What is a mobile wallet?

3 minutes reading

eduardo SEO Specialist and content production, I have worked in several renowned companies in Brazil and abroad. I write about money, technology and more!
mobile wallet

Since the pandemic, we have learned new ways of connecting with people and companies. Technology left its supporting role and assumed the leading act in our lives, helping to reduce the amount of physical contact. Over this scenery, many resources became a day-by-day feature to make life easier and contactless. Here is where the mobile wallet came in to let everyone keep making purchases while avoiding the touch.

With a mobile wallet app, you can store information from a credit card, debit card, loyalty card, and even coupons on a mobile device — smartphone or tablet. So, in a few words, it works as a virtual wallet and provides a mobile-based payment service for in-store purchases. The popular options include Google Pay, Apple Pay, and Samsung Pay. Are you curious to learn more about it? Here is what you need to know!

What is a mobile wallet?

Also known as mobile money or mobile money transfer, a mobile wallet is a service for in-store payments through mobile devices. It allows you to make purchases without cash or physical cards. How does it happen? By storing the payment information you need — credit card, debit card, reward card, or coupons — on your mobile device. 

So all you need is your smartphone, tablet, or wearable device, as long as the store is listed by the mobile service providers. Due to convenience and easy access, virtual wallets gained popularity. Overall, many smartphones come with mobile wallets by default. They can be either a built-in feature or an app that can be installed (if it’s not yet). 

Behind the curtains, a few payment processing models run to boost a mobile wallet and enable the contactless settling of accounts. Not to mention the extra layers of encryption, which add safety to the transactions, and how your identity is linked. It has many formats, such as a QR Code, fingerprint, and facial recognition.

It includes a mobile service provider (Google Pay, Apple Pay, Samsung Pay, PayPal, banks, or other financial institutions), SMS-based transactions, mobile web payments, and Near-Field Communications (NFC) technology. The latter feature empowers the mobile device to interact with a payment processing terminal and requires users to be present when paying.

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Digital wallet vs Mobile wallet

Digital wallets and mobile wallets are similar yet different. What differs between one and the other is how they are implemented — although both store payment data for purchasing on the go. Typically, digital wallets go for online transactions without a mobile device need. It’s the case of a regular PayPal account, for instance. However, when you manage payments with PayPal on your smartphone, it works as a mobile wallet.

Speaking of mobile wallets, as the name implies, a smartphone, tablet, or wearable device is mandatory to run the service. The main reason why people use it is to avoid carrying cash or a physical card around for in-store purchases.

What are the benefits of a mobile wallet app?

Convenience and safety are the most notable advantages while using a mobile wallet. While the first makes payments more accessible, the latter avoids fraudulent activities through encrypted keys. Credit cards are stolen or duplicated, but mobile devices require a password, fingerprint, or facial recognition before giving access to an unknown person. Here are other benefits:

  • Contactless payments, allowing you to touch your phone only and nothing else;
  • Reinforced safety through encrypted keys, security credentials, and the use of a virtual card to complete any transaction;
  • Faster payments by placing your mobile device near the payment terminal for a few seconds until you receive an alert about the deal;
  • Convenience comes without the need for a physical wallet, many different cards, or even cash.

How to use Capital One mobile wallet?

Do you know how to use Capital One mobile wallet? Why do we ask? Because some people with a US bank account rely on this institution to make their payments. However, they have doubts about this alternative or are just getting started. The process is simple, no matter who is your mobile service provider, bank, or any other financial institution.

First, if you still don’t have it installed, add the wallet app on your mobile device as a payment option and fill in your data. Then look for the contactless symbol on the payment terminal or check the merchants that accept it through a list from your provider. After this, open your mobile wallet, and select your Capital One car. Finally, place the device near the reader to complete the transaction. A message will pop up on your phone to confirm the operation. All set!

A mobile wallet can come in handy when you are working out or hanging out and deciding to make a purchase. Even if your physical wallet is at home, you can still manage payments as long as you have your mobile device around. Plus, everyone gets quicker, safer, and contactless transactions. 
Are you looking for an alternative to deal with international payments? Then check the digital multi-currency from Husky to get the job done.

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eduardo SEO Specialist and content production, I have worked in several renowned companies in Brazil and abroad. I write about money, technology and more!

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