Essay On Mobile Wallets

1253 Words6 Pages
Introduction to Mobile wallets
What is a mobile wallet?
A mobile wallet is the digital equivalent to the physical wallet we already have in our pockets today. It is a container (or vault) to store digitized valuables for authorization. These valuables grant permission for usage or access to goods, services or places. They can be:
• A personal identification like an ID or social security card, driving license, health card, payments card, loyalty card, website access or login data, and so forth
• Non-personal means of authentication like tickets for public transport or events, car and hotel keys, gift cards and coupons
Simply put, it's a mobile-based virtual wallet, where you preload a certain amount in your account created with the mobile wallet service provider, and spend it at online and offline merchants listed with the mobile wallet service provider. For example, if you go to a coffee shop A, which is listed with XYZ mobile wallet, you can pay for your coffee through the phone. Depending on the service provider,
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NFC is a technology that uses radio frequencies to allow smartphones and other devices to exchange information. Before customers can use their high-tech wallets in stores, they must first upload all of their credit and debit card information to a digital account. They then link this account directly to their smartphones by downloading their provider's corresponding mobile wallet app. Once you have your mobile wallet app installed, you can hold your phone over a store's NFC reader to make a payment. Google Wallet, a popular feature on certain Android devices, uses NFC technology. Google Wallet does not share your credit card details directly with merchants. Instead, Google's partner, Bancorp, issues Google Wallet users a virtual prepaid card that is then used to make payments. So you pay Google, and Google pays the
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