Microsoft has eventually launched the mobile wallet feature in its Windows 10 Mobile app. At present, the Microsoft Wallet is only available to Windows Insiders with build 14360 or higher, but it will be available for the public this summer.
Dubbed as a 'cloud-based payment technology,' the Redmond tech giant announced the app in its official blog post on Wednesday. Initially, the service would be rolled out in the United States and will be compatible with Lumia 950, 950 XL and 650 smartphones, a MasterCard or Visa bank card, the blog post stated.
In addition, the service will also be available at over a million retail locations having the Microsoft Wallet logo at the point of sale. So far, the company has been able to partner with only a few banks, including Bank of America, Chase, US Bank and some others, for the service.
Microsoft Director of Payments Will White wrote in the blog post that in the "increasingly mobile and busy world, customers on-the-go want to pay for their daily purchases without the hassle of digging through their physical wallet." He added that while Microsoft account holders can currently access secure payment information in the digital Xbox, Office and Windows stores, they wanted more.
White urther wrote that Microsoft customers have demanded that the company extend the same services to their smartphones. The company is happy that the customers can now experience easy as well as more secure transactions, he added.
When a user taps to make a payment, Microsoft Wallet will send a one-time transaction number in addition to an encrypted security code, which will not work for any other device, person or purchase, the post stated. In addition, the device PIN used by the customer for unlocking their smartphone will make paying through Microsoft Wallet additionally secure compared to using an actual card.
Microsoft Wallet supports reward cards for shops, health clubs, restaurants, libraries and several other places, provided it has a bar code and can be scanned into the app. Redmond said that Microsoft Wallet does not share credit or debit card numbers with retailers. It also does not store that data on the user's phone, the PC Mag reported.
Watch how to use Microsoft Wallet below: