Now that digital wallets are becoming popular, thanks to companies like Apple and Google launching phones and wallets designed to work with those devices, more businesses are adapting. The future of merchant credit card processing is digital, and that has some interesting implications for how we interact with businesses and employers.
The future paycheck will arrive in one’s digital wallet, where the funds can be distributed to other accounts or bill collectors. Those transfers will be mostly free of charge, and give customers the ability to better manage money. Another wallet will mean that customers can have an account they spend from and one they use to save.
As you use your digital wallet, it will remember things about your shopping habits. Soon, retailers will begin deploying personalized offers through your digital wallet. This will entice shoppers to retail locations, or drive more business online.
In addition, retailers will be able to send coupons digitally to wallet users, says Charge.com. The apps themselves will set reminders, which may or may not trigger depending on where a user is geographically. These reminders will be helpful, and may help consumers save a ton on discounts they might have missed if they left those coupons at home.
The business and the payment processor use heavy encryption to make the transactional data anonymous. The payment processor is integral to this process, and digital wallets have strong security measures in place. Without access to your device, a hacker can’t do much to compromise your data.