«Digital wallets» are electronic wallets that can be used with all mobile devices such as tablets, smartphones and computers. The advantage for users: All the customer’s details are already stored within the wallet and a simple click enables secure and fast payment with all major credit cards – online and soon also in-store.
MasterCard and Visa are using their new digital payment solutions to address the needs of merchants and consumers. With their MasterPass and Visa Checkout solutions, they are simplifying the entire payment process. Only a one-time registration is required to use these digital wallets.
The digital wallets from MasterCard and Visa store customers’ payment and delivery details in compliance with the highest security standards. Time-consuming repeated data entry is now a thing of the past. The information is automatically transmitted to merchants during the payment process. This reduces the payment process to just a few clicks, making it much faster and easy to use. Abandoned transactions are also significantly reduced, thus increasing the conversion rate and turnover.
Samsung Pay and Android Pay will make use of the same infrastructure as MasterPass and Visa Checkout, boosting acceptance of the two digital wallets not only online but also at the POS. With cross-channel standardisation of the payment process, e-wallets will make it considerably easier for merchants to implement of an omni-channel sales strategy.
Following the merger of Paymit and TWINT last autumn, the new Swiss bank mobile payment solution will be launched in April 2017. Over 30 banks and numerous well-known merchants are involved. Named TWINT, the joint solution is platform-independent, customer-friendly and open to all market participants. Along with peer-to-peer functionality, the innovative payment system will be suitable for use at the POS and in e-commerce, apps and vending machines. TWINT not only offers mobile payment, but also added-value services adapted to suit Swiss customer requirements. For example, the TWINT app allows discounts to be digitally displayed and automatically deducted during payment. Customer and stamp cards can also be stored directly in the app, increasing customer loyalty.