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Neiman Marcus Getting Its Own Mobile Wallet App

[Thursday, March 19th, 2015]

Neiman Marcus now has a mobile wallet for iPhone users, enabling them to check out in-store without their credit card. This is the first mobile wallet created exclusively for a retailer.

To pay for purchases with the Neiman Marcus mobile wallet, shoppers can use the Neiman Marcus store credit card, the Bergdorf Goodman store card, or any other general-purpose credit card, like MasterCard, Visa, American Express or Discover. The app is free from the iTunes store and must be downloaded in order to use the wallet.
Users can then pay for purchases at Neiman Marcus without having their actual card in hand.

The Neiman Marcus store credit card, like most retail cards, is available to consumers with fair, good, or excellent credit. The store offers discounts and exclusive sales to cardholders, along with low minimum monthly payments.

Mobile wallets gaining traction

Although a small percentage of consumers are currently using mobile wallets, they are slowly but steadily gaining in popularity. Since the release of the iPhone 6, with Apple Pay, more folks are becoming familiar with the idea of using their phone to make a payment.

There are mobile wallets on the market from PayPal, Google, and several other companies. All of them work by letting users download an app to their smartphone. They then enter their credit card information into the app, where it is securely saved. When it is time to check out at a register, the customer can wave their phone under a scanner or tap it to pay. Near-field communications (NFC) technology makes this type of payment possible.

The iPhone 6 is the first iPhone model to incorporate NFC technology, making mobile wallets accessible to a wider audience than ever before.

Benefits of mobile wallets

Mobile wallets appeal to people who like the idea of being able to do everything with their mobile phone and not worry about bringing their actual wallet along with them everywhere.

Younger people are more eager to adapt to using a mobile wallet, due to their comfort level with technology. The older generations tend to have fears around payment data security, as well as a harder learning curve for new technology.

With the rash of data breaches in the last year all over the news, fears about payment data theft are not unfounded. However, the convenience of mobile wallets and the rise of NFC technology will mean that people will likely embrace mobile wallets at an increasingly rapid pace.

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