A mobile wallet is the digital equivalent to the physical wallet we already have in our pockets today. It is a container to store digitized valuables. These valuables grant permission for usage or access to goods or services.
Buckaroo can support the Merchant with a wallet system to build a loyalty system. In addition, the Merchant can have its customers build up credit that can also be used to pay at the checkout. Of course, this wallet can also be used to limit the transaction costs per user for large amounts of micro payments. In that case, the wallet is topped up by the user and the (micro) payments take place from the wallet.
Possibilities of the Wallet
Various actions can be taken to manage a Wallet. The following actions and their reasons are available:
- Deposit: Used to increase a Wallet's balance.
- Reserve: Used to increase the balance of a Wallet with a reserved amount. This amount cannot be used directly
- Withdrawal: Used to decrease a Wallet's balance.
- CancelReservation: Used to cancel a reserved amount.
- Pay: The Pay request is a transaction request that can be used to spend an amount in the usable balance of the Wallet.
- Refund: Used to refund a wallet transaction.
- Create: Used to create a new Wallet.
- Update: Used to update the information of a Wallet.
- GetInfo: The GetInfo request is a data request that can be used to retrieve information of a Wallet.
- Release: Can be used to make a reserved amount usable in the Buckaroo Wallet.
Application of the Wallet
The potential use of actions is depicted in an action diagram below. In the diagram below, the application is a loyalty system in which the Merchant tops up from their own capital. It is also possible for consumers to perform top-ups of the wallet as a digital wallet. In that case, an iDEAL or Credit Card payment is used to fill the Wallet.
The diagram below serves as an example of how an implementation can be done and what actions are required. Wallets can be created and loaded with credit. Funds can also be withdrawn and possibly refunded. Of course, the balance is always retrievable. For the Wallet at Buckaroo, it is important to note that the cash value of the Wallet is always in the possession of the Merchant and is not held in a Buckaroo intermediary account.