Digital wallets as a payment function
“Digital wallets” can be used with all mobile end devices, such as a tablet, smartphone or computer. The advantage for users is that all of their details are already stored in the digital wallet, allowing payments to be made easily, quickly and securely with just one click.
In addition to the different payment methods, customer information, such as the delivery address, is also stored in one place. It is easy to use: while shopping, the customer logs into the digital wallet of their preferred card organization (“MasterPass” by MasterCard or “V.me” by Visa) and selects the corresponding payment method (credit or bank card). The purchase process is carried out easily and securely. The customer's card data are not sent to the retailer, they are stored in the digital wallet.
The advantage for retailers is that the simplified payment process reduces the number of failed online transactions. The transactions are settled via the normal purchase process. No further parties are involved, giving them a clear processing overview. Security is guaranteed by the complex digital wallet authentication processes, and customers have access to the payment options stored in their digital wallet via an interface.