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Why Apple Pay and Google Pay are on the rise—and how they’re a perfect match for Rho’s physical and virtual corporate cards
The popularity of Apple Pay and Google Pay, the most well-known mobile wallets on the market today, was significantly boosted in 2020 when the pandemic accelerated trends in consumer and business behaviors.
And demand for contactless payment options continues to grow today. According to one study, mobile wallet transactions are expected to exceed $10 trillion and to account for 50% of all spending by 2025.
At Rho, mobile wallets pair perfectly with our corporate cards and integrated business banking.
Read on to learn how Apple Pay and Google Pay link to our physical and virtual corporate cards, what makes them good for business, and why they’re more secure than their physical counterparts.
Finance teams run faster on Rho.
Control spend, boost efficiency, and earn up to 1.25% cashback with Rho.
To begin making payments, you simply scan or manually enter information from your virtual or physical Rho card into your Apple or Google Wallet app. Next, verify your account via two-factor authentication. And that’s it - you’re now ready to make easy, contactless payments.
Participating retailers use near-field communication (NFC) technology to transmit data between your mobile device and their point of sale. You just hold your phone up to the payment terminal to complete a transaction.
Simpler business spending
Imagine one of your employees is out of the office and needs to make an unexpected business purchase. If they don’t carry a physical corporate card, that often means paying with a personal card or cash and getting reimbursed later—a messy process that complicates your bookkeeping and risks both personal and professional liabilities.
With Rho’s virtual cards and a mobile wallet, there’s a quick, hassle-free solution.
Rho’s virtual cards can be preset with customized permissions and spending limits, issued to any employee, and used right away. Pair that with Apple Pay or Google Pay, and you can empower any team member anywhere to safely make business expenses in a matter of minutes.
For those employees who do carry a physical corporate card, linking it to a mobile wallet adds an extra layer of safety and efficiency at checkout—especially if making online purchases via mobile phone.
Whether you’re using the virtual or physical version of Rho’s corporate card, all charges are reported in real time and consolidated on a centralized dashboard. It’s easy to track who’s spending, where, and on what and to get a comprehensive view into company spend across different channels.
Mobile wallets, like Apple Pay and Google Pay, have several features in place that actually make them safer than traditional payment methods.
If you misplace a physical wallet, anyone can pick it up and use your cards and cash as they please. In the case of a corporate card, that means tracking down, canceling, and then updating every associated account, which can be a huge drain on your finance team’s time and energy.
With Apple Pay and Google Pay, you have to pass through a variety of security protocols—from passcodes and pins to biometrics like face recognition and fingerprint IDs—in order to unlock your phone, open the app, and access funds.
When a mobile wallet processes your card information, the account data is also tokenized. That means your card numbers aren’t stored in the app. Instead, they’re encrypted into a random string of characters that’s transmitted with every payment. Even if a transaction is intercepted, your data won’t be exposed.
Finally, as a failsafe, Apple Pay and Google Pay allow you to wipe their data remotely—just in case your phone ever gets into the wrong hands.
The bottom line
Until recently, if you walked into a store, it wasn’t a safe bet that they’d offer contactless payment options. Now, the vast majority of retailers are embracing Apple Pay and Google Pay, and it won’t be long until they’re universal.
Mobile wallets are a safe, smart, and more convenient way to handle transactions and manage business expenses in our modern financial landscape.
If you want to learn more about how they’d fit into your corporate finances—and how they’re a great fit with Rho’s corporate cards—we’re here to help.
Ready to send your wallet packing?
Read up on Rho’s corporate cards—an ideal partner for mobile payments. Or chat with one of our specialists to learn how your business can make the most of modern finance.
*Information, including the rate of return, in the snapshots pictured above is for illustrative purposes only. Your actual returns, if any, will vary based on a variety of facts and circumstances, including, without limitation, your assets and investment policy selection.