Karen Urquhart 6 minJun 18, 2022
Since the first commercial prototype in 1973, mobile phones have continued to see improvements to their functionality, and have become an integral part of our everyday lives. From communicating with friends and family to browsing the web and even tracking our steps, the uses for smartphones seemed limitless and continued to expand to meet new demands.
Eventually, mobile phones dove into the world of payments, and the usage of digital payment methods like mobile wallets have been growing rapidly ever since. In fact, the global market for mobile payments is expected to reach $373.1 billion by 2028, which - to be frank, is unsurprising. We live in a world where instant gratification ranks supreme, and there isn’t a more convenient form of payment for motivated shoppers than a mobile wallet.
Often regarded as the fastest and simplest way to checkout, it’s easy to see why the number of mobile wallet users jumped from 900 million to 1.48 billion in 2020. The way we shop is changing. Consumers are continuing to move away from the traditional wallet and opting for more user-friendly payment options; and that is exactly what mobile payments provide.
A mobile payment is a general term that refers to the action of purchasing a product or service from a mobile device such as a smartphone, smart watch or tablet. Instead of paying with cash, cheques, or credit cards, consumers would instead use their mobile device to pay for a wide range of products in person or online.
A mobile wallet is a digital version of your traditional wallet that lives in your mobile device. You can add your credit or debit card information that is then stored securely and readily available at the touch of a button. Mobile wallets give you the freedom to pay for goods and services without the need for a physical wallet in a fast, convenient and secure way.
In order to use mobile payments and make a purchase with a mobile wallet you need to download the mobile wallet of your choice onto your smart device. These can include ApplePay, SamsungPay, WePay and AliPay to name a few. Once you have access to the app, you can add and store your card information including credit cards, debit cards, and even loyalty cards.
When you want to make a purchase, you can use your mobile wallet in person or online for a seamless checkout experience.
For in-person transactions, near field communication (NFC) is the main technology used to power contactless payments, which is the same technology that lets you use contactless payments to pay with a physical card. Similarly to Bluetooth, NFC supports the digital transfer of data; however, NFC requires closer device proximity and has greater built in security. To make a purchase, you would open your payment app, select your preferred card and provide your authorization (touch ID, face ID or password) for the transaction. Once authorized, you would simply hold your mobile device over or near a contactless reader that then captures the relevant payment information.
Unlike in-person purchases, online shopping often requires you to fill out lengthy checkout forms everytime you want to make a purchase, which can get a bit monotonous. Using a mobile wallet simplifies that process by automatically filling in that information for you! If you are making a purchase from a participating e-commerce merchant that offers mobile payment options, you would simply select your preferred mobile wallet as your payment method, select the card you would like to use and provide authorization to complete your order.
Take advantage of mobile payments as a Commerce7 customer. All C7 customers using Commerce7 Payments as their gateway can generate more revenue and create better shopping experiences by offering one-click checkout and one-click club sign up through mobile wallets on Commerce7. Accepted mobile wallets include: Apple Pay, Google Pay, Alipay, WeChat Pay, Samsung Pay, Microsoft Pay, among other mobile payment options.
You can trust that as the world of payments evolves, your direct to consumer sales platform will keep pace and continue to roll out new and innovative payment solutions.
Ready to embrace a new wave of payment technology? Get started with Commerce7 Payments today.
See it first hand by scheduling a demo with the Commerce7 team.Schedule a Demo