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Digital Wallets are becoming an increasingly popular choice of payment for a number of consumers, with 90% of card transactions being contactless payments in 2021. Apps such as Apple Pay and the Google Wallet have given consumers the choice and flexibility to pay extremely quickly using their smart devices rather than use traditional methods of using credit cards and cash. There can be several advantages to consumers using Digital Wallets and merchants accepting them.
At BMS, our products are compatible with all major digital wallets such as Apple Pay, Google Pay and Samsung Pay.
Digital wallets utilise several new technologies including near-field communication (NFC) and a security method called Tokenization. In order to use a digital wallet, consumers enter their card information into an app. The information is then encrypted using the tokenization method of replacing sensitive data using unique identification symbols known as tokens. To use the now digital card, the user must unlock the device using their passcode or biometrics. The user can then easily pay using the card in their digital wallet by simply holding up their device close to the payments terminal.
One of the major advantages of accepting Digital Wallets is that they are extremely convenient for customers. They allow customers to pay simply using an app on their phone or smart device and therefore without the need to carry a physical card or cash. In the case of ApplePay and Google’s Wallet, they are integrated into the phones systems.
Transactions made with Digital Wallets are usually processed much faster than a normal card transaction. This is because transactions do not need the same level of verification and authentication as they already utilise two factor authentication meaning less security checks are needed when the consumer goes to tap the card. Two factor authentication also means it is harder to steal the card information which means the whole process of digital wallet payments limit fraud risks and enhances security. Storing everything in a digital wallet means consumers do not have to carry around cash or cards and therefore they will be less prone to losing valuables or for it to be stolen.
Overall, mobile devices have taken a major step forward in being an essential part of our day-to-day lives, including the way we spend and invest money. With Digital Wallets, contactless payments are seen as even more secure than cash in our digital society. Fill in the form below or sign up for a consultation with one of our experts and streamline your customer payment options.