Generally, there’s two essential items that consumers always have in their possession: their wallet and their mobile phone. In the last several years, consumers have progressively become more dependent on their mobile phones and, for a much longer period, they have used their wallets to store identification, credit cards, debit cards and other important things.
But consumers can now transfer almost everything in their wallet onto their phone, and into their mobile wallet. This migration, from traditional to digital, will give consumers one less thing to carry around, and worry about, and will also help create quicker, more efficient mobile checkout processes.
Currently, during most mobile transactions, consumers need to pull out their wallet, enter their card credentials and, at times, enter even more information to complete the transaction. For consumers, this can be a tedious process. It could also discourage a lot of consumers from using their mobile devices to purchase products and services in the future.
Since mobile wallets will store all their relevant cards, consumers won’t have to go through this strenuous process during checkout. This will make the mobile checkout process relatively seamless, seemingly giving consumers the ability to make mobile purchases with just one click.
But while consumers are eager to use mobile wallets, merchants might have some initial concerns. Merchants want to make everything easier for their consumers which, today, means optimizing the mobile experience. But, at the same time, they need to ensure that their consumers are safe and secure. With cards stored in mobile wallets, cybercriminals might have an easier time using these cards to their advantage if they successfully perpetrate an attack.
To effectively protect consumers in this new digital world, merchants should implement Cardinal Consumer Authentication (CCA), our patented rules-based authentication solution. With CCA in place, issuers can send challenges, through the merchant’s site, to consumers, in the form of a biometric or one-time password, on certain transactions that look risky to ensure that they are who they say they are. Additionally, since they can create personalized rules that will sort transactions into different buckets, based on their risk profile, merchants won’t have to issue challenges on most of their transactions and will still be able to create easy, efficient experiences for a lot of their consumers. With One Connection to Cardinal, we can Drive your Digital Commerce.