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 a 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:
- Refund: Refund the wallet payment Transaction
- Deposit: Used to increase a wallet balance.
- Reserve: Used to increase the balance of a wallet.
- Withdrawal: Used to decrease a Wallet's balance.
- Cancel: The Cancels 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: Refund a wallet transaction.
- Create: Create a new wallet.
- Update: 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 possible deployment of the actions is shown below in an action diagram. In the drawing below, the application is a loyalty system where the Merchant pays the increase from its own capital. It is also possible to have the increments of the wallet performed by consumers as a digital wallet. In that case, an iDEAL or Credit Card payment will fill the Wallet.
The following applies to the Wallet at Buckaroo: the cash value of the Wallet is always in the possession of the Merchant and is therefore not on the Buckaroo account.