What is a mobile wallet?

Think of a mobile wallet as the digital equivalent of a Swiss Army Knife for your business. It’s basically a wallet that exists on your mobile phone and does everything a real-life wallet does but digitally. Of course, the most obvious benefit is the ability to pay for goods and services using just a smartphone, removing the need to carry coins and notes around, but there are countless other uses and special benefits. 

It can manage all your credit cards, loyalty scheme memberships and reward cards, all digitally so you don’t have to rifle through a bunch of confusing plastic cards to find the one you want. It’s even effective at reducing fraud as mobile wallets are harder to steal or copy than physical cash or cards. 

This convenience factor is a huge benefit. You don’t have to worry about losing or misplacing a card, and it greatly speeds up transactions when you don’t have to wait for change or to have your credit card processed. 

And this goes beyond simply paying for goods, a mobile wallet can be used in all kinds of real-world scenarios. When you go on holiday, instead of frantically trying to find which pocket you put your boarding pass in, you can simply access it through your mobile wallet and use it to board your flight. 

The same applies to tickets for gigs, shows and events. Don’t take the risk of losing your physical ticket, simply keep it stored safely in your digital wallet, gaining entry with a simple swish of your smartphone device. And this is just the tip of the iceberg. Whatever kind of card or important document you might need to keep on your person, such as museum membership or discount vouchers, they can be stored safely in your wallet for whenever you need them. 

Of course, they’re good for the environment too. No longer do you need paper print-outs or plastic cards as all the information is placed virtually inside your phone, reducing marketing costs and removing the need to use up valuable natural resources. 

2020 has been the biggest year so far for the mobile wallet. Global circumstances mean that barriers to adoption have been removed and businesses are innovating rapidly, offering major incentives to customers who make the switch to digital. After all, why carry around a bulky wallet or purse, crammed with confusing cards, cash and vouchers, when you can have them all tucked away on your smartphone, instantly accessible without even having to touch a button?