Hand-held devices have played a significant role in shaping modern shopping behavior, and while their convenience has driven mobile wallet popularity, it is the layers of security that give the in-person payment method its staying power.
In fact, year-over-year double-digit mobile wallet growth appears closely tied to increasing consumer trust in the security of their saved payment data, with transaction volume forecast to reach $49 billion in 2023.1
Consequently, the mobile wallet payment method is no longer considered a novelty, and consumers increasingly link the quality and security of their checkout experience with their options to pay – which means merchants need to get comfortable with this technology too.
What makes mobile wallets so secure?
When the consumer goes to pay, the stored card data token is recognized, the payment is authorized and the merchant never receives their customer’s actual card information. So, if a merchant’s payment system were ever compromised, their customers’ actual card data would not be exposed.
With tokenization, only the issuer or payment processor can unlock the tokenized data. So no matter who else sees the token as it travels around the web or is carried about in a mobile wallet, it’s meaningless and cannot be used for fraudulent transactions.
Payments in a flash
If you’re looking for tips to boost mobile wallet use at store checkout, contact your Customer Account Manager.
Accept payments in-store, online and on the go
Elavon is the Mississauga Board of Trade’s preferred partner for secure and reliable payment processing.
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