Capital One
Is This Your Business?Author: Kaitlyn Short
The company is headquartered in Richmond, Virginia and has branches throughout the United States. Capital One is one of the largest holder of credit cards account in the country, with both personal and commercial account holders. Along with several other large banks, Capital One pioneered the digital wallet, backing the ISIS Mobile Wallet in 2012. Support was soon removed, when the application did not perform as was expected. As such, most major bank chains have created their own proprietary mobile wallet app. Capital One Wallet is the company's brand of mobile wallet and can be used on mobile phones, tablets, or iPod Touch devices. The app allows customers to monitor their spending and to use their Near-Field Communication (NFC) enabled mobile device to make contactless payments at equally-equipped terminals. Cell service is not required to complete a payment, although an internet connection is. For those who exclusively use their Capital One card, with the possible addition of gift cards, this is a good idea. However, many use multiple cards and this app is not designed for this functionality.
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The Good
- Gift cards
- Benefits for current customers
- Many locations
Gift Cards
In addition to using the app to store purchase information, Capital One has added the ability for digital storage of up to 25 gift cards for use. Unlike other apps which store gift cards, there is not a list of compatible stores, so customers may find that they have gift cards that they can't use in the app. One assumes that most cards are compatible with the absence of a list.Benefits for Current Customers
Capital One customers can easily use the app, which is promoted as being highly secure, with a swipe pattern to unlock, rather than a password. While certainly quicker, some users might be more comfortable with fingerprint unlocking, as is available with other mobile wallet apps.Many Locations
The app can be used at any contactless point of sale terminal which is equipped with NFC. Many users report that they are able to use their mobile device to pay at many of the locations at which they shop regularly and that check-out is simple to complete. In February, 2015, Neiman Marcus entered a partnership to whitelabel a mobile wallet for their cardholders. Capital One is the provider for the NM Wallet app.The Bad
- No wearable options
- Missing features
- Lacking experience
No Wearable Options
Capital One Wallet does not work with wearables yet. It is important to note that the company states that they plan to implement this capability in the unspecified future. Android has confirmed this upcoming functionality, while Apple has yet to confirm or deny that Capital One will be . Additionally, there are not dates for its promised release.Missing Features
Along with the absence of wearable usability, are several other features. While not fully necessary for a mobile wallet app, they are beneficial to the customer and offer added benefits. These include:- The app lacks a GPS feature which shows users nearby businesses with compatible terminals.
- Capital One Wallet does not have in-app options for returns and refunds.
- App will not work in the event of a dead phone battery.
- Some mobile wallets apps include support for loyalty rewards programs, but Capital One Wallet does not.
- Capital One Wallet does not include special offers, discounts or coupons in the app.
Lacking Experience
Capital One does not have as much experience as many of the competitors, having only been founded in 1994. As far as their mobile app, the company has comparable experience to their competitors.The Bottom Line
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