Mobile wallet contactless payment transactions are quick, easy and secure. Thanks to near-field communication (NFC) technology, a mobile wallet on a smartphone can communicate payment information to a card reader. All the consumer has to do is turn on the phone, open the app, and tap it or wave it near the reader. Consumers around the world have embraced tap-and-go payments, which streamline payment transactions and save time.
The recent surge in digital wallet transactions is also a result of tailwinds in digital payments as customers opted for online methods to pay instead of cash. A key reason for payment firms to leverage their Digital Wallet platform continues to be customer retention, as they look to give cashbacks and refunds into a customer’s wallet, nudging them to use the balance for more transactions on their platform.