List: Use these apps to turn your smartphone into a contactless device.
There are many benefits to using your smartphone to pay. It means one less thing to carry, since a smartphone is usually kept close to or on the person. It is also a more secure way of paying than a card, since it can be used to add additional layers of authentication such as fingerprints.
Increasingly, the scope of a mobile wallet is widening. Verifone hopes to expand the functions of point-of-sale systems with its new Engage platform, which turns a payment terminal into a computer itself that can interact more profoundly with your phone.
This could allow mobile wallets to store not only credit or debit card information but also loyalty cards, coupons and discount codes and use them while out and about.
Some mobile wallet solutions are, however, proprietary and can only be found on specific devices such as iPhones (Apple Pay) or Samsung devices (Samsung Pay).
CBR rounds up some wallets that are more widely available.
This free mobile wallet, available as an app for iOS and Android, focuses on the gift card arena, allowing users to buy, sell and redeem their gift cards.
As well as the consumer-facing application, Gyft works with businesses, allowing them to buy gift cards in bulk for employee rewards or customer incentives, as well as to create custom gift cards for SMEs. There is also a developer offering including a Gyft API.
The application has been featured on the Ellen DeGeneres show and can be used for outlets such as Amazon, iTunes, Starbucks, Hotels.com and ebay.
The product was launched in 2012 by Mark Levitt and CJ MacDonald of ChessCube and Luminate respectively.