The way people spend their money is changing. No, not in the things they buy, but literally how they buy. People have been utilizing different ways to purchase items for centuries, and it continues to evolve with the times. In today’s technological world, people are able to purchase their favorite products with an easy swipe of their phones. It’s called the mobile wallet and it’s changing consumer behavior as we know it.
As one of the leading providers for merchant services, First Direct Financial is proficient in providing a high level of security and innovation to your payment processing. We have first-hand experience in everything from credit card processing and point of sale equipment to securing sensitive payment information. Read our article below and learn why accepting payments from customers’ Mobile Wallets can move your company forward.
What Exactly is a Mobile Wallet?
Have you ever shopped online through your smartphone and you were asked if you wanted to pay through apps such as Apple Pay, Samsung Pay, or Google Pay? These are some of the biggest mobile wallets around. They act as your virtual wallet allowing you to conveniently purchase items online without scrambling for your credit card. Moreover, many companies are allowing customers to purchase items in-store with mobile wallets simply by waving their phones in front of a payment terminal.
It’s not a secret that the pandemic has fueled contactless mobile payments. This convenient tech is not going away, in fact, it is just going to increase with a projection of 14.4 million users between 2020 and 2025. More and more people are seeing the value in mobile payments, and businesses that adopt mobile-friendly payments are playing their part in staying current on consumer behavior.
Are Mobile Wallet Payments Secure?
Using mobile wallets like Apple Pay, Android Pay, or Samsung Pay is proven to be more reliable than using a payment card. Apple Pay uses tokenization, a method aimed to encrypt customer payment information. Users simply open their mobile wallet and add credit card information to them. Then, the real credit card number is replaced with the token and protected by a strong password and Touch ID. All of this leads to an increased level of security and reduced possibility of fraud.
Other Benefits to Investing in Mobile Payment Technology
The number one reason people use their mobile wallet is how convenient it is. Typing in your credit card number can be a painstaking process, especially if you’re shopping on the go. It’s especially convenient for those who don’t have the time or willpower to shuffle through their deck of credit cards to find the right card. With a simple push of a button, you’re set.
Mobile Wallets Provide Safer Shopping
Previously, we mentioned how mobile wallets use a tokenization approach to storing your payment information. Not only do they offer you a secure place to store your cards, but they prevent other malicious activity as well.
When you swipe your card, the magnetic strip is an easy target for any hacker. Thieves can easily obtain your information as easily and as fast as you pay your bill. However, when you use a mobile wallet you’re not swiping anything and you’re protected under the wallet’s tokenization encryption.
First Direct Financial Protects You In All Areas of Payment
When you partner with First Direct Financial, you’re not just getting state-of-the-art merchant services, you’re getting a partner. We strive to provide you with services that help you reach your goals and protect your business against hackers. Your complete satisfaction is our primary goal and we assure you we can get you the lowest possible rate with the best quality of service. Contact us today and learn how First Direct Financial can help you with your mobile payment processing needs.