What is a mobile wallet?

Published 12/12/2012

As many of you may have heard mobile wallets are the newest way to make non cash payments.  What is a mobile wallet exactly?  It is the ability to process payments via QR code on a cell phone intead of using a plastic credit card.  Essentially you are creating a more secure transaction and the ability to store all of your credit card information in one place. How to accept mobile wallets in your store?  You will need to have the right equipment to process mobile wallet payments AND credit cards.

At the time of the sale you access your wallet via your phone, select which card you would like to use to make your purchase, your phone then generates a secure QR code on its screen which is then scanned by a code reader at the businesses point of sale.  The process is fast, secure, and easy. 

This technology is just emerging in the U.S. right now with some of the major mobile wallets out there being:  Google Wallet, Isis, and Apple's Passbook.  Being that this is such a new technology businesses are just starting to accept mobile payments at their point of sale.  The issue that we are seeing come up quite often is that there are many wallets - each requiring a different QR reader to accept that wallet's payment.  This is a problem that we are getting ready to solve through our ability to place the Genius system that will allow multiple payments on one device. 

Look for updates on our roll out of Genius in the coming months!

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