Bank introduces the Rabo Wallet, which supports NFC-based mobile payments
Rabobank, a Dutch multinational bank, has launched a new application that will facilitate mobile payments. The app supports NFC technology and is currently available for the Samsung Galaxy S4 and Galaxy Note 3. Named Rabo Wallet, the new app serves as the bank’s next step in engaging mobile consumers. With mobile payments growing more popular throughout the world, banks have begun to launch services that support these transactions in order to meet the needs of their customers.
Companies partner to make a new mobile payments platform possible
Rabobank has partnered with Giesecke & Devrient and Samsung in order to launch the new application. This partnership has made it possible for the companies to engage mobile consumers more effectively and will make use of services and technologies developed by both Giesecke & Devrient and Samsung. These services are expected to make Rabo Wallet a valuable tool for consumers that are interested in making payments with their mobile devices, balance their bank accounts, and store loyalty points that are offered by retailers.
Mobile wallet features are becoming more popular as consumers show greater interest in mobile payments
Mobile wallets are quite similar to their physical counterparts. These applications are designed to store financial information digitally, making it easier to access this information. These applications are widely used by those that wish to conduct mobile payments and several mobile wallets have been released in the past two years. There is a great deal of competition in the mobile payments space because of the number of wallet applications that are currently available, making it difficult for a singular platform to stand out among consumers.
Rabobank may help bring more security to the digital payments space
Mobile wallets have recently come under harsh criticism for their exposure to digital threats. Many platforms do not have the adequate security measures in place to stop hackers from stealing consumer financial information. Rabobank has extensive experience when it comes to security, however, which may ensure that Rabo Wallet is able to keep the information of its users safe from exploitation.
Though much of the mobile payments space is governed by NFC technology, Samsung Pay may not be exclusive to those with NFC-enabled devices. The new platform is expected to be able to support mobile transactions even without utilizing NFC technology. This could make it more accommodating to consumers that do not have NFC-enabled devices and make it more accessible to the retail industry as a whole. Retailers without NFC-enable point-of-sale systems would be able to accept transactions made through Samsung Pay.