The latest advancement in payment technology is already at your fingertips—and next month, mobile wallet integration arrives at Swift. Your program participants will have the ability to add any of their USD prepaid Mastercard® or Visa® cards to their Apple Pay®, Samsung Pay® and Google Wallet™ apps.
Over 35 million merchants across the globe already accept mobile pay at check-out, and more merchants are adopting this payment option every day. With mobile wallet integration on today’s top wallet platforms, Swift is keeping your program members ahead of the curve for a seamless, reliable and flexible prepaid reward experience.
TRADITION AND TOKENIZATION
Traditional payment processing methods rely on a 16-digit card number, whether encoded into a physical card magnetic stripe, processed through merchant payment terminals or passed throughout the payment authorization network.
When users store cards in their mobile wallets, a randomly generated number—a token—is stored on the mobile device, replacing the plastic card. The token is passed along from the mobile device to the merchant at the point-of-sale. As this token wends its way through the payment authorization network, actual card numbers are never used to process the payment.
In this way, mobile wallets lighten the load of a physical wallet. And, their encryption and tokenization features provide added safety for payment data (though, your prepaid cards are covered by Visa and Mastercard zero liability protections in the case of fraud).
Some cardholders value the convenience of carrying a mobile device instead of a wallet full of cards. Some value a sense of security. And some enjoy cutting edge products and experiences. For any of these reasons, your program participants may choose to add your prepaid card to their mobile wallet, right alongside their personal credit and debit cards.
MOBILE WALLETS CROSS THE DIGITAL DIVIDE
The addition of mobile wallet integration through Swift elevates your prepaid rewards to new heights of accessibility and choice.
In the past, virtual card recipients spent their balance at online merchants or added the card to merchant apps. Mobile wallets allow your cardholders’ virtual cards to cross the digital threshold into the physical world. With Swift’s mobile wallet integration, your program members can spend their virtual cards wherever mobile wallet pay is accepted.
AS EASY AS WAVING YOUR PHONE
To make a purchase at a participating merchant, simply hold your mobile device near the terminal and authorize the payment. Most mobile wallet transactions take under four seconds to complete. That’s elegant and efficient.
Source: Tom’s Guide: Apple Pay vs Samsung Pay vs Google Pay: https://www.tomsguide.com/us/mobile-wallet-guide,news-20666.html