“Mobile wallet” is the umbrella term that means “make payments using a smartphone or other mobile device.” The most well-known providers of mobile wallets are Apple Pay™, PayPal™, and Google Wallet™, and a number of specialty apps are coming up like the one offered by Starbucks.™ Simply put, mobile wallets offer access to credit, debit, and loyalty cards through the smartphone.

For you to let your customers use their mobile wallet, you’ll need a terminal equipped with near-field communications, or NFC. Purchasers will pay for their transaction by holding their phone near the retail point-of-sale terminal, which picks up the NFC signal and processes the transaction.

Accepting mobile wallet payments could be big for your business. Mobile wallet transactions are projected to grow from $7.3 Billion in 2015 to $54 Billion by 2019. In other words, you’ll be seeing more and more people asking if they can pay with their phone.

Great news! Accepting mobile wallet payments doesn’t cost you any extra fees, and mobile wallet payments are treated just like card-present transactions. Upgrading to an NFC terminal is all you need to do to start letting people wave their phones to provide their payment for your transaction. If you’re an EPS customer, you can call or email Customer Service to find out how to get your upgraded terminals.

EPS offers the most technologically advanced counter-top terminals available. When you’re ready to accept mobile wallet transactions, EPS will work with you to install the right terminals for your needs.