Mobile Wallets use NFC chips insider the smartphones and tablets to transmit payment information. When customer ready to pay using mobile wallet, customers enter the PIN and selects the payment account they wish to use along with any special offers or any customer reward programs they want to apply. At the time of payment, they simply tap their device to an enabled payment terminal, and the payment information is transmitted.
Currently there are two notable mobile wallet providers that have the potential to dominate the space in the near term - Google Wallet and Softcard. Google wallet has opened its acceptance to all major payment brands and try to gain wider adoption.
Soft card is a joint venture between AT&T, T-Mobile, Verizon, Softcard’s carrier backing is a key factor in differentiating it from other mobile wallet offerings.
To Adopt this mode of payment,
All businesses should be prepared to and acquire a merchant service account or update their hardware to accept these payment types. Small businesses may face some challenges in adopting new technologies. Banks give Future Proof Banking terminals to ease this problem such as devices ingenico iCT250.
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