Mobile wallet technology has become a blessing in disguise amid coronavirus outbreak. Well, Google, Apple, Samsung and many more companies have already introduced mobile wallet technology a few years back. But, people are still giving emphasis on credit card transactions. But, after the arrival of COVID-19 where social distancing becomes very important, people have started giving more preference to a contactless transaction.
When it comes to contactless transactions, you will have many options such as NFC payment, QR code payment and many more. If you have an EMV chip-enabled credit card, you can make tap and pay transactions. But, when it comes to reliability, nothing can beat the efficiency of mobile wallet technology.
Standing in the technologically advanced time, if you want to start your business, you must embrace the mobile wallet technology. It is undoubtedly one of the most efficient outcomes provided by technology. It is really providing a proficient shape to the entire ecosystem of technology. If you are a merchant and want to enhance the cash flow in your business, you must start accepting mobile wallet payment. According to a report, consumers are giving more importance to the mobile wallet when it comes to making bill payments. Therefore, as a merchant, you must understand how it works.
Mobile Wallet Technology
We at International Payment Solutions understand the present scenario where advanced payment terminals are required. Otherwise, merchants will not have the option to accept credit card payments online. This is why we have elaborated mobile wallet technology below:
Well, mobile wallet technology is quite similar to the credit card transaction. However, here, the customers will not have to carry a credit card or debit card with them. The entire transaction will be done digitally. When it comes to the mobile wallet, customers will have two options. First, they have to add a bank account to their mobile wallet and the balance will be deducted directly from the bank account while making an online transaction. Secondly, the consumers have a digital wallet where they can add the amount as per their requirements. In such a case, the balance will be deducted from the wallet. The process is almost the same. Go through the following points to know more about it:
Customers will make online transactions with the help of mobile wallet technology. After that, the merchant processor will receive important information regarding the transaction. The merchant processor solution will send important information to the card company. The card must be added to the wallet. After that, the card brand shares the information with the issuing bank. The bank will make the final decision. If there is enough balance left in the account, the transaction will be approved. Otherwise, the bank will reject the transaction.
If the customers are making payment using mobile wallet balance, the transaction process becomes simple and easy. Customers can see the available balance through the mobile phone. Here, the online payment gateway securely transfers the amount from the digital wallet to the merchant’s account.
Mobile Wallet- A Better Way Of Making Online Transaction
If you compare mobile wallet technology with others, you will get to know that it is more efficient. The transaction will be quicker and easier. Nowadays, mobiles are coming with NFC and therefore, you can make contactless transactions like tap and pay with your mobiles. Moreover, you can make scan and pay transactions. Yes, in such a case, you just have to scan the QR code of the merchant and after that, you have to enter the transaction amount. Thus, you can make a transaction with your mobile wallet.
Days are gone when you would have to take out credit card and enter the PIN. Or, you would have to swipe the card over the payment terminal to make the transaction. Now, you can do everything in just few touch. Moreover, the transaction process will become more secured if you go with mobile wallet technology. The scammers will not have opportunities to copy your credit card or debit card details. On the other side, the merchants will not deal with fraudulent activities.
Benefits For The Merchants
Merchants will have endless benefits if they start accepting mobile wallet technology. We have highlighted some of the below:
Enhanced Customer Base: When customers will know that they can make payment with their mobile wallet at your shop, they will give more importance to your business instead of your competitors. Moreover, they will promote your business in their personal networks. Thus, your customer base will be enhanced.
Better Cash Flow: When you have a good customer base, your cash flow will be enhanced. Thus, you can take your online business to an elevated level.
Not An IPS Merchant?
Well, without having a merchant account, you cannot accept mobile wallet payment. Therefore, you must register as a merchant under any renowned payment processor. Otherwise, the mobile wallet technology will not give you any benefit. International Payment Solutions is one of the best merchant processors and so, we will suggest you to get in touch with IPS as early as possible.