Our payment method saw transformations as we started living more connected. By now, most retail business owners are familiar with the alternative ways credit card companies, banks and third-party financial institutions like PayPal let consumers manage their money and make purchases in stores and online. Technology like Near Field Communications (NFC) is now commonplace in most POS systems and devices, which is part of the reason digital wallets found on a person’s smartphone are increasing in use and popularity. A digital wallet essentially stores a consumer’s bank account and/or credit card information on that person’s smartphone, where they can access it to make in-store purchases using their phone. The digital wallet saves a person from having to search through their wallet for the right card, instead of letting them easily select their preferred method of payment right from their phone, which communicates directly with a store’s POS system to complete the purchase.
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