Neiman Marcus Mobile Wallet Unveiled for iPhone Users

Neiman Marcus and Capital One have teamed up to create the Neiman Marcus Mobile Wallet. Forgoing Apple (News - Alert) Pay, which launched last summer, Neiman Marcus has created its own mobile wallet solution for its customers, now available to iPhone users.

The luxury fashion retailer has added the mobile pay feature to its existing Neiman Marcus app. The card allows customers to check out hassle-free without having to have their physical credit card present- all transactions are technically supported by Capital One (News - Alert). It is the first mobile wallet created specifically for a singular retailer.

"Neiman Marcus Group is excited to offer the latest in mobile payment technology to customers in all of our stores — Bergdorf Goodman, Neiman Marcus and Last Call," said Karen Katz, President and Chief Executive Officer, Neiman Marcus Group. "This mobile wallet technology allows our customers to simply download their Neiman Marcus or Bergdorf Goodman credit card information onto the NM App and shop without carrying their card. With the mobile wallet technology and our partnership with Capital One, we will continue to provide an industry-leading digital shopping experience that furthers our mission to provide a seamless, memorable experience in whichever channel the customer decides to shop.”

The NM Mobile Wallet is compatible with Visa, MasterCard (News - Alert), American Express and Discover. Customers can earn points from Neiman Marcus’ InCircle loyalty program, each time the NM Mobile Wallet is used. The loyalty program tracks every dollar customers spend using their NM card and when enough points are collected, customers can earn various rewards. This includes money towards merchandise and exclusive members-only deals. While gift cards can’t be used on the NM, it works on iPhones that have at least version iOS 7, unlike Apple Pay which only works on iPhone (News - Alert) 6.

The partnership of Neiman Marcus and Capital One is dedicated to helping customers enjoy this simple payment function. "Capital One is committed to developing innovative technology to enhance the consumer experience," said Jimmy Cannon, Executive Vice President, Card Partnerships, Capital One. "Our partners have an increasing need to meet customers' desire for mobile payment functionality and we are proud to offer a solution in the NM Mobile Wallet—the first mobile wallet designed exclusively for a retail card partner."     

According to a report from BI Intelligence, mobile payment is predicted to increase by 172 percent over the next five years. Other major retailers are rumored to have mobile payment systems on the horizon, and Apple competitors, Google (News - Alert) and Samsung, are trying to create payment systems that compete with Apple Pay. Only time will tell what is in store for mobile payment.