Capital One Updates Their Mobile Wallet for Contactless Payments
Capital One has upgraded their mobile wallet to now offer contactless payments from Android phones. In keeping with the innovations of Android Pay, Samsung Pay, and Apple Pay, the new option allows consumers to use their phones in place of their Capital One credit cards wherever NFC payments are accepted.
The Capital One Mobile Wallet works much like any other mobile wallet on the market. The card information is stored in the account on the phone, and the phone sends a signal to the payment terminal at the time of purchase. Rather than swiping or “dipping” their cards, customers can simply move their phones close to the payment terminal and complete their transaction.
The signals work through a tokenization system that creates a new number for each transaction completed with the mobile wallet. The card information itself is never released, making it more secure than standard magnetic strip payments.
The new app also includes a number of other features, such as the ability to track purchases made through their phones or receive notifications when a new charge is made. These features are designed to put users in control of their finances so they can better monitor their funds.
Currently, the new app is only available for Android devices. Apple Pay remains the only contactless payment option for iOS devices. Cardholders who wish to use their Capital One credit cards on their iPhones may add their cards to their Apple Pay wallet as an alternative.