The adoption of digital wallets is high in Mexico; a recent study by Capterra indicates that currently 70% of consumers with smartphones use this technology .
Installing and paying with digital wallets summariz in 6 steps:
Digital wallets allow their users to perform different functions from their mobile device (smart phone or smart watch) such as paying in stores, identifying themselves in institutions, storing event tickets or bus or plane tickets, etc. A situation that can be taken advantage of by businesses, for example, having payment sys south africa whatsapp number data tems that are compatible with technology or a customer loyalty model that has an ecosystem with a digital wallet .
In the article mention above, it is report that 91% of digital wallet users use them as crit or debit cards to make payments. It is on this segment that this article focuses.
Using a digital wallet to pay has several advantages, including the conve the number of social, including dark social roles, has increas tenfold nience of carrying on your phone what you usually carry in a traditional wallet, such as crit or debit card payment details.
Digital wallets are applications that are mainly us on smartphones but can also be install on smartwatches.
How to use a digital wallet to pay?
The user downloads and installs the digital wallet app they want to use on their mobile device.
Enter the crit or debit card details in the digital wallet. This will co resource data nfigure the card in the app (generally, the user can add different cards to the same digital wallet ).
Paying with digital wallets: the new way of understanding money
Every time the user wants to use the digital wallet to pay, they have to open the app and authorize its use through some form of authentication (for example, using a password or biometric authorization).
Once the crit or debit card has been activat in the digital wallet, the user brings the mobile device close to the merchant’s terminal (POS) to process the payment.
The digital wallet communicates with the terminal via some contactless method (document in English), which can be: NFC (near field communication technology), MTS (magnetic secure transmission technology) or QR code.
The terminal receives the information from the digital wallet and processes the payment.