Your Guide
to the
Digital Wallet
What is a Digital Wallet? via near-field communication technology
requires two NFC-enabled devices: a
A digital wallet - also called an e-wallet or transmitting (or “active”) device and a
mobile wallet - securely stores the owner’s receiving (or “passive”) device. In a
payment information. A wallet can store contactless payment transaction, an NFC-
credit, debit and loyalty cards plus enabled smartphone with a digital wallet
coupons. Digital wallets are used to make serves as the transmitting device, while the
mobile payments. Popular digital wallets card reader serves as the receiving device.
®
include Apple Pay , Google Pay TM, and
Samsung Pay ®. Security and the Digital Wallet
How a Digital Wallet Works Digital wallets employ safeguards to
reduce risk and keep account data secure.
Near-field communication (NFC) A customer may need a passcode or
technology allows devices to biometric authentication (such as a finger
communicate. When a consumer with a scan or facial recognition) to approve a
digital wallet waves or taps their NFC- transaction.
enabled device (smartphone, tablet) on or
near an NFC-enabled terminal, payment In addition, all payment card and account
data transfers between them. This is a information goes through an encryption
contactless payment transaction. In the process during transactions. Encryption
case of digital wallets, data transmission encodes data to make it difficult for
Service. Driven. Commerce
hackers to access or understand. The built- If a merchant is able to leverage a mobile
in security features of smartphones and wallet to provide an immediate connection
mobile devices, such as automatic locks, with its consumer base, mobile wallets
also provide another layer of security. may have the ability to help a merchant sell
more goods and services during slow
Advantages for Independent Software times by enticing its consumer base with
Vendors (ISVs) discounts and coupons.” Mobile wallets
can also reduce fraud, thus dropping
Mobile payments such as digital wallets operating costs as well.
have skyrocketed in popularity in recent
years. Industry experts predict that the Be Ready to Offer Payment Processing
global number of mobile contactless Functionality from Digital Wallets
payment users will grow to 760 million by
the end of 2020. Global Payments Integrated can help you
add this functionality to your existing
ISVs should include the ability to accept a software solution, allowing you to offer up-
variety of mobile payments within their to-the-minute payment solutions to your
software solution in order to provide their clients. Contact us today to learn more.
clients with functionality for the way people
want to pay, as well as to stay competitive Apple Pay® is a trademark of Apple, Inc. All trademarks contained herein
in the marketplace. are the sole and exclusive property of their respective owners.
Google PayTM is a trademark of Google, Inc. All trademarks contained
herein are the sole and exclusive property of their respective owners. Any
Advantages for Your Merchants such use of those marks without the express written permission of their
owner is prohibited.
Samsung Pay ® is a registered trademark of Samsung Electronics Co.,
Mobile Payments Today outlines potential Ltd. All trademarks contained herein are the sole and exclusive property of
advantages to accepting digital wallet their respective owners.
payments. “Mobile wallets may be able to ©2020 Global Payments, Inc. Global Payments Integrated is a service mark
of Global Payments Inc.® All rights reserved. All trademarks and service
move more consumers through the line marks contained herein are the sole and exclusive property of their
respective owners. Any such use of those marks without the express
more efficiently and thus drive revenues. written permission of their owner is strictly prohibited.
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