Keep it in "Your" Hands

As follow up to our APRIL 2020 Board Brief and as we prepare to bring you eWallet, we want to explain what eWallet is and how it works:

More & more Merchant Point-of-Sales (POS) devices are NFC-enabled. NFC stands for Near-Field Communications. It's a fancy term meaning your mobile device and the POS terminal can talk to each other if both devices are NFC-enabled.

eWallet reduces the risk of fraud. With eWallet, your device sends an encrypted "token" that is specific to your bank or credit card. It's like a high security password. Only your card company knows the card number and token that belongs to you.

The merchant sends the token to your card company. The card company confirms it's you and that you have the funds or credit limit to make the purchase. They send approval back to the merchant and off you go!

OUR ADVICE
Look for our next month's Board Brief explaining which devices can use eWallet. Watch for the launch announcement this SUMMER!