As advances in technology make increasingly dramatic impacts on our lives, a change that has almost been instantaneous is the decreased use of cash in point-of-sale transactions.
The nature of the internet means that cashless payments there were no real surprise – they are a logistical necessity – butin face-to-face transactions the move from physical notes and coins towards digital payments has been more notable.
Latest forecasts say that by 2022, cash will be used in just 17% of point-of-sale transactions globally. Some reports even say that Sweden will be the first cashless society by 2023. And while much of the change over the past ten years has been down to contactless credit cards, more recently mobile wallet usage has increased dramatically, hastened by the launch of Apple Pay in 2014 and Android Pay (now Google Pay) in 2016.
Greater convenience – no more fumbling around for the correct change – is undoubtedly a key driver in this trend, but improved security and technologies, such as retina and fingerprint scanning, end-to-end encryption and voice/face recognition, has made consumers more relaxed and trusting of mobile payment processing as a concept.
“Security, safety and convenience are the key components of mobile wallet usage,” said a spokesperson for iWallet, a mobile processing service that works on Smartphone’s through the iWallet app.
“It’s no surprise that take-up of this technology has grown so quickly, especially as safety and security – likely to be the last major barrier to consumers embracing this method of payment – has been improved almost beyond recognition compared to around ten years ago.
“The iWallet app requires authentication by the user, so even losing a phone will not compromise the safety of the service. We also use a system called Plaid, which is used by many other personal finance apps, and this means that iWallet never sees the bank details of customers.”
So exactly what is iWallet, and how does it work? It processes payments via ACH – automated clearing house – which offers many benefits over traditional wire transfers. These include safety and security, and what is usually a no-fee transaction – iWallet provides free payment processing for transactions up to $10 million a year. ACH payments are speeding up transaction times too, moving towards same-day completion.
The spokesperson added: “We use ACH payments over those used by Visa, Mastercard, Amex and Discover because payments are easier to make, safer and more secure, and increasingly getting faster. In addition, no extra hardware is required for you to process these payments, unlike credit cards that need a specific device.
“Users will pay for goods via a QR code payment – using their phone to scan the QR code, whether it is displayed on a screen or printed on a piece of paper. All people need is a camera on their phone, which is pretty standard these days, so there are no concerns over a phone lacking NFC capability.”
Another benefit is the occasional iWallet promo offer loaded on to user iWallet accounts, providing exclusive discounts and special deals.
For more information or iWallet reviews, or to get in touch with iWallet, visit the website at https://www.iWallet.com/