In our last blog, we introduced the concept of the Mobile Wallet, aka the “Virtual Payment”.  So, now how do you go about actually getting one set up?  Well, here are the steps.  In this, we focus primarily upon the Apple Pay, which is the Virtual Payment platform developed by Apple for use on both the iPhone and the iPad:

  • Download the appropriate mobile app:

In order to store any of your financial onto your Smartphone, you first have to download the appropriate app.  In this regard, it would be the “Apple Pay” for the iPhone or the iPad; and for the Samsung/Windows Mobile devices, it would be the “Google Wallet”.  Thus, as it was stated before, a key difference in the Mobile Wallet is that a particular intermediary is involved – in this case, it is the mobile app, because it stores not only your credit card information, but it also makes it easy to retrieve by the NFC antennae.

  • Enter your credit card info into the mobile app:

This is probably one of the biggest Security concerns for the end user, and rightfully so.  In other words, the mobile app will ask you to confirm your identity.  For the iPhone/iPad, Fingerprint Recognition is used, and this process is known as the “Touch ID”.  For the Samsung/Windows Mobile devices, the traditional password or passcode still used, and thus, is still considered to be a very weak form of Security when compared to that of Fingerprint Recognition. Once your identity has indeed been confirmed, then the configuration process of the Mobile Payment will continue.  Very often, today’s Smartphones will even consist of a specialized Smart Card which will also store all Mobile Payment information and data.  This is considered to be a separate, isolated memory which is kept apart from the memory banks which stores other mobile apps, photos, videos, and contacts.

  • Pay for goods and/or services with your Smartphone:

Once the above two steps have been accomplished, you can now make payments with your Mobile Wallet. But, it is important to note that the vendor from whom you intend to make a purchase from must also support a Mobile Wallet scheme.  It simply cannot be just used anywhere.

These three steps are illustrated in the diagram above.

The most widely used Mobile Wallet is that of Apple Pay, and will be reviewed in the next blog.