Prepaid Mobile Wallet

E-Wallet Prepaid Card

Prepaid Mobile Wallets

The way we pay for our goods is changing by the day. Cash is no longer king, instead the debit and credit card reign supreme as our primary methods of payment. We are now at a point, however, where the physical card is becoming no longer necessary thanks to the rise of mobile payment technology – and in particular the mobile wallet.

With mobile wallet transactions set to more than treble over the next few years, there is no doubting the e-wallet as a legitimate payment method. With that in mind, PFS prepaid mobile wallet solutions have been developed to meet the ever-changing demands of today’s consumer market.

What is a mobile wallet?

A mobile wallet is a virtual wallet that stores payment card information on a mobile device. This offers users a convenient solution for smaller in-store payments and eradicates the need for a physical payment method, other than the mobile device itself. Users can store multiple ‘cards’ on their e-wallet, ranging from debit and credit cards to reward, loyalty and gift cards.

A mobile wallet should not be confused with a digital wallet. Although very similar, a digital wallet can be used on a laptop or desktop as well as a mobile device, whereas a mobile wallet can be accessed only on the latter.

What is a prepaid mobile wallet?

A prepaid mobile wallet is much the same as a standard one but is simply an e-wallet with prepaid cards loaded as opposed to debit or credit cards that are linked to an external account. PFS prepaid mobile wallets utilise this format to offer flexibility and spending control to the consumer.

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How does a mobile wallet work?

Mobile Applications

A mobile wallet can either be a programme installed on a mobile device or pre-built into a device – typically a smartphone. Once loaded with payment card information, the wallet uses a personal identification method, often a PIN or biometric data, to link to each card that is stored.

Similar to contactless payment, the mobile app then uses NFC technology to interact with the payment terminal when at close proximity, communicating with the user’s account to approve the transaction and deduct the appropriate funds.

How to use a mobile wallet

Users input their chosen payment card(s) information into the wallet which is then stored securely. When coming to pay for goods, the user merely needs to access the app and select their chosen card, before using it as they would any other contactless device.

How to add money to prepaid wallets

PFS prepaid wallets can be topped up simply by accessing the app and choosing to add money from an external source. The top up process is protected by the same personal identification method that authorises payment.

What are the benefits of prepaid mobile wallets?

The contactless payment revolution brought a whole host of benefits with it. PFS mobile wallet technology looks to build on that to provide even more perks to the consumer.

  • Adaptation: Payment methods are becoming increasingly digital. Over the last few years, the payments sector has been disrupted by a number of new technologies as leading Fintech companies continue to push the boundaries. Mobile payment technology, and in particular mobile wallet technology, is helping to shift the business-consumer payment relationship into a truly digital format and match the expectations of the modern customer.
  • Convenience: Mobile wallets offer all the convenience of contactless payment and more. Increased speed and ease of use have always been the primary aim of the technology, and the mobile wallet simply adds a new layer to that – offering immediate digital access to all cards without the need for a physical presence. With PFS prepaid mobile wallet technology, users can enjoy this added convenience while staying in control of their budget.
  • Security: Mobile wallets provide an additional security blanket against fraudulent activity. Without the physical presence of a debit or credit card, physical theft is much harder. Even if the mobile device is stolen, payment data is typically encrypted and protected by multi-stage access authorisation, making it virtually impossible for identity theft to take place before cancellation of the cards.

Why choose Prepaid Financial Services?

At PFS, we are committed to creating modern, flexible and non-traditional solutions for the payments industry. Our products promote financial inclusion while offering a number of innovative features to our customers. Fast, reliable and completely secure, we cater to more than 1,700 corporate clients and 150 white label programmes worldwide.

Our prepaid mobile wallet technology is just one of many market-leading programmes we’re building as a leading name in the payments sector. Having been listed in the 2018 Financial Times Future 100 UK and been awarded the 2018 Digital Technology Award at the RSM European Business Awards, we are expertly positioned to offer exceptional payment products and consultation to our clients.

As one of the fastest growing financial service providers in Europe, PFS is a passionate brand at the forefront of the industry. If you’d like to know more about how to use mobile wallets within your portfolio, get in touch today.