Mobile Wallet & Payments
Consumer adoption of smart phones, tablets, and mobile technology has increased over the last decade. 'Mobile wallet' is a phrase coined to refer to the payment system, typically on these mobile devices that stores credit cards, sales promotions, and loyalty / gift cards. Mobile Wallet allows merchants to add a user-friendly and secure payment option to their existing mobile app. All payment processing is centralized irrespective of the payment method used by the buyer and this ensures easy and safe payment of bills.
A number of factors have been driving organizations to this form of payment. Of prominence are, mobile wallets ability to allow for simplified transactions, data exchange and wireless connections between two devices in close proximity. Consumers with Near field communication (NFC) enabled mobile wallet can pay for purchases waving their devices near or tapping them on the reader.
What We Offer
Virtusa analyzed the expectations of the client and formulated a strong system making it the only mobile wallet and mobile payment platform to work with existing payment instruments including PIN debit, credit, signature debit, and prepaid cards, while providing consumers with a fast, intuitive, contactless mobile payment user experience for all the ways they make payments.
Some of the striking features were
- Unsurpassed security – Multi factor authentication, no credentials on the phone and none passed to the payment terminal
- Communication end-to-end between SIM and bank is secured using standard 3DES encryption overcome and the internet.
- One touch payments at restaurants, retail outlets etc.
- Support of various types of cards (debit, credit, PLC & gift cards), providing an intelligent alternative to enter the card details into the application using OCR. The process of adding, processing and deleting is very easy and hassle free.
- Use of smartphone instead of debit or credit card, to withdraw cash from Automated Teller Machines (ATMs)
Benefits We Offer
Some of the business benefits offered by our framework include:
- Secure server based payments: Enabled Pay online (ecommerce), Pay at the table (dining) and Pay a bill (online or from a printed bill)
- Empowered banks to connect consumers in remote areas at lower cost
- Provides feasibility to limit or raise the credit limit by conducting straight-through processing (STP).
- Hassle free transactions and faster payments move line and keep the customers happy.