Ever since last year when Google developed its own platform for making purchases via mobile devices, the concept of a mobile wallet has been growing in popularity. In fact, when it comes to innovations in the way consumers pay for products and services, most experts say that a mobile processing wallet is the way of the future, despite some early security breaches that raised concern.
What does this new processing method mean for you? Should your company use one of the existing mobile wallet options, or does it make more sense to create your own? Can you trust online security? What do you need to know?
To help answer these questions, here’s a look at the facts about the different options out there!
1. Google Wallet
Google Wallet stores all your credit and debit card information, along with offers, loyalty cards, and so on, right into the data in your phone or computer. This means that when you go out for coffee, you tap your iPhone to pay rather than pulling your wallet from your pocket. When you need your credit card info, you simply click through to it on your laptop.
The biggest problem for Google Wallet in the early days was security—a few breaches gave the platform bad press and fed consumer fears about online safety. Still today, many people resist the idea of paying with a phone: What if someone steals it? Could anyone make purchases with my info?
For over a year now, Google Wallet has been using near field communications (NFC) technology with success. Designed to allow mobile devices to safely transfer payment information from consumer to retailer, NFC technology is available on Blackberry and Google phones. What’s more, the number of people using this technology is constantly increasing—estimated to reach over 100 million people in time.
At present, Google Wallet has failed to make a dent in the mobile payments arena. Why? Google’s biggest problem is that it has partnered only with Sprint for Google Wallet.
Similar to Google Wallet, the Isis Mobile Wallet™ stores all the payment info traditionally kept in your physical wallet—so when you pay for a purchase, it’s as simple as tapping your phone.
NFC Technology & Security
Like Google Wallet, Isis uses NFC technology. Whereas Google Wallet received bad press about its security, Isis hopes to capitalize on the opportunity to boost its own reputation for safety and accessibility. Focusing on being the mobile wallet computing company customers can trust, Isis offers additional security features such as:
• Remote wallet freeing to remotely suspend wallet activity if there’s a security concern
• Unique four-digit PINs customers set for themselves
• Extra safeguards like payment card credentials, stored on a Secure Element chip
• Changing security codes to prevent counterfeiting of cards
Isis has the advantage of being jointly owned by AT&T, Verizon, and T-Mobile.
3. Your Own Custom Mobile Wallet
Some companies have abandoned the idea of a traditional wallet provider, opting instead to build their own applications, specific to their brand.
Because you’re starting from scratch, you can choose to have the designer focus on those aspects of the mobile wallet that are most important to you—such as security, for example. By creating your own customized mobile wallet, you have the opportunity to offer clients high security and protection.
While creating your own mobile wallet system might boost security, it also boosts costs. When quality systems are already in place, starting from scratch doesn’t make much sense from a financial point of view. Plus, each company that wishes to have its own mobile wallet platform should realize its customers will need additional apps or accounts in order to make purchases anywhere else. Essentially, therefore, you’re creating an additional step—downloading your wallet system—for clients, rather than making their payment process simpler.