Is it time to go digital?
Mobile wallets, such as Google Pay, Apple Pay and Samsung Pay, allow you to make payments using just a smart phone. This new era in payment technology offers a single resource to manage all cards and payment accounts in one place and to be able to pay for everything in one way. Mobile wallets are still relatively new but take up rates are rising steadily, according to online loan broker Solution Loans (https://www.solution-loans.co.uk )in a recent article. So what is it about a mobile wallet that tends to appeal?
How does a mobile wallet work?
There are two ways to pay with a mobile wallet. You can either use your phone to pay in a physical store if there is a digital payment-enabled terminal. Or you can use the mobile wallet to pay when you’re shopping online and just choose the right card from the wallet at check out.
Simplify your money management
There is a lot to be said for keeping it simple when it comes to cash. Most of us struggle to get organised with our finances and this can be even more difficult to do if you’re jugging multiple cards and accounts. A mobile wallet simplifies everything, combining all of your cards into a single place so that you always know where you are and have them accessible.
Avoid lost or stolen cards
The problem with a physical debit or credit card is that it can easily fall into the wrong hands. If you’ve got multiple cards then it’s all too easy to lose one and you may not even notice that it has disappeared until it’s too late. The advantage of a mobile wallet is that there are no physical cards. So, as long as you keep your smart phone safe, there’s no opportunity for a fraudster to get their hands on your details. Plus, if you’re the kind of person who is constantly mislaying bank cards but not your phone then a mobile wallet will mean your cash is much safer.
Reduce exposure to fraud
30% of cardholders have experienced card fraud in the past five years and the rates are rising. With more sophisticated techniques and technology, there are even more opportunities than there used to be for criminals who are looking for ways to defraud cardholders of their cash. A mobile wallet can make it much more difficult for fraud to take place because it’s generally harder to steal or copy from a mobile wallet than it is to take cash or copy debit or credit cards.
When you’re using a mobile wallet to pay for anything you’re speeding up the transaction by removing anyone else from the process. You don’t have to wait for a cashier to process your card, for payment technology to verify a pin or to get to the front of a line of people who are waiting to have their payments taken via a traditional till. With a mobile wallet you have many more options and most of them mean less time in a line.