Mobile wallets, at their most basic, enable consumers to manage their accounts and/or make purchases without cash or cards. On top of that foundation, many companies have come up with inventive features to set their apps apart. (Image: ShutterStock)
MasterCard's Pay with Rewards
MasterCard's new app lets cardholders instantly redeem reward points at MasterCard merchants. The app, which is designed to help card issuers' marketing efforts, can show shoppers how much their points are worth in real currency before they use them to make a purchase. (Image: Bloomberg News)
CardNav, which launches in October, allows credit union members to control when and how their cards can be used. They can set spending limits, restrict payments to specific merchant types, or even temporarily deactivate cards. (Image: ShutterStock)
Apple's mobile wallet has a security secret: it can convert any magnetic-stripe card into an EMV card when used for mobile payments. "Even if the consumer has a mag-stripe card in his pocket, he can still initiate an EMV transaction through the phone ... It's EMV secure transactions without the issuer having to deploy EMV cards in the market for those accounts," Visa's Matthew Dill says. (Image: Bloomberg News)
Amazon's smartphone was designed with shopping in mind. Its Firefly technology can identify any product physical or virtual that it senses with the phone's camera or mic. It can then purchase that product from Amazon.com. (Image: Bloomberg News)
WEX's fleet card app doesn't do payments, but it uses payment data for everything it does. The app provides real-time price updates for gas stations based on card users' fuel purchases. This data even helped recovery efforts after Hurricane Sandy since gas pumps need electricity, WEX's app could show which areas had power and which areas were still offline. (Image: ShutterStock)
Nearly all mobile payment apps rely on cards accounts or ACH to route payments. Deluxe brings the paper check into the mix, making it possible to send a paper check from a phone. It also sends remittance data, allowing businesses to manage accounts payable and receivable records. (Image: ShutterStock)
Starbucks is quick to say the success of its mobile app which is used for 15% of in-store sales in the U.S. has little to do with payments technology. Its app ties into its rewards program, and is being updated with features such as tipping and mobile ordering. (Image: Bloomberg News)
About half of Walt Disney World park patrons use its payment-capable MagicBands. Parkgoers also have access to the Disney Experience app, a tool that links MagicBands to the theme park's line-skipping FastPass system. (Image: Bloomberg News)
As the coronavirus pandemic has driven more people to work from home and shop online, the demands on digital, faster payment systems have been heightened — as have the opportunities for fraudsters to exploit them.
As many businesses and consumers have been forced to deal with the difficult conditions thrust upon them by the COVID-19 pandemic, so too have fraudsters needed to make adjustments just to continue their life of crime.