work.
Once installed in your phone, your phone send the wireless signals same as reading the magnetic strip of your credit or debit card to the device.
Same way, if you want to return your purchase back to the merchant. All process remain unchanged like, holding your phone against the payment terminal and authenticate.
How to Install Digital Wallet on your phone?
These easy to use applications are available for download from your operating system download store. In-app itself, there is an option of scanning your card or taking phone or manually entering your card details.
For security, fingerprint ID and passcode is part of the app for safer transactions. However, the app does not send the direct information of your card to the vendor.
Its generate a virtual account number which contains details of your card account hence keeping all account information private from point of sale.
Is this Safe and give me my card benefits?
Yes, the digital wallet is as safe as your credit card or debit card. Here, you actually getting additional security by adding unique transaction code for payments.
Moreover, if you fear that if you lost your phone your card details are gone, that’s not the case. Once you enter your card details in the digital wallet, it generates a specific number and transaction code for you.
When you make payment, these number and transaction codes are used to make a payment not your card directly.
Your rewards and perks by specific card providers too are given to you, as the end of the day your card was used for making the payments.
Another additional benefit is not carrying your credit and debit card with you all the time. There is also an option of entering multiple bank cards into the digital wallet.
Payments without the internet on Mobile?
Yes once again! You can make up to 10 payments in offline mode (no internet connection) through the digital wallet.
But, set-up of the app for making payments can only be done on a data/Wi-Fi connection. During set-up, your app needs to communicate to the provider of your card for authentications which are not possible without an internet connection.
Digital wallet from Apple, Samsung, Android, and Microsoft are not yet available in all countries. But keeping in sight the benefit of these apps, spreading worldwide is definitely on the cards.
The only challenge is to make available these digital wallets for low and mid-range of a smartphone with fewer security features.
Indeed, tab to pay is the new swipe to pay!