Virtual Wallets help stop fraud and keep checkout lines moving
Looking to expand the boundaries of online shopping and money exchange, Passfeed has consistently sought to capitalize on consumer frustrations while shopping on conventional websites. The dream is simple: people should be able to shop, save and share deals without having to deal with credit cards or pay banking fees. Along with a robust shopping experience, Passfeed’s ever expanding offerings include virtual debit cards, gift certificates with merchants like Best Buy, Macy’s and Starbucks, ETF’s and even exclusive incentive cards.
Stop if you’ve heard this before: you swipe your debit or credit card and the magnetic strip is either dirty or flat out not working, significantly delaying your checkout time. Or, you swipe your card multiple times because a merchant’s machine is old and you fear you paid for your purchase three times over!
Those problems can be solved because Digital Wallets mitigate headaches consumers have had for decades.
The perks of a Digital Wallet are seemingly endless. You can store money electronically without having to carry cash or go to a physical bank. Most Digital Wallets have built-in features that enable refilling, recharging and making bill payments. Many also allow for multiple cashback offers and discounts while processing transactions, similar to a credit card rewards program — the beauty of which is that they don’t come at the expense of the Merchant (Yes, the Merchant does get charged back for all of your Reward Points).
They can also help merchants and consumers combat fraud. Mobile wallets contain encrypted data, so your card’s account numbers aren’t transmitted while making a payment, nor is your full account number displayed. Digital Wallets, like a credit or debit card security feature, require that the first twelve numbers on a transaction be hidden or “X’d” out. This vastly reduces any risky transactions while offering the same security and protection that banks offer.
Tokenization, a process which helps replace sensitive data, makes consumers’ mobile transactions individual and standalone every time. This means that a merchant doesn’t get a real account number but, rather, a card number for a one-time purchase. If a would-be thief got a hold of the number, once the transaction is complete, that number is virtually useless.
Digital Wallets are time saving as well. In the time that it takes you to pull out your card to pay when you’re on line, your Digital Wallet has paid for your items and you’re already out the door. Or, for example, if you’re at a restaurant with friends and you’re in a hurry, your Digital Wallet can pay for the order instantly, and your friends can pay you back through their own virtual wallet.
Paying for items online with a card usually requires multiple steps and forms to verify information, to the point where many customers abandon their online shopping carts halfway through their order. The great thing about a Digital Wallet is that it helps you skip some of those invasive and time-consuming forms for a smoother checkout experience.
Digital Wallets provide peace of mind so that you as the consumer feel more confident that your data is safe and secure when making purchases. And with the time saved at checkout, you can spend more time enjoying your items without worrying if someone out there has a hold of your sensitive information.