Today we use our mobile devices for everything from taking photos to navigating a new city. For most, their cell phone or tablet is never too far away. With so much dependence upon mobile technology, it is no wonder many are transitioning to electronic wallets.
Mobile wallets let consumers make purchases fast and easy using their smartphones. The most popular apps come from leading electronic or technology companies such as Samsung or Apple. However, many merchants are getting in on the game and creating their own mobile wallets. Along with its conveniences, these merchant mobile apps provide customers with preferred sales and discounts as well as loyalty rewards. For the merchant, providing your customers with a special mobile payment option can help grow your business. It will make transactions faster, give you more insight into your customers’ buying habits and make gathering their information a lot easier. Many industries, like restaurants and car services, have also designed mobile payment technology that promotes their member businesses.
Some examples of industries and merchants who are on the cutting edge of mobile wallets include:
- Starbucks Mobile Order and Pay
- Walmart Pay
- Open Table and Cover Restaurant Payment Apps
- Instamed (for medical payments)
- Fitbit Pay
Although mobile wallets are extremely convenient, they have been slow to catch on with consumers. One major reason is that many are concerned about their security. Because the mobile wallet contains information that can be stolen by hackers, a lot of consumers don’t trust this new technology. However, because most phones are locked and passcode protected, and credit cards encrypted, industry leaders claim they are just as safe if not safer than a traditional pocket or purse wallet.